Retailers bash bid for 10% workers’ comp rate hike
Sep 22, 2016 -- Posted by :State Fund overcharges demand full actuarial study
ALBANY, NY – As New York’s Department of Financial Services reviews input from its June 27 hearing on a recommended 9.8 percent rate increase for workers’ compensation insurance, the Retail Council of New York State wants instead an industry-wide actuarial study before the DFS considers any further rate increases.
The Retail Council said no review would be complete without a careful examination of the New York State Insurance Fund (SIF), a major provider of workers’ compensation insurance in the state.
“New York employers continue to endure a chronic and significant workers’ comp crisis,” said Retail Council President and CEO Ted Potrikus. “Rates in the private market continue to go up while coverage opportunities continue to decline. The State Insurance Fund keeps shifting rates, dividends, reserve balance requirements, and other rate components without regard for the employers they affect and without statistical justification.”
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