| Employers will not face higher Workers' Compensation insurance premiums because of losses related to COVID-19, according to recent announcements by the New York Compensation Insurance Rating Board.
The board said that it had received approval from the state Department of Financial Services for a rule change that will exclude from the Merit Rating Plan calculation "all claims attributable to the COVID-19 (coronavirus) pandemic." This follows an earlier move to exclude these claims from the Experience Rating Plan calculation. At the time, the board said, "The occurrence of COVID-19 workers’ compensation claims is unlikely to be a predictor of future claim costs incurred by an employer, and therefore their inclusion in an experience rating modification calculation would not meet the intended goal of experience rating."
The Merit Rating Plan is for employers whose Workers' Compensation premiums are too small to qualify for the Experience Rating Plan. It reduces or increases the employer's premium based on the number of losses over a three-year period.
The changes to both plans took effect on Dec. 1, 2020.
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