NY Rejects $500M Workers' Comp Insurance Rate Hike

Law360, New York (July 17, 2012, 3:45 PM EDT) -- Caps on the length of time injured workers collect insurance payments are producing savings, state officials ruled Tuesday, rejecting a bid by a group representing insurers for an estimated $500 million annual workers' compensation rate hike.

Citing the 2007 Workers' Compensation Reform Act, signed into law by former New York Gov. Eliot Spitzer, the Department of Financial Services refused the New York Compensation Insurance Rating Board's request for an 11.8 percent increase in the amount insurers may charge.

Opponents of the rate hike, including New York...
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