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Assembly Bill A11036

2017-2018 Legislative Session

Relates to the definition of loss cost for purposes of workers' compensation insurance

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Archive: Last Bill Status - On Floor Calendar

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2017-A11036 (ACTIVE) - Details

See Senate Version of this Bill:
S8433
Law Section:
Insurance Law
Laws Affected:
Amd §2304, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: A4511
2021-2022: A7276

2017-A11036 (ACTIVE) - Summary

Relates to the definition of loss costs for purposes of workers' compensation insurance; removes loss adjustment expenses from calculation.

2017-A11036 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11036
 
                           I N  A S S E M B L Y
 
                               May 31, 2018
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Titus) --
   read once and referred to the Committee on Labor
 
 AN ACT to amend the insurance law, in relation to the definition of loss
   cost for purposes of workers' compensation insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subsection  (g)  of section 2304 of the insurance law, as
 added by chapter 11 of the laws of 2008, is amended to read as follows:
   (g) "Loss costs," for the purpose of workers'  compensation  insurance
 in  this article, means that portion of a rate intended to represent the
 anticipated costs of claim payments [and loss adjustment expenses  asso-
 ciated  with  such  claim  payments],  and may include one or more trend
 factors. Loss costs do not include provisions for expenses [(other  than
 loss adjustment expenses)] such as LOSS ADJUSTMENT EXPENSES, acquisition
 costs, overhead and taxes, or profit. For all other purposes, the super-
 intendent,  except as otherwise provided in this chapter, may promulgate
 regulations defining loss costs.
   § 2. This act shall take effect immediately.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14819-01-8

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