Legislation Seeks to End Premium Hike Surprises

New York state lawmakers unanimously approved legislation to require workers' compensation carriers to notify policyholders at least 30 days in advance if renewal of their policies comes with an increased premium of more than 10%. Sponsored by Assemblyman Andrew Hevesi, D-Queens, and Sen. Joseph Robach, R-Rochester, A1620 and S1005 passed the Assembly a week ago and the Senate on Thursday. The Senate bill was substituted for A1620, which requires Gov. Andrew Cuomo’s signature. Pushed by the Independent Insurance Agents & Brokers of New York (IIABNY), the legislation c...