N.Y. to Hear 29% WC Rate Bid Next Week

The New York State Insurance Department has scheduled public hearings to consider the application of the New York Compensation Insurance Rating Board (NYCIRB) for a workers’ compensation insurance increase of 29.3 percent.

A New York City hearing is scheduled for June 28, 2004 at 11:00 a.m. at the offices of the Insurance Department, 25 Beaver Street, Room 518. A hearing will also be held in Albany on June 30, 2004 at 11:00 a.m. at the Legislative Office Building, Hearing Room A.

The rate application was submitted by the New York Compensation Insurance Rating Bureau (NYCIRB), the advisory rate service organization for workers’ compensation in New York State. All workers’ compensation 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.

The 29 percent application is for an effective date of Oct. 1, 2004.