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NY A07505
Bill
Status
5/12/2021
Primary Sponsor
Latoya Joyner
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AI Summary
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Transitions workers' compensation mortality tables from Dutch Royal Insurance Institution tables to United States life tables published by the Department of Health and Human Services and US Railroad Retirement Board, effective January 1, 2022 and every 10 years thereafter.
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Requires loss reserves for the state insurance fund to be computed based on the specific mortality tables applicable to each claim's accident date rather than using a uniform five percent interest rate.
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Applies reserve calculation requirements to the state insurance fund under Insurance Law sections 4117(d) and (e), bringing the fund under the same standards as private insurers.
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Permits the superintendent of financial services to prescribe alternative reserve bases for the state insurance fund when calculated reserves are deemed inadequate or excessive.
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Takes effect January 1, 2022.
Legislative Description
Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund; provides that all computations made or directed by the workers' compensation board shall be on the basis of the survivorship annuitants table of mortality, the remarriage tables of the Dutch Royal Insurance Institution applicable to claims for accidents occurring on or before December 31, 2021, and beginning January 1, 2022 and on January 1 of each tenth year thereafter, the United States life table for the total population published by the department of health and human services and the remarriage table published by the department of health and human services and the remarriage table published by the United States railroad retirement board applicable to claims for accidents occurring on or after January first of the year following the adoption of any revision of such tables; makes related provisions.
Last Action
referred to labor
1/5/2022