Bill requiring notice for comp rate increases awaits governor’s signatureReprints
A bill that would require some workers compensation insurers in New York to give policyholders 30-days advance notice in writing when their premiums increase upon renewal now sits on Gov. Andrew Cuomo’s desk.
The Senate passed Assembly Bill 1620, sponsored by assemblyman Andrew Hevesi (D-Forest Hills), on Thursday. It amends part of the workers comp laws in New York that address policy cancellations. The 30-day requirement would go into effect if premiums increase by at least 10% upon renewal, according to the bill.
The 30-day notice would be exclusive of “any premium increase generated as a result of increased loss costs filed,” the bill states. Also, insurers who receive written notices from employers that no longer need coverage are excluded from the requirement, according to the bill.