The New York State Insurance Department will hold a public hearing on Thursday, June 23, 2011 to consider the application of the New York Compensation Insurance Rating Board (NYCIRB) for a workers’ compensation loss cost increase of 10.4 percent. The approved loss cost is used by workers’ compensation insurance companies in setting rates.
The hearing will begin at 11 a.m. in the Neil Levin Hearing Room (Room 510) at the Manhattan offices of the Insurance Department, 25 Beaver Street.
The hearing will allow the Department to receive testimony from all interested stakeholders.
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 loss cost changes that are subject to the Insurance Department’s prior approval.
The Workers’ Compensation Law requires the Superintendent of Insurance to “hold a public hearing if a rate service organization makes a loss cost filing for workers’ compensation that is an increase of seven percent or more over the approved loss costs from the prior year.”
The application is for an effective date of October 1, 2011.
Information about the hearing and the complete loss cost increase application is available at the Department’s website, www.ins.state.ny.us. Testimony can be scheduled and written testimony submitted through the website.
Written comments for the hearing record also may be submitted to Workers’ Compensation Loss Cost 2011 Hearings, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, or e-mailed to PublicHearingsComments@ins.state.ny.us with the subject line “WORKERS’ COMPENSATION LOSS COST 2011 HEARINGS.”
Source: NY State Insurance Department