New York State Insurance Superintendent Eric Dinallo has ordereda 20.5 percent decrease in workers' compensation insurance ratesfor the fiscal year beginning Saturday.
His action was prompted by reforms in workers' comp law earlierthis year, and is estimated to save New York businesses about $1billion in the 2007-2008 fiscal year, according to the New YorkState Insurance Department.
The rate change announcement was made today by Gov. EliotSpitzer, Lt. Gov. David Paterson, Assembly Speaker Sheldon Silver,Senate Majority Leader Joe Bruno, Assembly Minority Leader JamesTedisco and Senate Minority Leader Malcolm Smith.
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