FOR IMMEDIATE RELEASE
INSURANCE DEPARTMENT TO HOLD PUBLIC HEARING ON PROPOSED WORKERS COMPENSATION RATE INCREASE
The New York State Insurance Department has scheduled a public hearing for Friday, January 7, 2005 to consider the application of the New York Compensation Insurance Rating Board (NYCIRB) for a workers compensation insurance rate increase of 9.5 percent.
The hearing will be held at 11:00 a.m. at the New York City offices of the Insurance Department, at 25 Beaver Street, Room 510.
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 Departments prior approval.
A previous application by NYCIRB for an increase of 29.3% was disapproved by the Superintendent on July 15, 2004, following a series of hearings.
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:
25 Beaver Street
New York, New York 10004
(By Appointment Only)
Those wishing to speak at the hearing should notify Ellen Wenz at the Departments New York City office at 212-480-5262. Those unable to attend the hearing may submit written statements for inclusion in the official record within 7 days of the hearing date to the Public Affairs & Research Bureau at the Insurance Departments New York City Office. In accordance with the Americans with Disabilities Act, the Department will provide a reasonable accommodation, such as a sign language interpreter, a qualified reader, etc., at no charge to any covered individual wishing to attend or testify at the hearing when such a request is made at least seven days before the hearing.