Every year the NYCIRB or New York Compensation Insurance Rating Board requests a NY workers comp insurance rate increase or rate decrease from the N YSID (New York State Insurance Department). In 2011 the NYSID approved a 7 % rate increase across all classes of business which took effect on October 1,2011. On May 13,2011 the Work Comp Rating Board requested … Read More
NY Workers Compensation Maximum Weekly Benefit Set To Rise
Maximum NYS Workers Comp weekly benefits surge to $772.96 New York State Rating Board has announced that based on the New York State Department of Labor’s Research and Statistics Division’s findings that for the calendar year 2010 the average NYS weekly wage was $1,159.44. Workers Compensation Law states that after July 1st 2010 workers compensation benefits will be based on two-thirds of the NYS average weekly … Read More
NYS Workers Comp Board Criticism or Crit Letter
The NYCIRB or New York Compensation Insurance Rating Board is a division of the NY Workers Comp Board. Their main function is to make sure carriers and insureds follow the Workers Comp Regulations, determine business classification, provide statistical data, calculate and maintain experience modifications. Many employers in NY State have received a CRIT or criticism letter from the board. In fact 878 … Read More
NY Workers Compensation Self-Insured Members Benefit
Governor Cuomo’s recently enacted NYS Budget provides $200 million in NYS Assessment relief for former NY workers comp self insured trust members. While members of insolvent trusts remain joint and several liable for the underfunded claims of their particular trusts, their NYS Workers Comp Assessment charges will be cut considerably. Self – Insured members of solvent and inactive trusts will also benefit from the Governors budget … Read More
NYS Worker Comp Insurance Rating System
The 2008 NYS Worker Compensation reform brought about significant changes in the way carriers determine NYS Workers Comp rates. In 2008 NY State Workers Comp Board went to a loss cost rating system. A loss cost rating system allows carriers to add a surcharge or LCM (loss cost multiplier) to the State recommended “Base Rate” for each class code. Therefore each carrier … Read More
NY Workers Comp New – Majestic Insurance Downgraded by A.M. Best
Majestic Capital, Ltd (MAJC) announced A.M. Best has downgraded the financial status of Majestic Insurance Company from B+(Good) to B (Fair). This news comes on the heels that Bayside Capital has terminated its’ agreement to purchase Majestic Capital for 7.8 million. Sources at Majestic Insurance confirm that the carrier will pull out of New York – New Jersey workers compensation markets. Policy … Read More
New York Pay As You Go Workers Comp Insurance
Pay as you go workers comp is the simple concept of paying your workers comp insurance via a payroll service. Traditional Work Comp Insurer’s bill your premium by estimating your annual payroll at the beginning of the policy period. At the end of the policy year they send in an independent auditor to reconcile the actual payroll. If you underestimated … Read More
New York State Workers Compensation Law
NY State Workers’ Comp law allows corporations with 2 executive officers or less to exclude themselves from the Workmans Comp Policy. Many new businesses believe they are saving a lot of money by doing so. In reality, if they are coded properly, the executive officer cost is minimal. However, in the case when an executive officer is also performing manual … Read More
New York Comp Rates Update – Commercial Contractors Take Notice
Don’t forget to file for the Construction Classification Premium Adjustments Program (NYCCPAP). The program allows for additional premium discounts off your New York workers comp policy. The program applies to commercial contractors with an average weekly wage over $15.50 per hour for eligible class codes (see below). 0042 5057 5193 5429 5491 5606 6003 6229 6325 9526 3365 5059 … Read More