New York Superintendent Howard Mills approved on July 15, 2005 a 5 percent increase in the average workers’ compensation rate for one year beginning Oct. 1, 2005.
The decision comes in the wake of the New York Compensation Insurance Rating Board’s (CIRB) request for a 16.1 rate increase, which was the subject of a June 27, 2005 public hearing. The CIRB serves as the advisory rate service organization for workers’ compensation in New York State.
The industry rating bureau previously withdrew a request for a rate increase of 9.5 percent after a public hearing. That move had the effect of keeping rates at their current levels through Oct. 1, 2005.
In July 2004, the department rejected an NYCIRB filing for a 29.3 percent increase.
Was this article valuable?
Here are more articles you may enjoy.
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
