Today’s issue of WorkCompRecap features New York Governor Andrew Cuomo’s announcement that the CIRB has submitted an overall workers’ comp rate decrease of approximately 4.5%, which will save New York employers about $400 million this year in premiums.
The CIRB attributed the reduction in premium rates to cost saving measures passed as part of the 2018 budget and general system savings spearheaded by the New York State Workers’ Compensation Board. The WCB noted that the new budget also includes better protections for injured workers, and that as part of its re-engineering, it is close to launching virtual hearings for injured workers, which will provide them greater convenience and help make the hearing system more efficient. If the new rate submission is approved by the Department of Financial Services, it will become effective October 1, 2017.
Find out more by clicking here!