News
July 20, 2016Workers’ Comp Increase – Time for Reform!
The NYS Department of Financial Services recently approved the Compensation Insurance Rating Board’s filing for an average 9.3% increase in workers’ compensation loss costs for new and renewal business.
This increase will become effective on October 1, 2016. The Chamber is extremely disappointed that the state has imposed yet another in a series of costly employer mandates this year. While we understand that this increase is needed in order to ensure the stability of the insurance market, the approval of this increase exposes the actual cost of the workers’ compensation system and the real need for reform.
During this legislative past session the Capital Region Chamber submitted several recommendations for reform to the Governor and the Legislature. Unfortunately, the session ended without action on these needed reforms. It is our hope that due to this recent increase that decision-makers in Albany will finally realize the true cost of this broken system, the tremendous burden that it places on our employers and the urgent need to enact meaningful reform.
The time for reform is long overdue. Because of you, our voice will be heard.
