NYSIF Reduces Loss-Cost Multiplier by 5%

New York State Insurance Fund announced that it is reducing its loss-cost multiplier by 5% effective Oct. 1, a move that would eliminate much of the sting from a 5.9% rate increase proposed by the state Compensation Insurance Rating Bureau. NYSIF said in a press release that its board of commissioners approved the rate reduction during a meeting on Sept. 16. The rating bureau recommended a 15.8% increase on April 29, but revised that to 6.9% in May. The New York Department of Financial Services approved a 5.9% increase on July 15. NYSIF said the actual rates paid by employers will vary depe...