N.Y. Workers’ Comp Rates to Rise 5%; State Rejects Insurers’ 16% Bid

New York Superintendent Howard Mills approved on July 15, 2005 a 5 percent increase in the average workers’ compensation rate for one year beginning Oct. 1, 2005.

The decision comes in the wake of the New York Compensation Insurance Rating Board’s (CIRB) request for a 16.1 rate increase, which was the subject of a June 27, 2005 public hearing. The CIRB serves as the advisory rate service organization for workers’ compensation in New York State.

The industry rating bureau previously 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.