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New York mulls 16.9% boost in work comp loss costs

New York mulls 16.9% boost in work comp loss costs

New York state officials are considering a 16.9% hike in workers compensation loss costs, following a filing this week by the New York Compensation Insurance Rating Board.

The board submitted the filing to the state Department of Financial Services on Tuesday but has not yet made details of the filing public, said Ziv Kimmel, the rating board's vice president and chief actuary.

Mr. Kimmel said 4.5% of the requested increase is related to the state's plan to close a reopened case fund that payers are currently assessed for in New York.

The plan is part of several workers comp reforms that were passed in New York's 2013-14 budget in March.

The rate filing would be effective Oct. 1 if approved by the state financial services department. Mr. Kimmel said the department is required to hold a hearing for requested rate increases of at least 7%.