Yearly Archives: 2021

Work Comp Rating Board Discontinues COVID Telecommuter Classification

​The New York Compensation Insurance Rating Board (NYCIRB) has announced that it is discontinuing a special Workers' Compensation classification created during the COVID-19 pandemic. The classification will no longer be valid as of July 25, 2021.The classification, code 8873 - Telecommuter Reassigned Employees, was introduced in May 2020. The board created it to recognize the reduced exposure of "employees who, during New York’s stay-at-home order related to the COVID-19 pandemic (and future stay-at-home orders), are reassigned to either (a) not perform any work duties (idle), or (b) perform clerical work duties at home."​ The loss cost assigned to the classification was equ​​The revision to the New York Workers'…

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On Our Mind: All Stars

​By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & DevelopmentI’m a big baseball fan. I know there are people who love the game as much I do and many people who think it is too boring. However, as I was watching the Major League All Star game recently, something hit me in the forehead- what a great bunch of new and young stars!! They are energetic, extremely talented and play for the love of the game (well, that and a few million dollars a year)!Nonetheless, it got me thinking about the insurance industry - we need new young talent​ - we need people who can take…

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Work Comp Loss Costs To Decrease 6.4%

  • Post category:News

​The New York Compensation Insurance Rating Board (NYCIRB) announced yesterday that its filing for a 6.4% decrease in Workers' Compensation insurance loss costs has been approved. The new loss costs apply effective Oct. 1, 2021. Many of your clients may see reductions in their base loss costs.The NYCIRB files proposed loss costs with the New York State Department of Financial Services for approval every summer. Individual insurers periodically file a numerical factor called a "loss cost multiplier" with DFS. The loss cost multiplied by the loss cost multiplier produces the final rate that an insurer charges an employer for Workers' Comp insurance. The NYCIRB said that this is…

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