The New York Department of Financial Services took testimony Tuesday for and against a proposed 9.3% hike in workers’ compensation premiums – an increase much larger than any of the states along its borders.
The New York Compensation Insurance Rating Board, in its loss cost filing, attributes two-thirds of the proposed rate hike to the 2014 closure of the Special Fund for Reopened Cases. Yet the closure of that fund has been declared unconstitutional by a lower appeals court and is now under review before New York’s high court.
The Department of Financial Services is expect...
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