|
|||
|
|
|
New York: Insurance officials debate proposed comp loss cost increase
The New York Compensation Insurance Rating Board is seeking a 7.7 percent increase in workers' compensation loss costs. If approved, the rate change would go into effect Oct. 1.
In making its recommendation, the NYCIRB -- a nongovernmental entity that serves as the advisory rate service organization for workers' comp in the state -- compiled and evaluated data from all workers' comp insurers in New York. In its filing, the board said that claim frequency continues to decline in the state, but at a similar rate as seen previously. Claim costs, however, continue to increase, with both the indicated indemnity and the medical trend higher than seen in the previous filing. In addition, the board said the increase in the maximum weekly benefit is expected to result in a 4.5 percent increase in total workers' comp claim costs. The New York State Insurance Department held a public hearing, as required by law, to seek input on the proposal. Based on the testimony and its own review, the department will make its decision.
July 29, 2010 Copyright 2010© LRP Publications |
|
|
|
Entire contents copyright © 2013 Risk and Insurance® All rights reserved.
May not be reproduced in any form without written permission.
|