The New York Compensation Insurance Rating Board (NYCIRB) announced two changes that will positively impact employers:
Read the full letter here.
Similar changes are being adopted in other states as well. The National Council on Compensation Insurance (NCCI) recently published Manual Rule Changes related to workers’ compensation premium calculations. Click here to our news brief on these NCCI Changes.
Action for Employers:
Employers should track the payroll that is assignable to these reclassified employees to help with audits and billing. GKG has a tracking tool available for all clients; contact your GKG team if interested.
Depending on your preference, most carriers will make the change mid-term and/or pick it up at audit.