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ISSUED 7/15/2005 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 Board’s (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 Department’s prior approval.

 

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