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NYCRIB Posts Revised Factors

05 Aug, 2009 WorkersCompensation.com

                               
New York, NY (CompNewsNetwork) - The New York State Insurance Department has approved revised tables of Excess Loss Pure Premium Factors, State Hazard Group Differentials and Retrospective Rating Pure Premium Development Factors to be effective October 1, 2009 for new and renewal business.

These revisions also apply to policies under Three-Year Plans and Long-Term Construction Projects as of the first normal anniversary date on or after October 1, 2009.

Furthermore, with respect to the Retrospective Rating Plan, the Rating Board calculated Loss Conversion Factor is 1.184, the derivation of which can be found on Exhibit F of the recently approved loss cost filing.

In addition, revised Small Deductible Loss Elimination Ratios, which are dependent on the excess ratios underlying the excess loss pure premium factor calculation, have also been approved to be consistent with the calculation of the excess loss pure premium factors.

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