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Rating Board: Carriers Must Seek Our Approval Before Changing Classifications

Monday, September 25, 2017 | 624 | 0 | 0 min read

New York's financial services agency has approved the state rate-maker's request to amend its Workers' Compensation and Employers Liability Manual. The amendment adds a few words to the manual's Digest of Rulings and Interpretations section in an effort to clarify Policy Writing Rule 1e. Now, the language specifies that carriers must seek the New York Compensation Insurance Rating Board's approval before they change a classification. NYCIRB President Jeremy Attie announced the change in a letter sent to rating board members on Wednesday. View the letter here. ...

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