Workers Compensation Rating Board Asks for 16% Rate Increase
Are they nuts? No, just greedy! The Rating Board, which is controlled by workers compensation insurance company CEO’s, waited until new Insurance Superintendent Howard Mills was confirmed before submitting their most recent money grab. Former Insurance Superintendent Gregory Serio correctly shot down their last outrageous request for a 29.5% increase, noting that industry profits were over 8% in 2004. Obviously, the insurance companies think they have a better shot with Mills.
The New York State Business Council should start protecting its employer members by fighting the real cause of increasing workers’ compensation costs in New York State – the AIG’s of the world! What employers really need is a Special Investigation Unit to uncover insurance company fraud!
Thanks to Matt Lerner for posting this important info on his excellent New York Civil Law blog. If you are interested in New York Labor Law 240 and workers compensation law, its a must read.