New York Governor Eliot Spitzer signed into law a measure revising the method used to set workers' compensation rates in the state yesterday.
The measure also extends for five years the New York Compensation Insurance Rating Board's (CIRB) statutory authority to compile data but limits its abilitiy to provide input for rate setting, which had been the insurance industry group's role in the past.
Sponsored by Sen. George D. Maziarz, R-Newfane, and Assemblywoman Susan V. John, D-Rochester, the bill won final legislative approval on Tuesday. Its form followed recommendations in a report submitted to the legislature in September 2007 by State Insurance Superintendent Eric Dinallo.
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