New York property and casualty insurance industry officials are questioning a statement from Gov. Andrew W. Cuomo that workers compensation premiums for state employers will decline by 26 percent next year.
The governor's statement said a series of measures aimed at reducing workers' compensation costs enacted through the governor's budget earlier this year will save businesses and local governments $300 million in annual expenses. He said the Business Relief Act cuts the assessment to employers from 18.8 percent to 13.8 percent, the largest reduction since 1998, and provides a one-time workers' compensation assessment savings to all self-insured employers of approximately $500 million.
However, an industry official who is experienced in workers' compensation issues said the governor is using fuzzy math to draw his conclusions–math "that is not being taught to even third grade students."
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