N.Y. to Hear 9.5% Workers’ Comp Rate Hike
The New York State Insurance Department has scheduled a public hearing for Friday, Jan. 7, 2005 to consider the application of the New York Compensation Insurance Rating Board for a workers’ compensation insurance rate increase of 9.5 percent.
The hearing will be held at 11:00 a.m. at the New York City offices of the insurance department, at 25 Beaver Street, Room 510.
The rate application was submitted by NYCIRB, a non-governmental entity that serves as the advisory rate service organization for workers’ comp in New York State. All workers’ comp insurers must send statistics to the NYCIRB, which compiles and evaluates data and proposes rate changes that are subject to the Insurance Department’s prior approval.
A previous application by NYCIRB for an increase of 29.3 percent was disapproved by the department on July 15, 2004, following a series of hearings.
- Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them
- Atlanta-Area Insurance Agent Charged With Taking Premiums, Giving Fake COIs
- Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete
- AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says