Jul 27, 2017

WC loss costs decrease 4.5 percent Oct. 1

The New York State Department of Financial Services approved the filing submitted by the New York Compensation Insurance Rating Board for a decrease of 4.5 percent in the overall loss-cost level in the state, effective Sunday, Oct. 1.

In May, the NYCIRB filed an explanatory memorandum that describes the methodology used to derive the proposed loss-cost change and supporting actuarial exhibits. Loss costs by classification, as well as instructions with respect to the implementation of the above-referenced premium reduction, will be published in a subsequent bulletin.