New York State agents and insurers praised the passage late last month of a key workers compensation reform that will extend the rate-making authority of the New York Compensation Insurance Rating Board, and move the system to a loss cost method of calculating rates.

The new method will better reflect industry-wide experience and directly related expenses and create a more competitive environment for workers compensation, said the Independent Insurance Agents and Brokers of New York.

IIABNY Chair Stephen R. Zogby said the new posting of the insurers’ individual loss cost multipliers should be “a valuable tool for agents and brokers, as well as their clients.”

This entry was posted on Thursday, September 10th, 2009 at 2:00 pm and is filed under Life Insurance Reports. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.