The New York Compensation Insurance Rating Board (NYCIRB) announced yesterday that its filing for a 6.4% decrease in Workers' Compensation insurance loss costs has been approved. The new loss costs apply effective Oct. 1, 2021. Many of your clients may see reductions in their base loss costs.
The NYCIRB files proposed loss costs with the New York State Department of Financial Services for approval every summer. Individual insurers periodically file a numerical factor called a "loss cost multiplier" with DFS. The loss cost multiplied by the loss cost multiplier produces the final rate that an insurer charges an employer for Workers' Comp insurance.
The NYCIRB said that this is the sixth consecutive year that the DFS has approved its recommended loss cost change.
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