Agency Signs Off on Revised Retrospective Rating Values

The New York Department of Financial Services has approved the Compensation Insurance Rating Board’s revised rating values for the Retrospective Rating Manual. The revisions concern excess loss pure premium factors, excess loss and allocated expense premium factors, state hazard group differentials and retrospective rating pure premium development factors. The revisions are effective June 1 for new and renewal business and also apply to policies under three-year plans and long-term construction projects. The NYCIRB memo to its members and the revised table E with the approved rating f...