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 a 10.4 % rate increase across all classes.
The NY Workers Comp Law requires the Superintendent of Insurance to hold a public hearing if the requested Workers Comp rate increase is more than 7% from the prior year. Based on the hearing results the Superintendant of the Insurance Dept will then rule to approve or disapprove of the rate hike by July 15,2011. Once the decision is made the new rates for 2012 will go into effect on October 1, 2011.
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