The New York Compensation Insurance Rating Board (NYCIRB) has announced the addition of two new classifications for Workers' Compensation insurance. The classifications, for employees in the banking and insurance industries, will apply to policies effective on and after October 1, 2019.
The new classifications are:
- Code 8855, Banks & Trust Companies - All Emmployees & Clerical, Outside Salespersons, Drivers
- Code 8723, Insurance Companies & Clerical, Salespersons
Code 8723 applies to insurance agencies as well as carriers.
The NYCIRB also said that classification code 8810, Clerical Office Employees Not Otherwise Classified, has been revised to exclude banking and insurance risks. Until the board collects sufficient loss data for the new classifications, they will take the same loss cost as code 8810.
Big I New York members should expect to see the new classification on their Workers' Comp policies renewing on October 1 and later.
Read the NYCIRB bulletin