NYS Workers’ Comp Rate Changes for 2012-2013
The New York Compensation Insurance Rating Board issued a bulletin on July 23, 2012 outlining changes to the NYS Workers’ Comp Assessment. The bulletin also included information regarding the continuation of current NYS Workers’ Comp rates in 2012.
NYS Workers’ Comp Assessment Decreases 1.4% in 2012
The New York State Assessment charge, which is included on all Workers’ Compensation policies, covers the cost of operating the NYS Workers’ Comp Board and special funds. While in past years the New York State Assessment charge has steadily increased, it will decrease 1.4% from 20.2% to 18.8% on October 1, 2012. New York State employers will see a slight decrease in their Workers’ Compensation policy premiums as a result of this change.
2012 Loss Cost Level Filing shows no change in NYS Workers’ Comp Rates
Since 2008, the New York Compensation Insurance Rating Board has determined the base rates for each class code. With the implementation of a loss cost rating system, carriers can add a surcharge or Lost Cost Multiplier to the state determined base rate. A recent decision made by the New York State Department of Financial Services concluded that the New York State Workers’ Compensation rates will remain the same for the 2012-2013 year, effective October 1, 2012. While the rates remain unchanged, individual carriers can still determine the loss cost multiplier. This means that depending on the carrier, NYS Workers’ Comp rates can vary.
If you have any questions on the NYS Workers’ Comp rates, please contact us.