The New York Department of Financial Services on Monday approved a 9.5 percent revised loss cost increases request from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013.
However the the overall projected increase passed on to workers’ compensation policyholders will only be about 2.8 percent consists due to anticipated 2014 New York State assessment reductions.
The NYCIRB first filed an application on May 14, 2013, requesting a workers’ comp overall loss cost increase of 16.9 percent. As the application sought a loss cost increase in excess of 7 percent, a public hearing was held in accordance with the state’s insurance law.
The department disapproved the application in its on July 11 and invited the NYCIRB to refile, indicating that an increase of no more than 9.5 percent would be reasonable.
On July 12, 2013, the NYCIRB refiled its application with the department for 9.5 percent, which the department approved on July 15.