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-
     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.
                                                                   LBD14819-01-8
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