Annual Report 2015 - NYCIRB - New York Compensation Insurance

Transcription

NEW YORK COMPENSATION INSURANCE RATING BOARD
C
W
E
L
O
X
O N
R
P
S
K
E
S
E
R
I
R
I
S
C L A I M S
E
L
O
N
N
L
A
S
S
I
F
I C
A
T
I
E
R E
U
L
A
T
I O N
A
M
S
J
C
T
E
T
U
E
I
D
S
R
O
I
Y
N Y C I R B
S
A
F
G
M
O
D
A
I N A
N
C
I
A
L
D A
T
I
A
F
E
I N S P E C T
I O N
T
L
C
Y
O
A
U
N
I
T
S
P
S
R
E
O
S
T A T
I
S
T
I C A L
R E P O R T
I
A
T A N
D
A
R
D
P R E M I U M
G
I N C U R R E D
D
L
O
S
S
E S
A
O
N
S
I
T
M
ANNUAL REPORT 2015
Our 101st Year of Service To All Insurance Carriers That Provide Workers Compensation
Insurance Protection For Employers in New York State
©2016 New York Compensation Insurance Rating Board
All rights reserved. No portion of this book may be reproduced by any means, or stored in a retrieval system
for subsequent reproduction, without the permission of the New York Compensation Insurance Rating Board.
President’s Message
This past year brought with it some definite improvements from both a technical and
administrative standpoint. On a technical note, loss costs increased by an average of 5.9%, bringing
them closer to adequate levels. In addition, a new classification ratemaking methodology, intended to
achieve longer term loss cost stability, was approved by the Department of Financial Services (DFS),
who recognized the need for modernization of the prior system. Finally, a change in the Experience
Rating split point between primary and excess losses in the Experience Rating formula, to match national
levels, will allow for more responsive credits for those insureds who maintain accident-free workplaces.
Administratively, we have had a number of accomplishments take place in 2015. Key among
these endeavors was the elimination of all hardcopy criticism letters, which are now being more
efficiently handled through carrier interaction utilizing the Board’s on-line Manage Policy system. Also,
in an effort to keep carrier contacts up-to-date for various Board programs and inquiries, a web-based
interactive carrier administration system has been recently established at the Rating Board. This should
dramatically improve the efficiency of communicating with individual carriers. Very importantly, too,
the placement of the Board’s interactive applications within a Centralized Security System in 2015 is key
to the future of the organization, especially as it continues to address the issues associated with cyber
security.
Recalling this past year, it is difficult for me to avoid reflecting not just upon the most recent twelve
month period but on the many years preceding it as this will be my last message to the membership as
Board President. It has been my privilege and honor to lead this organization, which has shown to be
vital to the State of New York, the insurance industry, employers and their employees who are injured
while performing their job functions. Many things have changed since I first began my tenure as Board
President in 1991, but what has remained consistent over time is the commitment of those involved with
the Rating Board, from Board and Committee members to Executive and other staff members as well
as the pride in attempting to make the Rating Board a better and more efficient organization. I thank
all of you who have been involved in this process and hope that you will all continue to be integral to
the development and growth of the Rating Board as it begins its second century of providing needed
services to the workers compensation insurance community.
Sincerely,
Monte Almer
Clockwise from top
Vincent Licause - VP, Finance & Administration
Monte Almer - President
Lucy DeCaro - VP, Operations
Mitchell Tenzer - Chief Information Officer
Philip Reda - VP, Underwriting & Field Services
Ziv Kimmel - VP & Chief Actuary
NYCIRB
Mission Statement
To be the primary resource and authority for workers
compensation insurance in the state of New York by providing
professional services and technical expertise through the use of state
of the art technology in the development of high quality products and
information that meet the needs of the insurance industry, as well as
employers, government agencies and all others involved with the workers
compensation system.
3
NYCIRB
Regulatory Filings
4
NYCIRB
“If we want our regulators to do better, we have to embrace a
simple idea: regulation isn’t an obstacle to thriving free markets;
it’s a vital part of them.”
