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The New York Compensation Insurance Rating Board has submitted an overall workers compensation rate decrease of about 4.5%, the office of New York Gov. Andrew Cuomo announced Tuesday.
The nongovernmental rate service organization attributed the reduction in premium rates to cost savings stemming from reforms included in the state’s 2018 budget along with general system savings created through New York State Workers’ Compensation Board initiatives. The reduction could save New York employers $400 million this year in comp premiums, the statement said.
The state’s Department of Financial Services must review the rate submission. If approved, the new rate would become effective Oct. 1.
New York’s workers comp premium rates are determined annually based on recent claims experience and implementation of new policies. The state’s 2018 budget addressed costs by limiting temporary total disability payments prior to a permanency award except in the most serious injury cases. The budget also requires the workers comp board to publicize new permanent impairment guidelines to reflect medical advances that result in better outcomes and to establish a prescription drug formulary, according to the statement.
In addition, reforms included in the state’s 2013-2014 budget, such as virtual hearings, alternative dispute resolution tools and quicker claims processing, are nearing fruition or already impacting the state’s comp system, the statement said.
Nevada Insurance Commissioner Barbara D. Richardson has approved an average 10.7% decrease in voluntary workers compensation loss costs for the state, effective March 1.