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The head of an insurers’ trade group said today that New York Insurance Superintendent Howard Mills’ decision to limit a rate hike for workers’ compensation insurance to 5 percent will hurt the marketplace.

Bernard Bourdeau, president of the New York Insurance Association, said he believes that a 16 percent rate hike increase originally recommended by the state’s Compensation Insurance Rating Board was needed. The board, an industry advisory panel, changed its recommendation to 5 percent following a public hearing last month.

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