Albany, NY – The New York State Insurance Fund recently announced that at its September 16, 2015, monthly meeting, the NYSIF Board of Commissioners approved a 5 percent reduction in NYSIF’s loss cost multiplier. This change will go into effect on October 1, 2015, for policies renewing on or after that date.
“We are able to reduce our rates because of administrative expense efficiencies we’ve achieved through disciplined cost management,” stated NYSIF Executive Director & CEO Eric Madoff. “We are pleased to pass these cost savings on to our policyholders.”
NYSIF Board Chairman Kenneth Theobalds stated: “We are committed to holding down workers’ compensation costs for our policyholders.”
For policies renewing in October, the renewal bill mailed to policyholders did not reflect this reduction in rates. The reduced rate will be reflected in the next billing cycle. For all policies, renewal premium may be higher or lower than last year’s premium as a result of the New York Compensation Insurance Rating Board‘s recent changes in loss costs (also effective October 1), as well as other factors that determine premium. In any case, policy premiums will be 5 percent lower than they would have been absent NYSIF’s reduction in pricing.