The New York State Workers Compensation Board announced that the state assessment rate on insurance premiums will decline to 9.2% next year. The new rate marks a drop from the 2023 rate of 9.8%.
State law requires the board each year to set an assessment rate by November 1. The assessment, which applies to Workers Compensation insurance standard premiums (or premium equivalents for self-insured employers) funds the board's operations.
The new assessment takes effect on January 1, 2024.