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NY A04969
Bill
Status
2/10/2025
Primary Sponsor
Harry Bronson
Click for details
AI Summary
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Updates mortality and remarriage tables used for workers' compensation calculations, transitioning from the Dutch Royal Insurance Institution tables to U.S. Life Tables published by the Department of Health and Human Services and U.S. Railroad Retirement Board remarriage tables for claims arising after December 31, 2025
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Requires the Workers' Compensation Board to revise actuarial tables every ten years beginning January 1, 2026, to ensure calculations reflect current demographic data
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Applies updated tables to aggregate trust fund deposits based on the accident date of each underlying claim, rather than using a single uniform standard
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Aligns State Insurance Fund reserve calculations with Insurance Law Section 4117 provisions, replacing the previous fixed 5% interest rate standard
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Grants the Superintendent of Financial Services authority to prescribe alternative reserve calculation methods for both private insurers and the State Insurance Fund when standard methods produce inadequate or excessive reserves
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Takes effect January 1, 2026
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, 2025, and beginning January 1, 2026 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
1/7/2026