N.Y. Department to Hold Supplemental Public Hearing on Proposed Workers’ Comp Rate Hike

The New York State Insurance Department has scheduled a public hearing for Tuesday, July 13, to consider the application of the New York Compensation Insurance Rating Board for a workers’ compensation insurance increase of 29.3 percent.

The hearing will supplement two prior public hearings held June 28 and June 30, and will allow the Department to solicit additional testimony from interested entities. The hearing will be held at 11 a.m. at the offices of Insurance Department, 25 Beaver Street, Room 518.

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.

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