A Deeper Dive Into The New Experience Rating Plan In New York
Overview: The experience modification number drivers workers’ compensation premiums. New York has decided to withdraw from the current experience rating plan and beginning 10/1/2022, all employers with NY operations will use a new rating formula. In this presentation, Brian Allen, Commercial Insurance Consultant for Walsh Duffield, speaks about the impact the experience modification number has on an employer. He dives into the current rating calculation and then highlights the key changes that this new, NY specific, rating plan will have on an employer.