Topic: New York Developments

New York Adopts Loss Cost System For Setting Workers’ Compensation Rates

Under recently-enacted legislation, New York State has switched to a loss cost system for determining workers’ compensation rates.   The New York Compensation Insurance Rating Board (“NYCIRB”) has been tasked with developing loss cost values, and each insurer will submit its own loss cost multiplier to the New York State Insurance Department (the “Department”) for approval. 

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Absent Class Member Not Entitled to Privileged Work-Product of Lead Counsel

By Order dated December 27, 2007 a New York appeals court rejected an absent class member’s bid to obtain the work product of lead counsel in the CA Inc. securities class action.  The absent class member, billionaire Sam Wyly, a major CA shareholder, alleged that the $134 million settlement of the CA securities class action obtained by lead counsel was inadequate. 

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New York Court Holds That Injuries Caused By Exposure to Popcorn Chemicals Resulted From Multiple Occurrences

A New York appellate panel recently affirmed a lower court’s decision finding that each worker’s injuries from exposure to chemicals found in popcorn flavoring resulted from separate occurrences for purposes of applying a “per occurrence” deductible under certain general liability insurance policies. 

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New York Workers’ Compensation Board Proposes Self-Insurer Guarantee Pooling

Individual self-insured employers in New York may encounter major changes to how their workers’  compensation plans are secured if recommendations proposed by New York’s Workers’ Compensation Board (the “Board”) become law.  The Board issued a report recommending that self-insuring employers be required to join a guarantee pool instead of the present system where individual self-insuring employers post a security deposit, such as a letter of credit or surety bond, equivalent to their outstanding workers’ compensation claims. 

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New York To Create New Workers’ Compensation Medical Treatment Regulations

New York Superintendent of Insurance Eric R. Dinallo has asked the State’s Workers’ Compensation Board to create new regulations for workers’ compensation medical treatment using recently issued evidence-based guidelines.  The goal is to establish a system in New York, like in some other states, whereby individuals with the same condition receive the same form of treatment. 

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Spitzer, NYLB Announce Proposed Resolution of Projected Shortfall in Executive Life Insurance Company of New York Rehabilitation

Executive Life Insurance Company of New York (ELNY) was placed into rehabilitation in 1991 after affiliated companies became insolvent and concerns about its future solvency arose.  The rehabilitation plan adopted in 1992 involved the transfer of much of ELNY’s business to another carrier; however, ELNY in rehabilitation retained substantial assets and continued payment on certain annuities, with the bulk of the payout going to structured settlement annuitants that had received long-term and/or lifetime annuities as settlements in personal injury lawsuits. 

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