James Surowiecki
American Journalist
The New Yorker Magazine
NYCIRB
LOSS COST FILING
On May 12, 2015, the Rating Board, with the approval of the Board of Governors,
submitted its annual loss cost filing to the New York State Department of Financial Services
(DFS) for approval with a proposed effective date of October 1, 2015. This filing was comprised
of an experience indication of +8.7%, a trend factor of -1.3%, a +0.7% impact due to legislative
and regulatory changes and a -1.3% change in loss adjustment expenses. The filing also
included a change in the charges for terrorism from 3.8¢ per $100 of payroll to 4.5¢. The total
indicated loss cost level change requested in the 2015 filing was an average increase in loss
costs of 6.9% for new and renewal policies.
The initial filing document was subsequently supplemented by submissions of
revised experience rating factors, an update to the percentage charge for USL&HW exposure for
non-F classes and indicated loss cost changes for volunteer firefighters and ambulance workers.
Additional actuarial data was also submitted to the DFS in response to a request for supplementary
information. This data included accident year experience, a detailed analysis of paid loss
development patterns, as well as loss cost level indications that were calculated on the basis
of the accident year and the paid loss information.
The Department informed the Rating Board on July 13, 2015 that it would disapprove
the requested increase of 6.9%, but an indication of 5.9%, based on a lower percentage of
losses reflecting the 2007 reforms that was included in the filing, and a different trend factor,
would be acceptable.
On July 14, 2015 the Rating Board, with the approval of the Board of Governors, submitted
an amended filing reflecting the alternate set of assumptions, as indicated by the DFS, proposing an
average increase in loss costs of 5.9%. On July 15, the Department of Financial Services issued its
decision, approving the Rating Board’s amended filing, to become effective October 1, 2015.
Subsequently, the DFS also approved a filing to revise the methodology to calculate
classification loss costs. The approval required that, in the first year of implementing the new
methodology, individual class loss costs would not change by more than +/-20% of the average
change for the respective industry group, and that no class would experience a loss cost increase of
more than 30%.
NEW YORK RATING PLANS & STATISTICAL PLAN
A filing to revise the primary/excess split point used in the Experience Rating
Modification formula from $10,000 to $15,000 was submitted to the DFS with a proposed
effective date of October 1, 2015. On August 11, 2015, the DFS approved the filing.
A filing to amend the New York Retrospective Rating Plan Manual to incorporate
revised excess loss pure premium factors, state hazard group relativities and retrospective
rating development factors was made in 2015 and approved with an effective date of
January 1, 2016. This change will ensure that these factors are kept current with respect to
future inflationary effects on claim costs in the establishment of retrospective premiums.
6
NYCIRB
REGULATORY FILINGS APPROVED – 2015
New York Workers Compensation and Employers Liability Manual:
Item Description
Summary
Clarifies Code 5102’s application
to solar panel installation with
Code 5102 - ‘Door, Door associated electrical and plumbing
Frame or Sash Erection’ - to be separately classified under
Clarification
codes 5190 and 5183 respectively.
RC Bulletin #
and Date
RC-2384
02/20/15
Effective April 1, 2015
Clarifies bakery operations to be
Code 8033 - ‘Supermarket separately classified under code
2003.
- Retail’ - Clarification
Terrorism Risk Insurance Updates Manuals and Forms
Program Reauthorization needed as a result of TRIPRA 2015.
Act - 2015
Effective January 1, 2015
New York Sole
Proprietors - Exclusion
Endorsement
WC 31 03 16A
Clarifies that the endorsement
includes members of LLC’s,
PSLC’s, and RLLP’s along with
sole proprietors and partners.
RC-2385
02/20/15
RC-2386
02/23/15
RC-2387
02/26/15
Manual
wording
correction:
“Wholesale
Dollars”
to
“Whole
Rule V – Payroll Basis –
Dollars”.
Wording Correction
Issued October 1, 2015
7
RC-2389
07/02/15
NYCIRB
Item Description
NY Construction
Classification Premium
Adjustment Program Per
Policy Calculation
‘Edible Fruit
Arrangements’ –
Designation of Code 8001
Audit Response
Timeframe (Correction)
Summary
Amends adjustment calculation
from a per group basis to a per
policy basis.
RC Bulletin #
And Date
RC-2390
07/02/15
Issued June 1, 2015
Manual update to reflect the
inclusion of edible fruit and/or
vegetable floral type arrangements.
RC-2391
07/02/15
Effective October 1, 2015
Manual wording correction: “sixty
(60) days” to “thirty (30) days” for
audit response time.
