New York debates workers’ comp rates

By Richard Banks

NEW York’s Department of Insurance has held a public meeting to discuss a request that workers’ compensation rates in the state be increased 29.3% in time for October renewals. According to the New York Compensation Insurance Rating Board, which filed the original request in May, the increase is necessary in the face of rocketing prescription drug costs and the difficulty injured claimants are having getting back to work in the poor economy.