New York State Insurance Superintendent Eric Dinallo has ordered a 20.5 percent decrease in workers' compensation insurance rates for the fiscal year beginning Saturday.

His action was prompted by reforms in workers' comp law earlier this year, and is estimated to save New York businesses about $1 billion in the 2007-2008 fiscal year, according to the New York State Insurance Department.

The rate change announcement was made today by Gov. Eliot Spitzer, Lt. Gov. David Paterson, Assembly Speaker Sheldon Silver, Senate Majority Leader Joe Bruno, Assembly Minority Leader James Tedisco and Senate Minority Leader Malcolm Smith.

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