NU Online News Service, May 17, 4:13 p.m. EDT–The New York Compensation Insurance Rating Board (NYCIRB) will propose a rate increase of 16.1 percent for workers' compensation insurance, the attorney for the nonprofit insurers group said.
NYCIRB, which does data collection and rate development for the state, withdrew a previous proposal for a 9.5 increase because new data came in, explained Marty Minkowitz, the group's counsel.
The 9.5 number was withdrawn "to avoid the confusion of having two rate requests outstanding," said Mr. Minkowitz, adding that if the state insurance department had granted an increase for that amount "there wouldn't have been a need for a 16.1 percent increase."
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