The New York State Insurance Department has approved a 1.7 percent workers' compensation rate increase to take effect December 1 of this year.
The Department rejected two previous rate increase request by the New York Compensation Insurance Rating Board (NYCIRB) of 11.2 percent and 3.7 percent.
"The Department continued to work aggressively with NYCIRB after their filing requests failed to adequately address the Department's concerns resulting in the Department's final determination that a 1.7 percent overall rate increase is adequate," said the Insurance Department superintendent, Greg Serio.
This year's rate increase is the first increase since 1994.