New York State Insurance Superintendent Eric Dinallo ordered a 20.5% rate decrease for the fiscal year beginning July 15, according to a department statement, based on an analysis of the reforms and market trends. This decrease was more than what NY Gov. Eliot Spitzer’s projected when the reforms were first announced in March. He estimated that workers comp rates would decline by 10% to 15%.
The 2007 Workers' Compensation Reform Act includes a number of changes to the state’s workers comp system that are welcomed by employers, including setting a limit on the number of years that permanent partial disability claimants could receive benefits and eliminating the state's Second Injury Fund, which was financed through assessments insurers passed on to employers.