Bill > S03947

This bill modifies how the Workers' Compensation Board and state insurance fund calculate deposits and reserves by updating mortality and remarriage tables used in computations. Specifically, the bill changes the methodology for calculating financial estimates related to workers' compensation claims by introducing new mortality tables: for claims occurring before December 31, 2025, the board will use the Dutch Royal Insurance Institution's remarriage tables, and beginning January 1, 2026, they will transition to using the United States life table for total population and remarriage tables published by the United States Railroad Retirement Board. The bill also updates provisions regarding surplus calculations, reserve maintenance, and gives the superintendent of financial services more flexibility in prescribing reserve calculation methods for insurance companies and the state insurance fund. These changes aim to ensure more accurate and up-to-date financial calculations for workers' compensation claims by using modern mortality and remarriage data. The bill will take effect on January 1, 2026, allowing time for insurance entities to prepare for the new computational methods.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S3947