I don’t know that I agree. My understanding of the NYCIRB was basically is was an actuarial firm. It crunched numbers. It helped determine what numbers were required to meet statutory benefits and stay solvent.
If it is to change from a rate setting body, I’d like it to change to a rate basing body. Providing a base from which companies could set their own loss costs and profitability.
Dinallo and his team are some very bright regulators. Let’s hope the NY Legislature buys in.
elaine,
I don’t know that I agree. My understanding of the NYCIRB was basically is was an actuarial firm. It crunched numbers. It helped determine what numbers were required to meet statutory benefits and stay solvent.
If it is to change from a rate setting body, I’d like it to change to a rate basing body. Providing a base from which companies could set their own loss costs and profitability.
Has anyone seen the one billion in savings?