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.
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