The New York Compensation Insurance Rating Board has submitted a filing for an average 16.1 percent rate increase effective Oct. 1, 2005.
This filing came at the same time that the board withdrew its bid for a 9.5 percent increase.
NYCIRB originally sought last year a 29.3 percent increase in workers’ compensation insurance rates, which was rejected by the New York State Insurance Department in July 2004. The department determined at the time that the data NYCIRB submitted to support its request – combined with testimony and information gathered during three public hearings – did not substantiate the increase.
The insurers’ rating bureau subsequently reduced its request to 9.5 percent but the department never approved that either. That rate request was the topic of a public hearing earlier this year.
A public hearing has not yet been scheduled for the latest 16.1 percent proposal.
The NYCIRB compiles and evaluates data from all of the state’s workers’ comp insurers in making its rate filings.
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