Earlier this week, the New York Compensation Insurance Rating Board proposed an 11.7 percent decrease in the overall workers’ compensation rate paid by employers statewide. This sizable rate drop would reduce workers’ comp premiums by an estimated $1 billion if approved by the Department of Financial Services later this year.
The Board’s report specifically cites the role of the workers’ comp reforms spearheaded by the Senate Republican Majority in 2017 as a key factor in allowing the savings to be achieved and passed on to employers. The proposed rate decrease would more than double the approximately $400 million in premium savings already realized after the first year of implementation, and is a substantial step towards making it more affordable to do business here in New York.
Thanks to Senators Fred Akshar, George Amedore, Chris Jacobs, John DeFrancisco, and others in our conference, the Senate Majority made workers’ comp reform a priority because we know how important it is to help businesses reduce out-of-control mandated costs, while also continuing to protect injured workers. We successfully enacted legislation to maintain that balance and now we need DFS to approve the new rate so that our state’s employers will be able to use that $1 billion to invest, grow, and create even more jobs for hardworking New Yorkers.