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As a result of the Workers’ Compensation reforms enacted in the Spring of 2007, rates have dropped significantly for both current and renewing policies.
There is a 16 percent rate reduction, due to the reform, for policies expiring between October 1, 2007 and September 30, 2008.
Accordingly, an 16 percent credit was billed this month by the New York State Insurance Fund for the premium in effect between October 1, 2007 and September 30, 2008.
As a reminder, when members’ policies renew on September 30, 2008, members will see a significant rate reduction. In addition the State Insurance Fund will reduce the New York State Assessment from 18.6% to 6.6% of premium. Standard insurance companies will charge a 15.5% NYS Assessment, so members will save an extra 9% because our safety group is insured with the New York State Insurance Fund.
Effective September 30, 2008, the administration fee will be 10% of the standard premium. The State Insurance Fund made this change in response to the significant rate reductions outlined below.
Below are examples of the rate drops effective upon your renewal on September 30, 2008.
Code Description Rate % 9071 Full Service 2.04 -41.0% 9072 Fast Food 2.04 -41.0% 9074 Bars 2.04 -41.0% 9061 Clubs 1.93 -35.7% 8809 Exec. Officers .37 -19.6% 8810 Clerical .28 -22.2% NYS Assessment 6.60 -64.5%
Among the many changes, the Reform Legislation placed a cap on payments for permanent partial disabilities to ten years. The estimated savings are significant.
However, large increases in the weekly benefit will offset some of the expected savings.
Effective July 1, 2007, the weekly benefits maximum increased from $400 to $500 per week and will steadily increase to 2/3 of the “New York State average weekly wage” (approximately $1,000) as of July 1, 2010.
Effective July 1, 2008 the weekly maximum benefit will increase to $550.
Nassau County Fraud Sweep Fingers Eight for Fraud
Eight suspects who allegedly committed more than $938,000 in workers’
compensation fraud against the New York State Insurance Fund were part of a Nassau County fraud sweep.
Charges against the suspects vary, ranging from grand larceny and insurance fraud to offering a false instrument for filing, criminal possession of a forged instrument, falsifying business records, perjury and violation of the Workers’ Compensation Law – all felonies.
NYSIF’s Division of Confidential Investigations worked with the Insurance Department Frauds Bureau, the Workers’ Compensation Board Fraud Inspector General and detectives from DA Rice’s Office in the investigations.
NYSIF CEO David P. Wehner said the estimated savings that would result from the investigations, combined with the actual fraud alleged to have been committed total almost $1.5 million.
“Workers’ compensation fraud is a serious problem that New York State is attacking with a great deal of success,” CEO Wehner said. “Local law enforcement, such as Nassau County District Attorney Kathleen Rice, understands how important this is. In these cases, crimes alleged to have been committed by claimants, businesses and contractors against New York State and against the workers’ compensation system represent close to $1.5 million in actual fraud, restitution and estimated future savings.”
Wehner added that “working together with the New York State Insurance Department, the Workers’ Compensation Board Fraud Inspector General and local law enforcement, the New York State Insurance Fund continues to make reducing fraud a top priority.”
Among those arrested, three employers face charges relating to supplying false information concerning their workers’ compensation policies.
In other cases, claimants who had returned certified documents to NYSIF stating they were unable to work, were allegedly found to be gainfully employed and unlawfully collecting workers’ compensation insurance benefits at the same time. One suspect allegedly collected over $91,000 to which he was not entitled.
United Restaurants of New York Member Discount Programs www.unitedrestaurantsny.com
Staples Business Advantage877-482-8034, ext. 227Newtek Small Business Loans866-639-1835 Newtek Credit-Card Processing866-639-1835 E-Chx, Inc. Payroll Services866-341-3506DHL Express Mail Discounts800-MEMBERS www.HR411.com888-694-7411Workers’ Compensation Savings800-394-7004, ext. 203 |
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