Bill Text: NY A07276 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the definition of loss costs for purposes of workers' compensation insurance; removes loss adjustment expenses from calculation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to labor [A07276 Detail]

Download: New_York-2021-A07276-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7276

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     April 30, 2021
                                       ___________

        Introduced by M. of A. BARNWELL -- read once and referred to the Commit-
          tee on Labor

        AN ACT to amend the insurance law, in relation to the definition of loss
          cost for purposes of workers' compensation insurance

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subsection (g) of section 2304 of  the  insurance  law,  as
     2  added by chapter 11 of the laws of 2008, is amended to read as follows:
     3    (g)  "Loss  costs," for the purpose of workers' compensation insurance
     4  in this article, means that portion of a rate intended to represent  the
     5  anticipated  costs of claim payments [and loss adjustment expenses asso-
     6  ciated with such claim payments], and may  include  one  or  more  trend
     7  factors.  Loss costs do not include provisions for expenses [(other than
     8  loss adjustment expenses)] such as loss adjustment expenses, acquisition
     9  costs, overhead and taxes, or profit. For all other purposes, the super-
    10  intendent, except as otherwise provided in this chapter, may  promulgate
    11  regulations defining loss costs.
    12    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11096-01-1