N.Y. to Hear 16% Workers’ Comp Hike

June 15, 2005

The New York State Insurance Department has scheduled a public hearing to consider the application of the New York Compensation Insurance Rating Board for a workers’ compensation insurance increase of 16.1 percent.

The eharing will be held on Thursday, June 23, 2005 at 11 a.m. at the Insurance Department’s Manhattan offices, 25 Beaver Street, Room 518, New York, NY, 10004.

The effective date of the proposed increase is Oct. 1, 2005.

The industry rating bureau recently withdrew a request for a rate increase of 9.5 percent after a public hearing. That move had the effect of keeping rates at their current levels through Oct. 1, 2005.

In July 2004, the department rejected an NYCIRB filing for a 29.3 percent increase.

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