N.Y. Workers’ Comp Levels Will Not Increase

July 17, 2001

There will be no overall increase in workers’ compensation rates for the state of New York in the coming year, according to Superintendent Gregory Serio.

Along with a decrease in the assessment, the net impact will be an overall drop of 1.8 percent in workers’ comp rates. Going back six years, New York State has witnessed an overall reduction of 32 percent, the seventh straight year that New Yorkers have avoided workers’ comp rate hikes.

The overall 1.8 percent drop goes into effect Oct. 1, and will be seen in rate notices that insurers send out to employers.

Changes instituted in the New York State Employment, Safety and Security Act, signed into law in September 1996, have decreased workers’ comp costs for employers, while at the same time improving safety in the workplace.

Dating back to 1994, assessments have been levied to operate some specialized workers’ comp funds. This is the first time going back several years that assessments have dropped.

Was this article valuable?

Here are more articles you may enjoy.