Bill Text: NY S08433 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to the definition of loss costs for purposes of workers' compensation insurance; removes loss adjustment expenses from calculation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-05-07 - REFERRED TO INSURANCE [S08433 Detail]
Download: New_York-2017-S08433-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8433 IN SENATE May 7, 2018 ___________ Introduced by Sen. FUNKE -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance 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-6ciated with such claim payments], and may include one or more trend 7 factors. Loss costs do not include provisions for expenses [(other than8loss 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. LBD14819-01-8