New Workers' Comp Savings Announced
Staff Contact: Lev Ginsburg
May 15, 2018
Today the New York Compensation Rating Board sent a proposed loss cost of -11.7 to the state Department of Financial Services (DFS) for approval, reflecting lower system-wide workers' compensation costs over the past year. Once approved, the loss cost factor serves as the basis for setting workers' compensation premiums starting October, 2018. A decrease of this size on a $10 billion system could provide employers with savings up to $1 billion annually, other factors remaining equal. This substantial decrease in rates is the culmination of our successful efforts in reforming the state's workers' compensation system over the last two years. DFS must approve or disapprove the loss cost by July 15, 2018. Statute does not require any public hearing or comment period on the DFS approval process on this loss cost proposal, but The Business Council will be expressing its support for DFS approval. The Business Council will continue to work to reduce costs in the system while maintaining the best care for injured workers.
Director of Government Affairs
The Business Council of New York State, Inc.
111 Washington Avenue, Suite 400 | Albany, NY 12210
Tel: 518.694.4462 | Fax: 518.465.4389