NYS Assessment Changes with 2013-2014 Business Relief Act

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NYS Assessment Changes with 2013-2014 Business Relief Act

NYS AssessmentAs part of the 2013-2014 NYS Budget, Governor Cuomo signed the Business Relief Act into law. The Business Relief Act brings changes to the NYS Workers’ Compensation system. These changes are aimed at saving employers nearly $800 million.

NYS Assessment Changes: What Does it Mean?

The most notable change taking place as a result of the 2013-2014 Business Relief Act involves the NYS Assessment. The NYS Assessment charge will be unified beginning on January 1, 2014, meaning that it will be the same across all Workers’ Compensation carriers in New York State. The NYS Workers’ Compensation Board will determine the variables that go into the charge, which will be the same no matter what carrier you are insured with. The charge includes the assessment for Special Fund DBL Benefits and WCB administrative costs, among other things. NYS Assessment charges will now be paid directly to the Workers’ Compensation Board through the carrier. While some NYS Assessment charges may increase slightly, the changes will reduce overall assessment costs in New York.  The NYS Workers’ Compensation Board will publicize the various components of this unified NYS Assessment and how it is calculated. They will also ensure employers and carriers are following the guidelines provided.

NYS Assessment Changes with 2013-2014 Business Relief Act

The 2013-2014 Business Relief Act brings about changes to the NYS Assessment for Workers’ Compensation insurance. The new legislation gives the Workers’ Compensation Board the power to audit all employers and ensure the accuracy used in assessment calculations. Any carrier or employer who knowingly misrepresents information regarding assessments may be subject to a Class E felony. Non-payment of the NYS Assessment charge now equals non-payment of Workers’ Compensation premium. All policies across all carriers may be cancelled for non-payment of the NYS Assessment.

Enforce Coverage Group can assist you in choosing the right Workers’ Compensation carrier. Contact us today for a price quote and for more information regarding the NYS Assessment.

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