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NY A08936
Bill
Status
1/30/2024
Primary Sponsor
Harry Bronson
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AI Summary
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Updates mortality tables used by the Workers' Compensation Board for calculating benefits, switching from Dutch Royal Insurance Institution tables to U.S. life tables beginning January 1, 2025, with updates every ten 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 individual claim rather than a uniform standard.
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Amends the state insurance fund's reserve calculation methodology to reference insurance law sections 4117(d) and (e) instead of the previous five percent interest rate standard.
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Extends superintendent authority to prescribe alternative reserve calculation bases to the state insurance fund, in addition to property/casualty insurance companies, when reserves are deemed inadequate or excessive.
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Takes effect January 1, 2025.
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
referred to labor
1/30/2024