From my small, independant agent’s perspective, work comp in NYS is an example of complete confusion and obfuscation on the part of the NYCIRB, the State Fund, the few carriers still writing it, and the NYS Ins Dept. The employer/consumer, the workers, the providers and especially we agent/brokers have to deal with a system completely out of control. This is something the new Supt of Ins, Mr. Mills, and our attorney general, Mr. Spitzer, should be focusing on!
Workers’ Comp is one of the carriers most profitable lines. The Rating Board is controlled by insurance company CEO’s (ala AIG’s Hank Greenberg). Spitzer is investigating AIG for cheating the WCB of millions. Once again, the small businessman will pay higher rates due to the overreaching of the WC insurance carriers. Of course, they will blame the increase on “those fraudulent claimants”.
Simple question; How possible can the Board justify [3] THREE “different” rate filings, all effective 10/1 this year…..?
From my small, independant agent’s perspective, work comp in NYS is an example of complete confusion and obfuscation on the part of the NYCIRB, the State Fund, the few carriers still writing it, and the NYS Ins Dept. The employer/consumer, the workers, the providers and especially we agent/brokers have to deal with a system completely out of control. This is something the new Supt of Ins, Mr. Mills, and our attorney general, Mr. Spitzer, should be focusing on!
Workers’ Comp is one of the carriers most profitable lines. The Rating Board is controlled by insurance company CEO’s (ala AIG’s Hank Greenberg). Spitzer is investigating AIG for cheating the WCB of millions. Once again, the small businessman will pay higher rates due to the overreaching of the WC insurance carriers. Of course, they will blame the increase on “those fraudulent claimants”.