{"id":631,"date":"2013-01-15T18:21:34","date_gmt":"2013-01-15T23:21:34","guid":{"rendered":"http:\/\/www.apexservices.com\/blog\/?p=631"},"modified":"2013-06-06T18:42:06","modified_gmt":"2013-06-06T22:42:06","slug":"workers-comp-reform-plan-in-new-york-praised-by-namic","status":"publish","type":"post","link":"https:\/\/www.apexservices.com\/blog\/2013\/01\/15\/workers-comp-reform-plan-in-new-york-praised-by-namic\/","title":{"rendered":"Workers Comp Reform Plan in New York Praised by NAMIC"},"content":{"rendered":"<div class=\"article-content clearfix\">\n<div class=\"current page\">\n<p>PropertyCasualty360<\/p>\n<p>January 11, 2013<\/p>\n<p>The National Association of Mutual Insurance Companies praised New York Governor Andrew Cuomo for his call to reform the state&rsquo;s workers&rsquo; compensation insurance system, with the goal of bringing savings to businesses and competition to the marketplace.<\/p>\n<p>In a statement, NAMIC State Affairs Manager John Murphy says, &ldquo;NAMIC applauds Gov. Andrew Cuomo&rsquo;s on-going commitment to improving New York&rsquo;s workers&rsquo; compensation system. NAMIC supports many of the workers&rsquo; compensation reforms outlined in the governor&rsquo;s State of the State address. We look forward to reviewing the proposed legislation and working with the governor and legislature to enhance and strengthen the system.&rdquo;<\/p>\n<p>The remarks came after Cuomo delivered his 2013 address, in which he laid out an ambitious agenda touching on gun control, economic development, clean technology and education.<\/p>\n<p>In comments about workers&rsquo; compensation and unemployment insurance, Cuomo said his aim is to lower costs for doing business in the state and save businesses $1.3 billion. He also said he plans to increase unemployment benefits to workers for the first time since 1999.<\/p>\n<p>&ldquo;We must continue to reduce the cost of doing business in the new New York,&rdquo; Cuomo said in his State of the State address. &ldquo;We must reduce the crushing burden of unemployment insurance and workers&rsquo; comp. You hear this from almost every businessman in New York.&rdquo;<\/p>\n<p>The governor&rsquo;s plan, as outlined in a 300-plus page book detailing his agenda for 2013, calls for legislation to:<\/p>\n<ul>\n<li>Provide savings to New York State&rsquo;s employers.<\/li>\n<li>Eliminate unnecessary friction in the system.<\/li>\n<li>Alleviate, and ultimately resolve, the burden facing employers who are members of an insolvent group self-insured trust.<\/li>\n<li>Simplify and reduce assessments on employers.<\/li>\n<li>Promote system-wide transparency, efficiency, equity and consistency.<\/li>\n<li>Create more competition in the insurance market.<\/li>\n<\/ul>\n<p>To eliminate the debt 10,000 businesses in the GSIT program face, the governor calls for a bonding program to purchase assumption of liability policies &ldquo;associated with defaulted GSITs.&rdquo;<\/p>\n<p>Workers&rsquo; comp assessments would also become &ldquo;more equitable and transparent&rdquo; under the governor&rsquo;s plan. The practice of assessments being billed separately would be replaced by one assessment to allow for the calculation of worker&rsquo;s comp. The calculation would be based on &ldquo;overall anticipated yearly expenses of the system&rdquo; and would be assessed on all employers &ldquo;based on an equitable and transparent formula.&rdquo;<\/p>\n<p>This would make assessments efficient for the state and lessen carriers&rsquo; administrative burden &ldquo;of assessment collection and payment.&rdquo;<\/p>\n<p>Cuomo&rsquo;s proposals would close unnecessary funds, such as the fund for reopened cases, which would generate &ldquo;immediate annual assessment savings&rdquo; of $300 million to the state&rsquo;s employers.<\/p>\n<p>The governor emphasizes that the legislation to reform the workers&rsquo; comp program would &ldquo;provide greater transparency, equity and security to all stakeholders without infringing upon the right of injured workers.&rdquo;<\/p>\n<p><span style=\"color:#0000ff;\">This is great news for New York employers. Hopefully these savings will last in the long term. However, workers comp insurance tends to be cyclical. Short-term solutions will end up translating into long-term savings only if Governor Cuomo is successful in sustaining reduced costs. However, if the state finds itself unable to carry the $1 billion in costs, then the way I see it, in a few years rates will be going up dramatically with no real long-term savings to show for these reforms.&nbsp; <\/span><\/p>\n<p><span style=\"color:#0000ff;\">Either way, reducing your company&#39;s current and past experience mods, as well as reducing all the other policy factors, will give you a great advantage in terms of your workers compensation insurance. With <a href=\"http:\/\/www.apexservices.com\">workers compensation premium recovery<\/a>, you can obtain refunds on past policies and reduce your current monthly installments, with future savings for you to keep.<\/span><\/p>\n<p>&nbsp;<\/p>\n<\/p><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PropertyCasualty360 January 11, 2013 The National Association of Mutual Insurance Companies praised New York Governor Andrew Cuomo for his call to reform the state&rsquo;s workers&rsquo; compensation insurance system, with the goal of bringing savings to businesses and competition to the marketplace. In a statement, NAMIC State Affairs Manager John Murphy says, &ldquo;NAMIC applauds Gov. Andrew [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-631","post","type-post","status-publish","format-standard","hentry","category-workers-comp"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/posts\/631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/comments?post=631"}],"version-history":[{"count":4,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/posts\/631\/revisions"}],"predecessor-version":[{"id":675,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/posts\/631\/revisions\/675"}],"wp:attachment":[{"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/media?parent=631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/categories?post=631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apexservices.com\/blog\/wp-json\/wp\/v2\/tags?post=631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}