N.Y. Insurance Law Section 2347
Workers’ compensation rate changes


(a)

Any rate change affecting the general rate level for the kind of insurance authorized by paragraph fifteen of subsection (a) of § 1113 (Kinds of insurance authorized)section one thousand one hundred thirteen of this chapter and pursuant to the provisions of § 2302 (Applicability)section two thousand three hundred two of this article shall be approved by the department no later than the fifteenth day of July for the year in which the rate change is to take effect, provided that (1) the filing is submitted on or after the fifteenth day of April and before the fifteenth day of July of that same year, and

(2)

any such rate change shall not take effect until on or after October first of that same year.

(b)

In all cases other than those described in subsection (a) of this section, rate filings shall be approved by the department not less than seventy-five days before the effective date of such rates filed.

(c)

Every insurer shall notify any insured affected by a rate change subject to this section affecting the general rate level made by it of that change at least thirty days prior to the date of any billing for such rate change made by the insurer. Such notice shall include an estimate of the increase as well as an explanation of the nature of the increase, and cost factors associated with said increase.

(d)

Premiums based upon a rate change subject to this section affecting the general rate level shall be payable by an insured on an installment basis of not less than two payments per policy period, should the insured so choose, for any policy with a premium in excess of one thousand dollars.

(e)

The department shall make available to the public a list of rate changes subject to this section affecting the general rate level by industry classification within fifteen days from the date the department approves any rate changes.

Source: Section 2347 — Workers' compensation rate changes, https://www.­nysenate.­gov/legislation/laws/ISC/2347 (updated Sep. 22, 2014; accessed Mar. 23, 2024).

2301
Purpose
2302
Applicability
2303
Standards for rates
2304
Rate making and supporting information
2305
Rates or rating plans
2306
Delegation of rate filing obligation
2307
Rating classifications or territories
2308
Imposition of prior approval
2309
Excess rate
2310
Informational filings
2311
Suspension of filing requirement
2312
Immigration bond premium
2313
Rate service organization
2314
Charging of rates
2315
Recording and reporting of experience
2316
Prohibition of anti-competitive behavior
2317
Joint underwriting or joint reinsurance
2318
Risk sharing plans
2319
Information to be furnished insureds
2320
Enforcement and penalties
2321
Enforcement and penalties
2322
Final determination
2323
Profitability and rates of return
2324
Rebating and discrimination
2325
Accounts and statistics
2326
Evaluation of competitive rating provisions
2327
Verification of driving history
2328
Certain motor vehicle insurance rates
2329
Motor vehicle insurance rates
2330
No fault motor vehicle insurance rates
2331
Motor vehicle comprehensive insurance rates
2332
Non-commercial private passenger automobile insurance rates
2333
Non-commercial private passenger automobile insurance rates
2334
Non-commercial private passenger automobile insurance rates
2335
Motor vehicle liability insurance rates
2335–A
Prohibition of rate increases for persons involved in emergency use of vehicles
2336
Motor vehicle liability, comprehensive and collision insurance rates
2336–A
Snowmobile liability insurance rates
2336–B
Boat liability insurance rates
2337
Private passenger automobile physical damage insurance
2338
Appeal from rate service organization action
2339
Charging or receiving of rates
2340
Credit property insurance
2342
Expiration of certain provisions
2343
Medical malpractice insurance rates
2344
Flexible rate limitations in problem markets
2345
Disclosure of premium reductions and surcharges
2346
Reduction in rates of fire insurance, homeowners insurance or property/casualty premiums for residential property
2346–A
Reduction in rates of certain commercial risk insurance premiums for real property
2347
Workers’ compensation rate changes
2348
Anti-theft and fraud savings
2349
Multi-tier program
2350
Flexible rating for nonbusiness automobile insurance policies
2351
Homeowners’ insurance policies
2352
Multiple rating programs
2353
For-hire motor vehicle safety program

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 2347’s source at nysenate​.gov

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