FOR IMMEDIATE RELEASE
NEW WORKERS' COMPENSATION RATE IS APPROVED FOR 2005-2006
Superintendent Howard Mills approved on July 15, 2005 a 5 percent increase in the average workers compensation rate for one year beginning Oct. 1, 2005. The decision comes in the wake of the New York Compensation Insurance Rating Boards (CIRB) request for a 16.1 rate increase, which was the subject of a June 27, 2005 public hearing. The CIRB serves as the advisory rate service organization for workers compensation in New York State. All workers compensation insurers must send statistics to the CIRB, which compiles and evaluates data and proposes rate changes that are subject to the Insurance Departments prior approval.