The New York Compensation Insurance Rating Board announced today that the state Department of Financial Services (DFS) has approved a reduction in Workers’ Compensation insurance loss costs. New York employers will see an average 8.7 percent decrease in the loss costs used to calculate their premiums effective Oct. 1, 2022.
You can find the new loss costs in the board’s announcement.
Separately, the board also announced that DFS has approved new rating values for the New York Experience Rating Plan. The values, which are also effective Oct. 1, 2022, are used to calculate an eligible employer’s experience modification factor. This factor increases or decreases an employer’s Workers’ Compensation insurance premium based on the employer’s history of insured losses over a three-year period.
The adoption coincides with the implementation of a new methodology for calculating experience modifications, which the board announced last year. Information about the new methodology is available on the board’s website.