New York State
Insurance Department


ISSUED 7/8/2004

FOR IMMEDIATE RELEASE

INSURANCE DEPARTMENT TO HOLD SUPPLEMENTAL PUBLIC HEARING ON PROPOSED WORKERS’ COMPENSATION RATE INCREASE

        The New York State Insurance Department has scheduled a public hearing for Tuesday, July 13, 2004 to consider the application of the New York Compensation Insurance Rating Board for a workers’ compensation insurance increase of 29.3 percent. The hearing will supplement two prior public hearings held June 28 and June 30, and will allow the Department to solicit additional testimony from interested entities.

        The hearing will be held at 11:00 a.m. at the offices of Insurance Department, 25 Beaver Street, Room 518.

        The rate application was submitted by NYCIRB, a non-governmental entity that serves as the advisory rate service organization for workers’ compensation in New York State. All workers’ compensation insurers must send statistics to the NYCIRB, which compiles and evaluates data and proposes rate changes that are subject to the Insurance Department’s prior approval. The application is for an effective date of October 1, 2004.

        The complete rate increase application may be examined at the offices of NYCIRB at 200 East 42nd Street, New York, NY, or at the Insurance Department:

Albany Office
One Commerce Plaza
Albany, New York 12257
(By Appointment Only)
518-474-7495
New York City Office
Property Bureau
25 Beaver Street
New York, New York 10004
(By Appointment Only)
212-480-5527


        Those wishing to speak at the hearing should notify Eric Mangan at the Department’s New York City office at 212-480-5262.


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