STATE OF NEW YORK
________________________________________________________________________
11036
IN ASSEMBLY
May 31, 2018
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Titus) --
read once and referred to the Committee on Labor
AN ACT to amend the insurance law, in relation to the definition of loss
cost for purposes of workers' compensation insurance
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (g) of section 2304 of the insurance law, as
2 added by chapter 11 of the laws of 2008, is amended to read as follows:
3 (g) "Loss costs," for the purpose of workers' compensation insurance
4 in this article, means that portion of a rate intended to represent the
5 anticipated costs of claim payments [and loss adjustment expenses asso-
6 ciated with such claim payments], and may include one or more trend
7 factors. Loss costs do not include provisions for expenses [(other than
8 loss adjustment expenses)] such as loss adjustment expenses, acquisition
9 costs, overhead and taxes, or profit. For all other purposes, the super-
10 intendent, except as otherwise provided in this chapter, may promulgate
11 regulations defining loss costs.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14819-01-8
