N.Y. to Hear Proposal for 7.5% Workers Comp Hike

The New York State Insurance Department has scheduled a public hearing to consider the application of the New York Compensation Insurance Rating Board (NYCIRB) for a workers’ compensation insurance increase of 7.5 percent.

The heraing will be held on Wednesday, June 28, 2006 at 11 a.m. at the Insurance Department’s Manhattan offices, 25 Beaver Street, Room 518, New York, NY, 10004.

The rate application was submitted by NYCIRB, a non-governmental entity that serves as 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 effective date of the proposed increase is Oct. 1, 2006. The filing may be examined at the NYCIRB’s Manhattan office, 200 East 42nd Street, or at the following Insurance Department offices:

Albany; One Commerce Plaza, Albany, New York 12257 (By Appointment Only) 518-474-7495

New York City; 25 Beaver Street-Property Bureau, New York, New York 10004 (By Appointment Only) 212-480-5527

Those wishing to speak at the hearing should notify Ellen Wenz, Insurance Department Public Affairs, at 212-480-5262. Those unable to attend the June 28 hearing may submit written statements for inclusion in the official record within seven days of the hearing date.

Source: NYSID