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NY S06266
Bill
Status
5/5/2021
Primary Sponsor
Jessica Ramos
Click for details
AI Summary
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Changes mortality tables used for workers' compensation calculations: Dutch Royal Insurance Institution tables apply to accidents through December 31, 2021, then switches to United States life tables from the Department of Health and Human Services effective January 1, 2022 and every tenth year thereafter.
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Requires loss reserves for the State Insurance Fund be computed using the same mortality tables specified for deposit calculations, with interest rates determined by the superintendent of financial services.
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Modifies reserve calculation standards by referencing sections 4117(d) and (e) of the Insurance Law instead of the previous five percent interest standard.
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Applies new provisions to both workers' compensation claims and the State Insurance Fund's reserve methodologies.
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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