RC-2392
07/02/15
Code 8043 – ‘Retail Store
NOC - Including Service
of Food’
Clarifies the elimination of
reference to Code 9074.
Code 8857 – ‘Social Case
Workers – Traveling’ –
(Correction)
Manual wording correction: Code
“8854” to “8857”.
8
RC-2393
07/02/15
RC-2394
07/02/15
NYCIRB
Item Description
Summary
Codes 9093 & 9016 –
Phraseology adjustments
Reassigned certain amusement
exposures from Code 9016 to Code
9093.
RC Bulletin #
And Date
RC-2396
07/17/15
Effective October 1, 2015
Deposit Premium Rule
Allows carriers to offer Workers
Compensation policies with no
deposit premiums.
Effective January 1, 2016
9
RC-2407
12/02/15
NYCIRB
Legislation
10
NYCIRB
“Of the powers conferred upon the General Government by the
Constitution of the United States much the most important are
those given to the legislative body.”
Samuel Freeman Miller
Associate Justice
United States Supreme Court
11
NYCIRB
New York Legislation
The following bills, pertaining to workers compensation, were enacted during the 2015 legislative
session.
A. Governor’s Budget Bill - Key Sections Regarding Workers Compensation:
1)
A3005B/S2005B - Repeals miscellaneous fees levied by the Workers’ Compensation Board
with regard to arbitration while retaining the necessary functions associated with these fees.
(Signed 4/13/2015 - Chapter 55)
2)
A3006B/S2006B - Removes certain certification and renewal fees required to be paid by
employers who are directed to participate in the workplace safety and loss prevention
program.
3)
A3009B/S2009B - Increases the cap on deductions from an owner’s share of purses to two
percent for the cost of workers compensation insurance for the New York Jockey Injury
Compensation Fund. (Signed 4/13/2015 - Chapter 59)
B. Other Enacted State Legislation of Note:
1)
A1241A/S1233A - Insurance Law
Provides for coverage for surgical first assistant services performed by a registered nurse first
assistant who is certified in operating room nursing and who performs surgical first assistant
services within his or her scope of practice in every policy of insurance in instances in which
reimbursement for surgical first assistant services is provided.
2)
A7394/S5025 - Workers’ Compensation Law
Relates to the livery driver fund and prohibits independent livery drivers from driving until he
or she recovers from injury.
3)
A8259A/S5979 - Workers’ Compensation Law
Relates to interim assessments on the members of a defaulted group self-insurer and authorizes the Chair to levy an interim assessment within 120 days of default.
12
NYCIRB
Federal Legislation
On January 12, 2015 President Obama signed the Terrorism Risk Insurance Program
Reauthorization Act (TRIPRA) of 2015 (H.R.26), extending the program through December 31, 2020.
The TRIPRA extension provides for increasing carriers’ share of compensation from 15%, by 1%
each year, up to 20% by the year 2020. In addition, the aggregate retention amount for all carriers
is to be increased annually by $2 billion up to a level of $37.5B, and the program trigger is increased
by $20 million annually up to a level of $200M. The TRIPRA extension law includes several other
provisions including requiring government agencies to perform studies relating to the Program, and
requiring carriers to provide data related to the TRIPRA Program to be used for the governmental
studies.
The Rating Board is also continuing to monitor the possible effects of the Affordable Care Act
on the workers compensation system, as well as other potential Federal legislation and regulation
relating to workers compensation, such as Medicare Set Aside requirements, which may impact the
New York workers compensation system.
13
NYCIRB
New York
Workers Compensation
2015 Review
14
NYCIRB
Claim Frequency and Claim Cost
Workers compensation financial data available in 2015 showed that, following the significant
decrease in lost-time claim frequency in 2011, claim frequency has remained relatively flat in
subsequent years. Claim costs, on the other hand, continue to increase, albeit at a decreasing rate.
The observed New York lost-time (indemnity) claim frequency decreased in 2008 following
two years of relatively flat frequency trend. Frequency was relatively flat in Policy Year 2009
before increasing significantly in Policy Year 2010 for the first time in several years. Frequency
then decreased in 2011, but remained flat afterwards in 2012 and 2013. The resulting projection is
for a slightly decreasing frequency trend going forward. Studies suggest that, during economic
recessions and recoveries, claim frequency may fluctuate due to changes in the mix of employees in
the job market. This would explain the decrease in frequency in 2008, as the economy went into
“the great recession,” as well as the increases that are observed as the economy entered a recovery.
