New York Governor Eliot Spitzer has signed into law a measure revising the method used to set workers' compensation rates in the state.

Sponsored by Senator George D. Maziarz, R-Newfane and Assemblywoman Susan V. John, D-Rochester, the legislation was approved on Tuesday and signed into law today. It followed recommendations in a report submitted to the Legislature in September 2007 by State Insurance Superintendent Eric Dinallo.

David Dickson, past president of the Professional Insurance Agents of New York, explained that under the current rate-setting framework, called "administered pricing," the published workers' compensation rate "is a composite of an analysis of the premiums and losses – the exposures for each occupation – plus a composite of all of the expense, acquisition, and loss-adjustment factors that are provided by each of the carriers."

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