New York Governor Eliot Spitzer has signed into law a measure revising the method used to set workers' compensation rates in the state.
Sponsored by Senator George D. Maziarz, R-Newfane and Assemblywoman Susan V. John, D-Rochester, the legislation was approved on Tuesday and signed into law today. It followed recommendations in a report submitted to the Legislature in September 2007 by State Insurance Superintendent Eric Dinallo.
David Dickson, past president of the Professional Insurance Agents of New York, explained that under the current rate-setting framework, called "administered pricing," the published workers' compensation rate "is a composite of an analysis of the premiums and losses – the exposures for each occupation – plus a composite of all of the expense, acquisition, and loss-adjustment factors that are provided by each of the carriers."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
