Share on FacebookTweet about this on TwitterEmail this to someone
Share on FacebookTweet about this on TwitterEmail this to someone

Governor Andrew M. Cuomo has announced that New York state employers will see a reduction in workers’ compensation premium rates for the first time in four years.

Policyholders will see a decrease of 1.2 percent, the first reduction since 2008.

The rate reduction is a result of efforts by the governor’s administration over the past 18 months to modernize, improve efficiency and decrease waste in the workers’ compensation system.

“For years, the workers’ compensation system has been too costly for businesses and ineffective for injured workers,” said Cuomo. “With the new measures implemented by the state, and our continued work together with the business and labor communities, we will remain on track to create a system that works better for both employers and employees.”

Originally, the New York Compensation Insurance Rating Board recommended a cost increase in their annual loss cost filing. However, after reviewing all the filings and written submissions, the board determined to cut costs.

Benjamin M. Lawsky, superintendent of financial services, believes Cuomo is leading New York in the right direction for all businesses, both large and small, throughout the state.

“This is the right decision on rates at the right time,” said Lawsky.

Cuomo also announced that the last measures of the 2007 Workers’ Compensation Reform Law, which secured necessary benefit increases for injured workers and cost reductions for businesses, have now been fully implemented by the state. The Workers’ Compensation Board will now focus on creating a new set of guidelines to help modernize its systems with technology and to continue reducing waste and abuse in the system.

“The cost of workers’ compensation coverage remains a significant competitiveness issue for New York State business,” said Heather Briccetti, CEO of the New York State Business Council. “We look forward to working with the administration and other stakeholders on next steps in improving the system.”

 

Comments:

Join The Discussion



Related Stories
Governor kills city’s controversial grocery store bag tax, and Queens lawmakers are delighted
Governor kills city’s controversial grocery store bag tax, and Queens lawmakers are delighted
Nearly 500,000 Queens residents could lose health coverage if Obamacare is repealed
Nearly 500,000 Queens residents could lose health coverage if Obamacare is repealed
Popular Stories
Photo via Shutterstock
UPDATE: Hit-and-run crash on the Grand Central Parkway ruled a homicide
Photo provided by Angelo Ng & Anthony Ng Architects Studio
Three new 19-story retail and residential towers slated to go up in downtown Flushing
Photo courtesy of Wikimedia Commons/ICE
ICE raids in East Elmhurst and across the city cause alarm and confusion


Skip to toolbar
Web Analytics