The New York State Insurance Department has approved a 1.7% average workers’ compensation rate increase. The move follows its initial decision to deny the New York Compensation Insurance Rating Board’s (NYCIRB) rate increase request of 11.3% because “it was not supported in NYCIRB’s filing to the Department nor information provided at a public hearing.”
The bulletin noted that the “NYCIRB made a subsequent filing request for a 3.7% rate increase on July 18th,” and that “New York State has seen an overall reduction of 33% since 1995 – a 27% reduction since the historic 1996 workers’ compensation reforms.”
“The Department continued to work aggressively with NYCIRB after their filing requests failed to adequately address the Department’s concerns resulting in the Department’s final determination that a 1.7% overall rate increase is adequate,” stated Superintendent Gregory V. Serio. “This rate approval affords New York State continued stability in the workers’ compensation marketplace which began in 1996 with the implementation of the workers’ compensation reforms championed by the Governor.”
The rate decision will take effect December 1, 2003, and will be reflected in rate notices that insurers will send to employers immediately.
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