Bill > A09369

This bill amends the insurance law to allow insurance companies to implement a schedule rating plan that reflects the unique risk characteristics of an employer, subject to approval by the department. Under this new provision, insurers can offer rating modifications up to 25 percent (plus or minus) that are separate from other existing rating mechanisms like credits, debits, experience rating, and merit rating. Importantly, these schedule rating modifications would not be included in general rate changes. The bill provides insurers more flexibility in pricing workers' compensation insurance by enabling them to adjust rates based on specific employer characteristics, while maintaining regulatory oversight through department approval and setting clear limits on the extent of potential rate adjustments. The act is set to take effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A9369