Gov. Cuomo’s proposed 2013-2014 budget and legislative agenda would call for increased benefits and reforms to the NY WC system. The NYCIRB said that it estimated the governor’s legislation will increase future workers comp loss costs 4.4% to 5.3% and that the closure of a Reopened Case Fund will result in $1.1 billion to $1.6 billion in unfunded liabilities for private insurers and the State Insurance Fund.
It is believed, however, that the increase in loss costs will be largely offset by a reduced Reopened Case Fund assessment. Combined with the anticipated long-term savings from the elimination of an Aggregate Trust Fund, this bill is expected to result in overall net savings in employers’ costs.
New York workers compensation reforms to result in savings: Analysis | Business Insurance.
