“This legislation will allow for more competition and more choice in the workers' compensation system, ultimately benefiting the consumers and businesses of New York,” said Gary Henning, AIA’s Northeast Region Assistant Vice President. “Enactment of a loss cost system is a critical component of the workers’ compensation reforms that have been taking place in New York. AIA congratulates Governor Spitzer and both houses of the legislature for the enactment of this legislation.”
The legislation, which passed with unanimous support in both the Senate and Assembly, is another significant step forward in reforming the state's workers' compensation system and improving the state's overall business climate.
Last March, Governor Spitzer signed into law a comprehensive workers’ compensation reform bill. With workers' compensation premiums in New York among the highest in the nation, the new reforms are expected to save employers over $1 billion, while increasing benefits for injured workers for the first time in more than a decade. This new legislation will help realize this objective.
“We look forward to continuing to work with Governor, the legislature, the Workers' Compensation Board, the Insurance Department and all the key stakeholders on the ongoing workers' compensation reform effort in New York State,” said Henning.