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The New York Department of Financial Services has approved the 4.5% workers compensation premium rate decrease recommended by the New York Compensation Insurance Rating Board effective Oct. 1, according to a statement issued Tuesday.
The rate decrease was lauded by Gov. Andrew Cuomo as a way to help businesses cut costs. This is the second consecutive year that the department approved the loss-cost change recommended by the rating board’s Actuarial Committee, the board said in its statement.
In its rate filing in May, the board attributed the reduction in premium rates to certain cost savings measures passed as part of the 2018 budget and general system savings spearheaded by the New York State Workers’ Compensation Board, according to a May press statement from the governor’s office.
Employers hope to see greater savings in the future, as the state passed an annual budget bill in April that incorporated workers comp reforms that only accounted for about 33 percent of the current rate decrease, according to the board.
The 4.5% reduction equates to $450 million in possible savings, the statement said.
A payer compliance program launched by the New York State Workers' Compensation Board is getting mixed reviews from experts.