New York Lowers Premium Rates for Workers’ Compensation

New York officials say they are lowering the rate employers pay for workers’ compensation premiums by 1.2 percent.

According to the Cuomo administration, it is the first reduction in four years.

While the New York Compensation Insurance Rating Board, a non-governmental group, recommended an increase, administration officials say their review shows it is not necessary.

The Department of Financial Services says its decision was due in part to recent reforms.

Changes include capping the number of years certain benefits are paid, instituting medical treatment guidelines and improving the calculation of loss-of-wage earning capacity.