A report that will be key in deciding the future role of the private service that develops rate recommendations for New York's workers' compensation system will arrive tomorrow or Tuesday, a regulator's spokesman said.
Forthcoming is an analysis of the New York Compensation Insurance Rating Board (NYCIRB) that New York State Insurance Department Superintendent Eric R. Dinallo will deliver to Gov. Eliot Spitzer, Assembly Speaker Sheldon Silver, D-New York, and Senate Majority Leader Joseph Bruno, R-Rensselaer.
The report was ordered earlier this year when the legislature passed landmark comp legislation. That measure set next February as a sunset date for NYCIRB's statutory authority.
NYCIRB is a private rate service organization authorized by statute to compile and evaluate statistical data from all workers' compensation insurers in the state, and then propose rate changes based on its analysis. However, the legislation passed in March will end NYCIRB's authority to exchange statistical data and file rates or rating plans as of Feb. 1, 2008.
According to the legislation, the report to be issued by the superintendent will provide an analysis on how NYCIRB performs its tasks, and will also offer direction on how best to fill NYCIRB's role after the February sunset of its statutory authority.
Specifically, the legislation states that the superintendent's report will address "the manner in which the compensation insurance rating board has performed those tasks delegated to it by statute or regulation; whether any of those tasks would more appropriately be performed by any other entity, including any government agency; and the rate-making process for workers' compensation insurance."
The legislation calls for the report to be delivered on or before this Saturday; however, Insurance Department spokesman Andy Mais said that because of the Labor Day holiday weekend, it is possible the report will be delivered on Tuesday.
Monte Almer, president of NYCIRB, said that he has been in communication with the department over the past few months regarding how NYCIRB operates, as well as plans for the future. "We believe [the department's] report will contain all of the key points and all of the solutions we need to go forward," Mr. Almer said.
Mr. Almer also noted that although NYCIRB's authority to collect data and file rates will sunset on Feb. 1, NYCIRB will still exist and provide other services after that date. He added that the future role of NYCIRB will be clearer next week after the department's report is issued.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.