Other factors, such as the increases in the maximum weekly benefits that were implemented as part
of the 2007 legislation, may also put upward pressure on claim frequency. The observed frequency
trend in New York is consistent with countrywide results.
Claim costs in New York were projected to continue rising in 2015 for both indemnity and medical
payments. Prescription drug costs continue to represent a significant portion of overall medical
expenses. Utilization of medical services and the increasing use of new and costly technology in the
medical field continue to drive these costs higher for workers compensation. The implementation of
Medical Treatment Guidelines in December of 2010, the subsequent modifications of these guidelines,
and the introduction of a new set of guidelines for non-acute pain treatment, may provide for some
control of the rising medical costs by reducing some of the utilization of medical services. However,
many of the medical services that are rendered in accordance with the guidelines do not require payer
authorization, and that may offset some of the savings. Expenses associated with the implementation of
the guidelines, as well as handling requests for variance from the guidelines, and changes to the medical
fee schedules (also effective in December 2010) may also offset some of the expected savings in overall
medical costs.
15
NYCIRB
Indemnity claim costs, after reflecting the quantifiable impacts of the 2007 reforms, are projected
to continue to rise, but at a slower pace than the projected increase in medical costs. Preliminary reports
on the effectiveness of the Medical Treatment Guidelines indicate that they are starting to work in
many sectors, which should help to control indemnity costs by way of better outcomes for injured
employees. Guidelines for Permanent Impairment and Loss of Earning Capacity were implemented on
January 1, 2012. This, combined with procedural changes implemented by the Workers’ Compensation
Board (WCB), in 2013, may result in a decrease in the lag to Permanent Partial Disability Classification,
which might also mitigate some of the increase in indemnity costs over time.
Indemnity vs. Medical
Although the relationship between indemnity and medical costs was expected to change as a
result of the 2007 reforms, the latest data and projections suggest that indemnity costs are estimated
to now represent over 60% of the total workers compensation claim costs in New York, which is
approximately the same as the pre-reform level.
16
NYCIRB
New York Indemnity vs. Medical Costs
61%
39%
Indemnity
Medical
Source: NYCIRB Financial Data
Underwriting Results
On a calendar year basis, carriers, on average, continued to experience an overall underwriting
loss for New York workers compensation business. Following the combined ratio deterioration in 2012,
there was a significant improvement in both 2013 and 2014. Improvements in both the loss ratio and
expense ratio contributed to the 2013 results. A significant improvement in the expense ratio in 2014 (due
primarily to changes in the assessment process) more than offset a slightly increasing loss ratio. Recent
increases in the loss cost levels in 2011 and 2013 supported the lower loss ratio. 17
NYCIRB
Premium Volume
As expected, with the implementation of the reform and the associated reduction in rates in
2007, as well as an additional decrease in the loss cost level in October of 2008, direct earned premiums
in 2008 experienced a significant decrease compared to the prior years, which sustained a decade of
steadily increasing premium volume. Despite loss cost level increases in 2009 and 2010, the economic
downturn resulted in an additional premium decrease of over 3% in 2009 and virtually no change in
2010. Subsequently, however, premium volume increased significantly, by 16% in 2011, 14% in 2012,
and an additional 11% in 2013. This was a result of higher approved loss costs in recent years, as well
as the effects of the economic recovery. In 2014, premium volume decreased slightly, primarily due to
the elimination of the assessment as a premium component in the Annual Statement.
Market Share
The State Insurance Fund has historically been the largest writer of workers compensation in New
York. Although its share of the carrier market had been increasing slowly, but steadily, from 2000 through
2005, the Fund’s market share decreased in 2006 to a level of 41%. The market share remained flat through
2008 and, in 2009, the Fund’s market share decreased by 2.9 percentage points to 38% of the total New York
market. Additional slight decreases in market share for the Fund are observed in both 2010 and 2011. These
decreases may be partly attributed to the shift to the loss cost environment. In 2012, however, the market
share for the Fund increased significantly to 40%, followed by additional increases in 2013 and 2014. In 2014,
the Fund’s market share reached a high of 46%.
