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N.Y.: PIA-priority bill to update NYSIF introduced in state Assembly, association advocates for the change

N.Y.: PIA-priority bill to update NYSIF introduced in state Assembly, association advocates for the change

by Bradford J. Lachut, Esq. | Apr 18, 2023 | Advocacy, Featured

For years, PIANY has campaigned for changes in the way the New York State Insurance Fund conducts business. Currently, NYSIF is the largest writer of workers’ compensation insurance policies in the state by a comfortable margin. In fact, it is one of the top 10...

Vt.: NCCI 2023 WC loss cost decrease of 6.7% approved

Vt.: NCCI 2023 WC loss cost decrease of 6.7% approved

by Dan Corbin, CPCU, CIC, LUTC | Jan 31, 2023 | Featured, Technical

The Vermont Department of Financial Regulation approved the revised workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 6.7% decrease. In addition, a decrease of 6.9% of the overall assigned...

N.Y.: Governor vetoes changes to workers’ compensation

N.Y.: Governor vetoes changes to workers’ compensation

by Clare Irvine, Esq. | Jan 3, 2023 | Advocacy, General News

Gov. Kathy Hochul vetoed a potentially disruptive change to New York’s workers’ compensation laws. The bill would have changed the definition of temporary total disability in a way that would have increased workers’ compensation premium costs for businesses across the...

N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs

N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs

by Bradford J. Lachut, Esq. | Jan 3, 2023 | Featured, General News

The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...

N.Y.: Understanding a legislative proposal to disrupt workers’ compensation

N.Y.: Understanding a legislative proposal to disrupt workers’ compensation

by Clare Irvine, Esq. | Dec 20, 2022 | Advocacy, Featured

A bill passed late in the 2022 New York legislative session (S.768/A.1118) proposes a change to the definition of temporary total disability as used in workers’ compensation policies in New York state. This technical change would alter the consideration of temporary...

N.J.:  2023 WC overall rate level decreases 6.1%

N.J.: 2023 WC overall rate level decreases 6.1%

by Dan Corbin, CPCU, CIC, LUTC | Nov 16, 2022 | Technical

The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.1% to become effective Jan. 1, 2023, applicable to new and renewal policies. The NJCRIB distributed Circular Letter No....

NCCI 2023 WC loss cost decrease of 3% approved in Connecticut

NCCI 2023 WC loss cost decrease of 3% approved in Connecticut

by Dan Corbin, CPCU, CIC, LUTC | Oct 27, 2022 | Technical

The Connecticut Insurance Department approved the proposed workers’ compensation loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 3% decrease. Also approved is an overall assigned risk rate change of 0%. These loss...

N.Y.: Understanding a legislative proposal to disrupt workers’ compensation

NHID approves NCCI 2023 WC loss cost decrease of 7%

by Dan Corbin, CPCU, CIC, LUTC | Sep 28, 2022 | Featured, Technical

The New Hampshire Insurance Department approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 7% decrease. In addition, a decrease of 7% of the overall assigned risk rates...

N.Y.: Revised WC loss costs take effect 10/1/22

N.Y.: Revised WC loss costs take effect 10/1/22

by Dan Corbin, CPCU, CIC, LUTC | Sep 26, 2022 | Featured, Technical

In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...

N.Y.: WC insurance available to businesses with outstanding balance through NYSIF

N.Y.: WC insurance available to businesses with outstanding balance through NYSIF

by Bradford J. Lachut, Esq. | Jul 14, 2022 | Advocacy, Featured

At the end of June, Gov. Kathy Hochul signed legislation into law that directly impacts businesses with outstanding unpaid balances with the New York State Insurance Fund. What does the new law do? Under the new law (S.9096/A.10078), which goes into effect...

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