N.Y. to Hear 9.5% Workers’ Comp Rate Hike

December 30, 2004

The New York State Insurance Department has scheduled a public hearing for Friday, Jan. 7, 2005 to consider the application of the New York Compensation Insurance Rating Board for a workers’ compensation insurance rate increase of 9.5 percent.

The hearing will be held at 11:00 a.m. at the New York City offices of the insurance department, at 25 Beaver Street, Room 510.

The rate application was submitted by NYCIRB, a non-governmental entity that serves as the advisory rate service organization for workers’ comp in New York State. All workers’ comp insurers must send statistics to the NYCIRB, which compiles and evaluates data and proposes rate changes that are subject to the Insurance Department’s prior approval.

A previous application by NYCIRB for an increase of 29.3 percent was disapproved by the department on July 15, 2004, following a series of hearings.

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