The New York Compensation Insurance Rating Board is seeking a 7.7 percent workers’ compensation rate increase that would be effective October 1 if approved.

The New York State Insurance Department said Tuesday, June 2, that it will hold a public hearing June 23 to consider the increase.

New York state law requires the insurance superintendent to “hold a public hearing if a rate service organization makes a loss cost filing for workers compensation that is an increase of 7 percent or more over the approved loss costs from the prior year,” the state insurance department said in a statement. 

Filed by Roberto Ceniceros of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers.