Makes provisions relating to the New York compensation insurance rating board's authorization to make filings with the department of financial services permanent
Summary
A10153 amends the Insurance Law to make permanent the authority of the New York Compensation Insurance Rating Board and other workers’ compensation rate service organizations to make certain filings with the Department of Financial Services. The bill removes the existing sunset on the board’s ability to file loss costs and related statistical information, including rating plans, and requires workers’ compensation rate service organizations to continue making annual loss cost filings by June 1, or earlier if the superintendent sets a different date.
The bill also preserves the superintendent’s authority to require prior approval of workers’ compensation rate filings by regulation and to hold a public hearing when a loss cost filing would increase by 5 percent or more over the prior year’s approved loss costs. In effect, it updates and extends the 2008 workers’ compensation rate-service framework by eliminating the expiration date that would otherwise end these filing provisions.
Impact
The bill would amend sections of the Insurance Law governing workers’ compensation insurance rate service organizations and the New York Compensation Insurance Rating Board, making their filing authority permanent rather than temporary. It also amends a 2008 chapter law to remove the scheduled expiration of related provisions, thereby continuing the regulatory structure for workers’ compensation loss cost filings, statistical filings, and public review procedures indefinitely unless changed by future legislation.
Sentiment
Based on the bill text and available context, the measure appears procedural and administrative rather than controversial, with no recorded committee debate or votes provided. The caption suggests a maintenance or continuation of existing regulatory authority, indicating a likely neutral to supportive posture focused on preserving the current workers’ compensation rate-setting framework.
Contention
The main point of potential contention is the policy choice to make permanent a filing authority that had previously been time-limited. Supporters would likely favor regulatory continuity and predictability for workers’ compensation insurance, while any critics might question whether permanent authority reduces legislative oversight or should instead remain subject to periodic reauthorization. No specific opposing viewpoints are documented in the available transcripts or vote history.
Same As
Makes provisions relating to the New York compensation insurance rating board's authorization to make filings with the department of financial services permanent.
Makes provisions relating to the New York compensation insurance rating board's authorization to make filings with the department of financial services permanent.
Clarifies that the New York state health insurance program remains subject to certain provisions of the financial services law and coverage for usual and customary costs for out-of-network health care service.