§ 2347 — Workers' compensation rate changes

New York § 2347

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 23: Property/casualty Insurance Rates

Text

§ 2347. Workers' compensation rate changes. (a) Any rate change\naffecting the general rate level for the kind of insurance authorized by\nparagraph fifteen of subsection (a) of section one thousand one hundred\nthirteen of this chapter and pursuant to the provisions of section two\nthousand three hundred two of this article shall be approved by the\ndepartment no later than the fifteenth day of July for the year in which\nthe rate change is to take effect, provided that (1) the filing is\nsubmitted on or after the fifteenth day of April and before the\nfifteenth day of July of that same year, and (2) any such rate change\nshall not take effect until on or after October first of that same year.\n (b) In all cases other than those described in subsection (a) of this\nsection, rate filings shall be approved by the department not less than\nseventy-five days before the effective date of such rates filed.\n (c) Every insurer shall notify any insured affected by a rate change\nsubject to this section affecting the general rate level made by it of\nthat change at least thirty days prior to the date of any billing for\nsuch rate change made by the insurer. Such notice shall include an\nestimate of the increase as well as an explanation of the nature of the\nincrease, and cost factors associated with said increase.\n (d) Premiums based upon a rate change subject to this section\naffecting the general rate level shall be payable by an insured on an\ninstallment basis of not less than two payments per policy period,\nshould the insured so choose, for any policy with a premium in excess of\none thousand dollars.\n (e) The department shall make available to the public a list of rate\nchanges subject to this section affecting the general rate level by\nindustry classification within fifteen days from the date the department\napproves any rate changes.\n