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Member, Beacon International Group, Ltd.
ALBANY, N.Y.--New York Gov. Eliot Spitzer on Tuesday signed the workers compensation reform package passed by legislators last week.
Among other things, the law calls for increasing weekly benefits for injured workers and capping the length of time they are eligible to receive permanent partial disability benefits.
The governor has said the reforms will reduce workers comp costs in New York by more than 10%. The Property Casualty Insurers Assn. of America, among other groups, issued a statement today praising Gov. Spitzer and legislators for moving quickly to pass reforms.
The Des Plaines, Ill.-based PCI also said the reform package shows promise.
"As with any reform legislation of this magnitude, the long-term success of the change will be judged by the results it provides," the PCI said in a statement. "However, with careful implementation, we can achieve appropriate benefit levels for workers and controlled costs for employers and insurers."