New York Plans Workers Comp Rate Increase Hearing

The New York State Insurance Department plans a public hearing on June 23, to go over a proposed 7.7% increase in the state’s workers’ compensation loss cost. State law requires the insurance department to hold a public hearing if the rate increase would surpass 7%.

The NYCIRB, a non-governmental entity that serves as the advisory rate service organization for workers’ comp in New York State, filed the requested increase after compiling and evaluating loss cost changes in the state. (workersxzcompxzkit)

If the rate increase is approved, the proposed change, filed by the New York Compensation Insurance Rating Board (NYCIRB), would take effect October 1, 2010. The approved loss cost is used by workers’ comp insurers in setting rates.

Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, healthcare, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. Contact: Robert_Elliott@ReduceYourWorkersComp.com or 860-553-6604.

FREE WC IQ Test: http://www.workerscompkit.com/intro/
WC Books: http://www.reduceyourworkerscomp.com/workers-comp-books-manuals.php
WC Calculator: http://www.reduceyourworkerscomp.com/calculator.php
TD Calculator: http://www.reduceyourworkerscomp.com/transitional-duty-cost-calculator.php

Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers' comp issues.