The New York Insurance Department will hold a hearing later this month to consider a 7.7 percent in workers’ comp loss costs that has been recommended by the state’ rate service organization, the New York Compensation Insurance Rating Bureau (NYCIRB).
State law requires the superintendent to hold a public hearing if the recommendation by a rate service organization is 7 percent or more from the previous year.
The approved loss cost is used by workers’ compensation insurance companies in setting rates. It would go into effect as of Oct. 1.
The hearing is scheduled for June 23.
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Source: New York Insurance Department
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