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Assembly Bill A7276

2021-2022 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2021-A7276 (ACTIVE) - Details

Current Committee:
Assembly Labor
Law Section:
Insurance Law
Laws Affected:
Amd §2304, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11036
2019-2020: A4511

2021-A7276 (ACTIVE) - Summary

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

2021-A7276 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7276
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 30, 2021
                                ___________
 
 Introduced by M. of A. BARNWELL -- read once and referred to the Commit-
   tee 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.
                                                            LBD11096-01-1

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