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Employers may see a reduction in workers' comp premium rates in New York State if the latest rate filing is approved. (Photo: Shutterstock)

On May 15, Gov. Andrew M. Cuomo announced that the New York Compensation Insurance Rating Board (CIRB) has submitted an overall workers’ compensation rate decrease of approximately 4.5 percent, which is expected to save New York employers about $400 million in workers’ compensation premiums in 2017.

The reduction in premium rates can be attributed to cost savings measures in the 2018 budget, the CIRB said in its rate filing, as well as to general systems savings by the state Workers’ Compensation Board.

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