N.Y. governor's budget includes workers compensation system reforms
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New York Gov. Andrew Cuomo presented his 2013-2014 budget and legislative agenda on Tuesday, that include a call to increase workers compensation benefits and implement system reforms.
The reforms would include reducing frictional costs by combining 14 different state assessment invoices that workers compensation payers are responsible for and closing a Reopened Case Fund that payers are currently assessed for.
The governor's office said the reforms will provide $900 million in savings for employers and other payers.
Some of the governor's reforms were announced during his http://www.businessinsurance.com/article/20130110/NEWS08/130119984 State of the State address two weeks ago, such as plans to sell bonds to help self-insured employers left with liabilities after the failure of several group self-insured trusts.
The governor's proposals also call for raising the minimum weekly benefit paid to injured workers from $100 to $150.
The American Insurance Association said it supports the governor's call for reforms.
“Gov. Cuomo has taken an important step in reforming the workers compensation system, which should save New York's businesses money,” the Washington-based organization said in a statement.
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New York governor introduces workers compensation reforms
Workers compensation reforms introduced by New York Gov. Andrew Cuomo include plans to help the state's employers by selling bonds to finance claims costs left by about 30 failed group self-insured trusts.