18
NYCIRB
Historical Rate / Loss Cost Changes
From 1996 through 2008 there was a cumulative reduction in manual rate /loss cost level of
over 40%. These decreases were attributable mostly to various reforms enacted in 1996 and 2007.
Other reasons for the large decrease over this time period were improving experience and regulatory
decisions with respect to the Rating Board’s annual rate filings. In 2009, 2010 and 2011 the increase
in claim costs, as well as the continued increase in the maximum weekly benefits, resulted in three
consecutive increases in the loss cost level. In 2012, with claim frequency no longer exhibiting
significant decreases and claim cost continuing to rise, an 11.5% increase was filed with the Department
of Financial Services (DFS). This filing was disapproved by the DFS and, therefore, the loss cost level
did not change in 2012. In 2013, due to further increases in claims costs and maximum weekly benefits,
as well as the closing of the Fund for Reopened Cases, the DFS approved a 9.5% increase to become
effective on October 1, 2013. The loss cost level again did not change in 2014, followed by approval of
a 5.9% increase which became effective on October 1, 2015.
19
NYCIRB
Loss Cost Multipliers
With the advent of loss costs in October 2008, individual carrier rate levels, in the form of loss
cost multipliers, have, in effect, replaced deviations in the private carrier market. Indicators of carrier
pricing can be observed from the most recent approved loss cost multipliers, updated as of December
2015. The average private carrier loss cost multiplier is 1.29. The dispersion of multipliers around
this average indicates that there continues to be substantial price competition at the current loss cost
level.
Summary
Loss cost adequacy continued in 2015 to be a key element for maintaining a healthy workers
compensation market in New York. Changing claim frequency and severity trends, the 2007 reforms,
specifically the increased maximum weekly benefits, adherence to the Medical Treatment Guidelines
and the manner in which the Guidelines for Permanent Impairment and Loss of Earning Capacity
are applied, as well as improvements in the efficiency of the benefit delivery system, will continue
to impact system costs in the future. These changes, the continuing nature of competition under the
loss cost system, and the economic recovery will all be critical elements and contributors to the health
of the overall workers compensation market in future years.
20
NYCIRB
BOG*NOMINATING*ADMINISTRATION*UNDERWRITING*SPECIALFUNDSCONSERVATION*ACTUARIAL*MEDICALCLAIMS
ommittees
BOG*NOMINATING*ADMINISTRATION*UNDERWRITING*SPECIAL
FUNDSCONSERVATION*ACTUARIAL*MEDICALCLAIMS
BOG*NOMINATING*ADMINISTRATION*UNDERWRITING*SPECIAL FUNDS CONSERVATION*ACTUARIAL*MEDICAL
CLAIMSBOG*NOMINATING*ADMINISTRATION*UNDERWRITING*SPECIAL FUNDS CONSERVATION*ACTUARIAL*
C
21
NYCIRB
BOARD OF GOVERNORS
Kashyap C. Saraiya
ACE American
Insurance Company
Eric Madoff
State Insurance Fund
Lev Ginsburg
N.Y.S. Business Council
Elizabeth Heck
Greater NY Mutual
Insurance Company
Tracey Ant
Hartford Accident &
Wade Overgaard - Chair
The Travelers
Indemnity Company
Arthur Wilcox
N.Y.S. AFL-CIO
Steven Smith
N.Y.S. Workers’
Compensation Board
22
Indemnity Company
Mary Beth Woods
N.Y.S. Department
Of Financial Services
NYCIRB
BOARD OF GOVERNORS
The Board of Governors (BOG) reviewed and adopted the Rating Board’s proposed budget for
the estimated expenses for 2016, as recommended by the Administration Committee. The BOG then
authorized the assessment for the expenses of the Rating Board on the member companies/carriers.
The BOG also reviewed the proposed 2016 budget for the Special Funds Conservation Committee
(SFCC) and authorized the assessment of each carrier’s share on the membership.
In addition to the above, the BOG authorized the submittal to the New York State Department
of Financial Services (DFS) of a loss cost filing change of +6.9% on new and renewal business. The
proposed loss cost change which was authorized by the BOG included a review of the costs of the
terrorism risk in light of reauthorization of the TRIA program. This filing was subsequently amended
and a loss cost change of +5.9% was approved by the DFS.
