NYCIRB Approved for 9.5% Loss Cost Increase, Employers’ Workers Comp Costs Expected to Rise 2.8%

July 16, 2013

The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013.

The NYCIRB first filed an application on May 14, 2013, requesting a workers’ comp overall loss cost increase of 16.9 percent.

The Department of Financial Services disapproved the application in its Opinion and Decision on July 11 and invited the NYCIRB to refile. In its Opinion and Decision, the department stated its analysis indicates that an increase of no more than 9.5 percent would be reasonable.

On July 12, 2013, the NYCIRB refiled its application with the department, which was then approved by the department on July 15. The overall projected cost increase passed on to policyholders of approximately 2.8 percent consists of a 9.5 percent loss cost increase and the anticipated 2014 New York State assessment reductions.

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