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New York employers workers' compensation premiums will be $400m lower

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Staff Writer | May 15, 2017
The New York Compensation Insurance Rating Board, a non-governmental rate service organization has submitted an overall workers’ compensation rate decrease of approximately 4.5 percent.
New York employers
Empire State   Compensation Insurance Rating Board
That will save New York employers about $400 million this year in workers’ compensation premiums.

In its rate filing, CIRB attributed the reduction in premium rates to certain cost savings measures passed as part of the 2018 budget and general system savings spearheaded by the New York State Workers’ Compensation Board.

The rate submission must still be reviewed and approved by the Department of Financial Services and, if approved, would become effective October 1, 2017.