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New York workers compensation rates to increase an average of 5.9%

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The New York State Department of Financial Services has approved an average 5.9% increase in workers compensation loss costs, the New York Compensation Insurance Rating Board said.

The increase for new and renewal business, which will take effect on Oct. 1, was announced in a Thursday bulletin by board President Monte Almer.

Loss costs by classification will be published by Aug. 1, the bulletin says.

The New York State Department of Financial Services last year denied the 6.8% increase in workers comp loss costs proposed by the New York Compensation Insurance Rating Board.

According to its website, the board is a non-profit, unincorporated association of insurance carriers, including the State Insurance Fund.