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As two years remain on NYCIRB's existing lease, NYCIRB also assigned its existing lease to the 655 3rd Ave.
Stroock partner Jack Bart negotiated the lease documents on behalf of NYCIRB, and Patterson Belknap partner Laurence Lenzner did the same on behalf of the Dursts.
The first step in this process for the next policy year, which begins on October 1st, involved NYCIRB making its annual "loss cost" filing, which provides for a 7.7% increase.
The NYCIRB would continue to develop loss costs based on historical and projected loss experience and carriers would use them as the basis for developing their specific rates.
Dinallo has asked for the opportunity to evaluate the NYCIRB's data gathering ability and to recommend its replacement with "another entity" if necessary.
But to paraphrase Mark Twain, rumors of NYCIRB'S demise were not only exaggerated, but inaccurate.
The report does recommend two significant changes to NYCIRB. One relates to the board's restructuring, specifically that it add to its governing committee representatives of labor, employers, and the Insurance Department.
NYCIRB, as the licensed rate-making and data collection organization for workers' compensation in New York, collects detailed statistics from all of its member carriers, including the State Insurance Fund, for the primary purpose of establishing manual rates and rating plan values for over 600 different employment classifications in New York State, thereby ensuring that the highest-quality data enters the rate-making process.
We are not aware of any time in the past that the New York Insurance Department found NYCIRB statistics to be either erroneous or inaccurate in any way, nor has NYCIRB established, as the article suggests, a pattern of changing numbers.
"New York Governor Eliot Spitzer gave the ax to the state's insurer-run ratings board," the article reads, "after the board's actuaries changed numbers during the reform negotiations and failed to provide reliable data that the governor could use to project savings...." The article notes further--and others have confirmed--that "Spitzer's office had to scrap a set of charts and graphs used to project the impact of proposed changes after NYCIRB changed the presumptions behind the data supplied to negotiators."
By way of example, one participant told Insurance Advocate that after negotiators had factored into their agreement the anticipated savings from reform measures relating to prescription medications, NYCIRB "said the savings from those measures would be half what they originally said.
NYCIRB compiles payroll data for companies purchasing workers' compensation insurance from carriers; the Workers' Compensation Board compiles data for self-insured businesses.
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