NYCIRB Cites Delays and Rising Costs for 11.5% Increase

By Michael Whiteley, Eastern Bureau ChiefThe New York Compensation Insurance Rating Board (NYCIRB) has filed for an 11.5% increase in loss costs, which it blames – in part – on delays in implementing portions of the workers' compensation reforms signed into law by former Gov. Eliot Spitzer in 2007.The rating board issued a bulletin late Thursday reporting it has asked the New York Department of Financial Services (DFS) to approve the loss-cost changes effective Oct. 1.NYCIRB President Monte Almer said in the bulletin the filing was triggered by rising indemnity and medical cost...