INS-16-08-00007-A Establishment of the Industry Standard Rate for Use in Conjunction with Payments to the Aggregate Trust Fund

6/25/08 N.Y. St. Reg. INS-16-08-00007-A

NEW YORK STATE REGISTER

VOLUME XXX, ISSUE 26

June 25, 2008

RULE MAKING ACTIVITIES

INSURANCE DEPARTMENT

NOTICE OF ADOPTION

 

I.D No. INS-16-08-00007-A

Filing No. 570

Filing Date. Jun. 10, 2008

Effective Date. Jun. 25, 2008

Establishment of the Industry Standard Rate for Use in Conjunction with Payments to the Aggregate Trust Fund

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:

Action taken:

Amendment of Part 151 (Regulation 119) of Title 11 NYCRR.

Statutory authority:

Insurance Law, sections 201 and 301; and Workers' Compensation Law, section 27

Subject:

Industry standard rate for use in conjunction with payments made by workers' compensation insurers to the aggregate trust fund.

Purpose:

To establish the interest rate applicable when workers' compensation insurers are required to deposit the present value of unpaid benefits for permanent partial disability and death benefit cases into the aggregate trust fund.

Text or summary was published

in the notice of proposed rule making, I.D. No. INS-16-08-00007-P, Issue of April 16 2008.

Final rule as compared with last published rule:

No changes.

Text of rule and any required statements and analyses may be obtained from:

Andrew Mais, Insurance Department, 25 Beaver St., New York, NY 10004, [phone], e-mail: [e-mail]

Assessment of Public Comment

The agency received no public comment.