The BOG also reviewed an Audit Report from the Board’s Auditors, EisnerAmper LLP, as well
as the findings of the Board’s Audit Committee.
The Board further reviewed a proposed carrier affiliation agreement, which will continue to be
discussed in 2016 for possible future implementation.
In addition, the BOG heard presentations from the Board’s pension actuary concerning the
current actuarial valuation of the Pension Trust, of which NYCIRB is a member, and the use of cash
balance retirement plans by other Trust participants.
Furthermore, the BOG reviewed the Rating Board’s role in the Department of Labor’s Code
Rule 59 (Compulsory Workplace Safety & Loss Prevention Program) and approved, subject to further
BOG input, the issuance by the Rating Board, of a survey to carriers regarding the procedures followed
and the effectiveness of this Program as currently established.
Finally, the BOG agreed to establish, at the Board’s next meeting, to be held in conjunction
with the Rating Board’s Annual Meeting, two subcommittees: one to review and offer suggestions
concerning the Code Rule 59 program and the other to review the Board’s Employee Benefit Program.
23
NYCIRB
UNDERWRITING COMMITTEE
There were two Underwriting Committee meetings
Members & Representatives
held during 2015: May 6 and November 4, 2015.
ACE American Insurance Co.
Stephen Hawkins
American Home Assurance Co.
Ira Feuerlicht
Continental Casualty Co.
Eric Hsu
Greater NY Mutual Ins. Co.
Chris Mandato
Hartford Accident & Indemnity Co.
Kelly McLaughlin
Liberty Mutual Ins. Co.
Kristina Lankford
Paramount Ins. Co.
Mark M. Battistelli
The State Ins. Fund
Sherwin Taylor
The Travelers Indemnity Co.
Lindsay G. Ladin
Zurich North America Ins. Co.
Helena Schweighardt
Public Members
David Dickson
N.Y.S. AFL-CIO
Mary Beth Woods
Noteworthy highlights from the May 6, 2015 meeting
are:
• The Committee was asked to consider the Actuarial
Committee’s recommendation to submit a loss cost
filing to the Department of Financial Services (DFS), to
be effective October 1, 2015. In addition to the annual
proposed loss cost changes due to experience, trend,
benefits, and Loss Adjustment Expenses, this year’s
recommended change included a proposal to revise
the loss cost provision for terrorism from 3.8 cents to
4.5 cents (per $100 of payroll). The Committee accepted
the Actuarial indication and recommended that it be
considered by the Board of Governors.
• Classification Appeal Hearing: The Committee
unanimously upheld the Rating Board’s position
that classification Code 9093 “Amusement Parks” is
appropriate for Paintball facilities and courses in lieu
of the requested classification which contemplates
yoga.
• The Committee voted unanimously to amend the
phraseology relating to Classification “Sports Related
Entertainment Facilities”, Code 9093, to include
miniature golf, laser tag, paintball, archery range,
shooting gallery – non firearms, tennis club (public),
ping pong parlor, and bocce ball.
• The Committee voted to amend the phraseology
relating to Classification “Florist Store & Drivers”,
code 8001, to include “Edible Fruit and/or Vegetable
Floral Type Arrangements – Wholesale or Retail - &
Drivers”.
• The Committee voted unanimously to file five
updates and corrections to the New York Workers
Compensation and Employers Liability Manual.
• The Committee determined that the Economic and
Trade Sanctions (OFAC) form is a policyholder notice
and should not be filed as an endorsement.
N.Y.S. Department of Financial Services
Steven Smith
N.Y.S. Workers’ Compensation Board
24
NYCIRB
Noteworthy highlights from the November 4, 2015 meeting are:
•
Classification Appeal Hearing: The Committee denied an appeal presented to the Committee requesting a solar panel installer be reclassified as electricians.
•
The Committee voted to amend the Deposit Premium Rule, making it optional in lieu of mandatory. (This filing was approved December 2, 2015 for a January 1, 2016 effective date).
•
The Committee agreed that the Rating Board will prepare a draft filing to eliminate the Anniversary Rating Date, making the Rating Date the same as the policy effective date. A draft filing is to be sent to voting members for a mail vote.
