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New York Changing Method of Determining Workers' Comp Rates

Posted on Feb 08, 2008

Gov. Spitzer has signed a new law that establishes a loss-cost system to determine New York's workers' compensation rates. Under the old system, workers' compensation payouts came from recommendate rate manuals issued by the New York Compensation Rating Board.

The new system will be better organized to more accurately meet the amount lost by each individual who is hurt on the job. It is also believed that the new system will spur competition between insurance companies, driving down costs for employers.