Bill > A04969

This bill updates the methods for calculating deposits and reserves in the workers' compensation and state insurance funds, primarily focusing on mortality and remarriage tables used in computations. Specifically, the bill requires the Workers' Compensation Board to use the survivorship annuitants table of mortality and remarriage tables from the Dutch Royal Insurance Institution for claims occurring on or before December 31, 2025. Starting January 1, 2026, and every ten years thereafter, the board will transition to using the United States life table for the total population (published by the Department of Health and Human Services) and remarriage tables from the United States Railroad Retirement Board. The bill also modifies how loss reserves are computed, gives the superintendent of financial services more flexibility in prescribing reserve calculation methods, and updates references to various sections of insurance law. These changes aim to ensure more accurate and up-to-date calculations for workers' compensation claims and insurance fund reserves, reflecting evolving demographic and statistical data. The bill will take effect on January 1, 2026, providing time for insurance entities to prepare for the new computational methods.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A4969