New York workers’ compensation News

NYSIF Issues Update on Elimination of WCB Fees, Weekly Benefit Rate

The New York State Insurance Fund (NYSIF) issued an update on June 19 noting that Gov. Andrew Cuomo recently announced the elimination of a number of Workers’ Compensation Board (WCB) fees as a part of the 2015-16 state budget. According …

N.Y. Nixes 57 Nuisance Fees Including Fees on Some Work Comp Disputes

New York is eliminating dozens of small fees the state had imposed on such random things as potato inspections, ski lifts and workers’ compensation disputes involving podiatrists. New York Gov. Andrew Cuomo’s administration detailed the 57 so-called nuisance fees on …

New York Workers’ Comp Assessment Rate to Drop to 13.2%

New York Gov. Andrew Cuomo announced the assessment rate that employers pay to the state’s workers’ compensation system will drop to 13.2 percent from 13.8 percent in 2015, resulting in savings to all employers totaling $45 million. The drop represents …

9/11 Responders Urged to Register for N.Y. Workers’ Comp Benefits

Elected officials and union activists in New York are urging Sept. 11 responders to sign up for New York worker compensation benefits. They say that those who worked around the World Trade Center site should enroll with the state Workers …

N.Y. Grand Jury Report Recommends Changes to Prevent Workers’ Comp Fraud

New York’s Manhattan District Attorney Cyrus R. Vance, Jr. announced Tuesday that a New York State Supreme Court grand jury has issued a report examining the vulnerability of New York’s workers’ compensation insurance system to fraud and misuse. The grand …

N.Y. Regulator Talks About Insurance Markets, 2014 Agenda

A top official from New York State’s Department of Financial Services (DFS) recently spoke about the state’s property/casualty insurance markets, calling it overall very good but “a bit more of a mixed bag” from a granular level. And it’s shaping …

New York Issues $370M in Bonds to Resolve Workers’ Compensation Claims

New York Gov. Andrew Cuomo announced last Friday the state issued $370 million in bonds to assist businesses in failed group self-insured trusts fulfill their obligations to their injured workers. The bonding is made possible in Gov. Cuomo’s 2013 Business …

N.Y. Settling Worker-Insurance Claims With AAA Issue: Muni Deals

The New York Dormitory Authority is borrowing $370 million this week to repay workers’ compensation claims, the first sale under a regulatory overhaul that Democratic Governor Andrew Cuomo said will save $1.2 billion. The issue is the first of as …

NYS Workers’ Comp Board Presses On to Resolve Group Trust Liabilities

The New York State Workers’ Compensation Board (WCB) is pressing on with its effort to resolve the liability problems stemming from collapsed group self-insured trusts. WCB has been taking a multi-pronged approach to tackle the problems in the past few …

N.Y. Approves NYCIRB’s Revised Workers’ Comp Loss Cost Filing

The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013. As a result, policyholders in New York State …