Ask Tim; Industry News

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…

​Insurers in New York are no longer permitted to take adverse underwriting actions regarding habitational properties that contain subsidized housing units, according to the state Department of Financial Services (DFS.) The department said it was acting in response to a new section of the state's insurance law that took effect this spring.The announcement came in a circular letter dated June 24, 2024 addressed to all New York licensed property-casualty insurers; licensed insurance producers; the New York Property Insurance Underwriting Association (NYPIUA); and the Excess Line Association of New York (ELANY.) Bernard Ganley, deputy superintendent of the department's Property Bureau, explained that the state budget enacted on…