NY A07276

Amends the definition of "loss costs" in the insurance law for workers' compensation insurance by removing loss adjustment expenses from the initial definition.

Specifies that loss costs represent the anticipated costs of claim payments and may include trend factors, but explicitly excludes loss adjustment expenses, acquisition costs, overhead, taxes, and profit.

Clarifies that loss adjustment expenses are not included in the expenses excluded from loss costs definition, creating consistency in how these expenses are treated.

Takes effect immediately upon enactment.