New York Insurance Superintendent Howard Mills said workers' compensation insurers are ignoring a $5 billion-a-year fraud problem, so he has decided to ignore their request for a rate increase.
Mr. Mills, finding that the comp carriers market is a healthy one, yesterday disapproved a filing by the New York Compensation Insurance Rating Board (NYCIRB) seeking an overall workers' compensation insurance premium rate increase of 7.5 percent.
His eight-page opinion and decision was notable for the strong language Mr. Mills used to criticize insurers "anemic" effort to prosecute fraud.
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