Ask Tim; Industry News

Abstract: Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, Decembe 20. Body: ​UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date."It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") BerraDue to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.For years, the…

Abstract: The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. Body: ​The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. It applies to of the standard premium or premium equivalent.​ For example, if the standard premium is $10,000, the amount of the assessment is $710. The assessment rate for calendar year 2024 is 9.2%.By law, the assessment is assessed on all Workers' Compensation insurance policies issued to New York employers to pay for the Board's expenses. The new rate takes effect January 1,…

​New York Workers' Compensation insurance loss costs are set to decrease by an average 9% this fall according to a recent action by the state Department of Financial Services (DFS.) The New York Compensation Insurance Rating Board​ (NYCIRB) announced last week that DFS had approved its new loss cost filing, effective October 1, 2024.Loss costs are values calculated by the NYCIRB and, for each rating classification, include provisions for:Expected lossesLoss adjustment expensesTerrorismNatural disasters, andCatastrophic industrial accidents.They are not rates. Individual insurance carriers and the New York State Insurance Fund (NYSIF) must apply additional factors, known as "loss cost multipliers," that include provisions for carrier overhead expenses…