New York S 9597: Makes provisions relating to the New York compensation insurance rating board's authorization to make filings with the department of financial services permanent

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S09597 Summary:

BILL NOS09597 

&nbsp

SAME ASSAME AS A10153

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Amd §2313 & 2305, Ins L; amd §16, Chap 11 of 2008

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Makes provisions relating to the New York compensation insurance rating board's authorization to make filings with the department of financial services permanent.

Go to top S09597 Actions:

BILL NOS09597 

&nbsp

03/26/2026REFERRED TO INSURANCE

Go to topS09597 Committee&nbspVotes:

Go to topS09597 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09597 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9597

 IN SENATE

 March 26, 2026
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to making provisions
 relating to the New York compensation insurance rating board's author-
 ization to make filings with the department of financial services
 permanent; and to amend chapter 11 of the laws of 2008 amending the
 workers' compensation law, the insurance law, the volunteer ambulance
 workers' benefit law and the volunteer firefighters' benefit law
 relating to rates for workers' compensation insurance and setting
 forth conditions for workers' compensation rate service organization,
 in relation to the effectiveness thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsection (s) of section 2313 of the insurance law, as
 2 amended by chapter 237 of the laws of 2012, is amended to read as
 3 follows:
 4 (s) Notwithstanding any other provision of this article, no rate
 5 service organization may file rates for workers' compensation insurance
 6 after February first, two thousand eight, but a rate service organiza-
 7 tion may file loss costs or other statistical information, including
 8 rating plans[, until June second, two thousand eighteen]. Notwithstand-
 9 ing subsection (j) of this section, any such rate service organization
 10 shall nonetheless be required to be licensed pursuant to this section.
 11 § 2. Subsection (e) of section 2305 of the insurance law, as amended
 12 by section 2 of subpart F of part NNN of chapter 59 of the laws of 2017,
 13 is amended to read as follows:
 14 (e) The superintendent: (1) by regulation may, in lieu of the waiting
 15 period set forth in subsection (b) of this section, require workers'
 16 compensation insurance rate filings to be specifically approved before
 17 they become effective; and (2) shall hold a public hearing if a rate
 18 service organization makes a loss cost filing for workers' compensation
 19 that is an increase of five percent or more over the approved loss costs
 20 from the prior year. [Until June second, two thousand twenty-eight, a] A
 21 rate service organization for workers' compensation shall make a loss

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14720-01-6

 S. 9597 2

 1 cost filing every year on or before June first, or such earlier date as
 2 is set by the superintendent.
 3 § 3. Section 16 of chapter 11 of the laws of 2008 amending the work-
 4 ers' compensation law, the insurance law, the volunteer ambulance work-
 5 ers' benefit law and the volunteer firefighters' benefit law, relating
 6 to rates for workers' compensation insurance and setting forth condi-
 7 tions for a workers' compensation rate service organization, as amended
 8 by section 1 of subpart F of part NNN of chapter 59 of the laws of 2017,
 9 is amended to read as follows:
 10 § 16. This act shall take effect February 1, 2008; provided that the
 11 amendments to paragraph 2 of subsection (a) of section 2316 of the
 12 insurance law made by section eleven of this act shall take effect on
 13 the same date that section 68 of chapter 6 of the laws of 2007 takes
 14 effect; provided further that the amendments to section 2316 of the
 15 insurance law made by section eleven of this act shall not affect the
 16 expiration of such section pursuant to section 2342 of the insurance law
 17 and shall be deemed expired therewith[; and provided further that
 18 section ten of this act