New York insurance regulators have approved a 7.7 percent hike in workers’ compensation loss costs — an increase that will go into effect in October.
The New York Compensation Insurance Rating Bureau (NYCIRB), the state’s rate service organization, recommended the change in June.
The approved loss cost is used by workers’ compensation insurance companies in setting premiums.
NYCRIB said loss costs by classification and related rating values will be published by August 1.
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Source: NYCIRB
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