ALBANY, N.Y. — Employers in New York state will save about $400 million in workers’-compensation premiums this year, Gov. Andrew Cuomo announced.
This came after the New York Compensation Insurance Rating Board (CIRB), a non-governmental rate-service organization, submitted an overall workers’-compensation rate decrease of about 4.5 percent.
In its rate filing, CIRB attributed the reduced premium rates to “certain cost-savings measures” passed as part of the 2018 state budget and general system savings spearheaded by the New York State Workers’ Compensation Board.
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The New York State Department of Financial Services must still review and approve the rate submission, which would become effective Oct. 1, Cuomo’s office said in a news release.
“The reforms to the workers’-compensation system in this year’s budget will help New York businesses cut costs, enabling them to further reinvest, grow and create more jobs across the state,” Cuomo said. “With this rate decrease, New York is providing real savings to businesses helping to make them more competitive while strengthening protections for injured workers at companies across the state.”
Workers’-compensation premium rates are determined on an annual basis and take into account recent claims statistics as well as implementation of any new policies and procedures.
The 2018 state budget addressed costs by applying limits to temporary disability payments prior to a permanency award, while providing an exemption process for the most seriously injured, Cuomo’s office said.
Injured worker protections
The budget also includes “better” protections for injured workers, Cuomo contended.
It expands the safety net for seriously injured workers, so more are eligible to apply for reconsideration for lifetime benefits when their benefit caps are set to expire.
It also stipulates that injured workers who are out of work and not receiving benefits will get a hearing within 45 days.
In addition, the budget provides relief for first responders exposed to “extraordinary” stress in emergency situations.
Contact Reinhardt at ereinhardt@cnybj.com
