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NY A01996
Bill
Status
1/23/2023
Primary Sponsor
Latoya Joyner
Click for details
AI Summary
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Beginning January 1, 2024, and every 10 years thereafter, workers' compensation calculations shall use United States life tables from the Department of Health and Human Services and the United States Railroad Retirement Board remarriage table instead of the Dutch Royal Insurance Institution tables currently used.
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Dutch Royal Insurance Institution tables remain applicable for claims based on accidents occurring on or before December 31, 2023.
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Loss reserves for the state insurance fund shall be computed using the same mortality tables specified for the deposit calculation and at an interest rate determined by the superintendent of financial services.
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Removes outdated language regarding reserve calculation methodology and references current insurance law standards in sections 4117(d)-(e) for determining adequate reserves.
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Takes effect January 1, 2024.
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, 2023, and beginning January 1, 2024 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
enacting clause stricken
1/10/2024