New York Gov. George Pataki has signed a law changing how insurers are assessed by the state for six special workers compensation funds. Assessments under the new law will be made based on the amount of premium written. Insurers will collect the funds from policyholders through a surcharge.
Previously, assessments were based on the insurers’ paid losses in the preceding calendar year. Insurers then assessed policyholders for the funds. The law brings New York into compliance with standards issued by the Financial Accounting Standards Board.
Topics Workers' Compensation New York
Was this article valuable?
Here are more articles you may enjoy.
NTSB to Decide Probable Cause of Baltimore’s Key Bridge Collapse This Week 
AI Is Writing Performance Reviews. What Could Go Wrong? 
Five Reasons Why the US Escaped a Hurricane Landfall So Far This Year 
Former Lloyd’s CEO Neal Will Not Join AIG; Hancock to Be General Insurance CEO 
