Comp Insurers to Be Required to Warn Employers of Premium Hikes

Gov. Andrew Cuomo has signed legislation that will require workers’ compensation insurers to notify policyholders 30 days before hiking their renewal premiums by more than 10%. Unlike rules for carriers writing other lines of coverage, workers’ comp insurers were not required to give advance notice of double-digit rate increases. That spurred Assembly Bill 1620, which passed the Assembly and Senate on June 15 and was signed by the governor Dec. 18. It takes effect April 17. In his approval memorandum for AB 1620, Cuomo said that while he supports the legislation, “ther...