N.Y. Insurance Law § 2347: Workers' compensation rate changes

§ 2347. Workers' compensation rate changes. (a) Any rate change

affecting the general rate level for the kind of insurance authorized by

paragraph fifteen of subsection (a) of section one thousand one hundred

thirteen of this chapter and pursuant to the provisions of section two

thousand three hundred two of this article shall be approved by the

department no later than the fifteenth day of July for the year in which

the rate change is to take effect, provided that (1) the filing is

submitted on or after the fifteenth day of April and before the

fifteenth day of July of that same year, and (2) any such rate change

shall not take effect until on or after October first of that same year.

(b) In all cases other than those described in subsection (a) of this

section, rate filings shall be approved by the department not less than

seventy-five days before the effective date of such rates filed.

(c) Every insurer shall notify any insured affected by a rate change

subject to this section affecting the general rate level made by it of

that change at least thirty days prior to the date of any billing for

such rate change made by the insurer. Such notice shall include an

estimate of the increase as well as an explanation of the nature of the

increase, and cost factors associated with said increase.

(d) Premiums based upon a rate change subject to this section

affecting the general rate level shall be payable by an insured on an

installment basis of not less than two payments per policy period,

should the insured so choose, for any policy with a premium in excess of

one thousand dollars.

(e) The department shall make available to the public a list of rate

changes subject to this section affecting the general rate level by

industry classification within fifteen days from the date the department

approves any rate changes.