Comp Rating Board Excludes COVID Losses From Experience, Merit Rating
Employers will not face higher Workers' Compensation insurance premiums because of losses related to COVID-19, according to recent announcements by the New York Compensation Insurance Rating Board. The board said that it had received approval from the state Department of Financial Services for a rule change that will exclude from the Merit Rating Plan calculation "all claims attributable to the COVID-19 (coronavirus) pandemic." This follows an earlier move to exclude these claims from the Experience Rating Plan calculation. At the time, the board said, "The occurrence of COVID-19 workers’ compensation claims is unlikely to be a predictor of future claim costs incurred by an employer, and therefore their…