•
The Committee agreed that the Rating Board will prepare a draft filing to create an Audit Non Compliance Rule, allowing carriers to surcharge employers for not complying with carrier audit requests. This draft filing will be sent to voting members for a mail vote.
•
The Committee voted to update the following codes and classifications to include “Architectural Wood Windows and Doors”: Code 2818 – Cabinet Work with Power Machinery; and Code 5429– Cabinet Work Installation. These changes were filed with the Department of Financial Services on November 23, 2015.
25
NYCIRB
ACTUARIAL COMMITTEE
ACE American Ins. Co.
John Celidonio
Continental Casualty Co.
Julia Stenberg
Hartford Accident & Indemnity Co.
W. Keith Landry
Liberty Mutual Ins. Co.
Nancy R. Treitel-Moore
PMA Ins. Co.
Scott Curlee
QBE Insurance Corporation
Brett King
The State Insurance Fund
Reuben Epstein
The Travelers Indemnity Co.
Rick Poulin
Utica Mutual Ins. Co.
Paul Cohen
Zurich North America Ins. Co.
James Smieszkal
Public Member
Kevin Matthew Ryan
Bickerstaff, Whatley,
Ryan & Burkhalter
There were three in-person meetings and one
teleconference meeting of the Actuarial Committee
held in 2015.
The Committee reviewed and discussed,
in detail, the methodology and data used in the
calculation of the annual indicated loss cost change
and recommended that a general loss cost revision,
based on the experience of private carriers and The
State Insurance Fund, as well as experience from
large deductible policies, be filed effective October
1, 2015. Included in this recommendation was
a continuing affirmation of the previous pricing
methodology for incorporating the effects of the
2007 reforms in the filing, including potential effects
of the reforms with respect to loss development,
trend and loss adjustment expenses. The impact
of the 2013 reforms, specifically the closing of
the Reopened Case Fund, was also taken into
consideration, as well as the prospective increase in
costs associated with the annual statutory changes
in the maximum weekly benefits. An update to the
terrorism loss cost provision was also reviewed and
included as part of the recommended revision of the
2015 loss cost level.
In addition, the Committee reviewed various
aspects of the proposed new Class Ratemaking
methodology, and recommended that the new
methodology be re-filed with the Department of
Financial Services (DFS). The Committee also
reviewed proposed changes to the determination of
loss costs for maritime classifications.
The Committee reviewed the latest
information relating to Retrospective Rating Plan
values, and recommended that a new methodology
to determine excess loss pure premium factors be
filed, incorporating excess loss statistical curve
fitting procedures, as well as an application of a
generalized linear model as a way of smoothing
average severities among the seven hazard groups.
The new methodology also involved implementing
different applications of loss adjustment expenses
by injury type.
26
NYCIRB
In the area of Experience Rating, the Committee reviewed a staff analysis that supported
future inflationary adjustments to the split point used in the rating formula to differentiate between
primary and excess losses. The inflationary adjustments are to be based on changes over time in
the average cost per case in New York, rounded to the nearest $500. The Committee, therefore,
recommended filing an increase in the split point from the current $15,000 to $16,000 to become
effective October 1, 2016. To ensure that the Experience Rating Plan performs in an optimal manner,
the Committee also suggested that further research be performed with respect to the Ballast (B
value) used in the experience rating formula. The Committee also recommended that additional
research be performed with respect to the targeting of an average experience modification in the
State, which would require a study of the Merit Rating Program. In addition, the Committee
approved a revised methodology to determine Expected Loss Rates. The methodology revisions
were necessary to match the determination of experience rating values to the newly implemented
class ratemaking methodology.
The Committee also reviewed various staff studies relating to wage projection as well
as average, minimum, and regional wages. In addition, the Committee reviewed aggregate
ratemaking enhancements and the industry groups used in New York ratemaking procedures.
27
NYCIRB
AUDIT COMMITTEE
The Audit Committee was formed in 2014.
American Home Assurance Co.
Sal Branca
Liberty Mutual Insurance Co.
The primary purpose of the Committee is
to assist the Board in fulfilling its responsibility
for the oversight of the quality and integrity of the
accounting, auditing and financial reporting practices
of the NYCIRB.
Susan Verity
State Insurance Fund
Eric Madoff
Public Member
N.Y.S. Workers’ Compensation Board
Trisha Gannon
At the meeting of July 9, 2015, the Committee
reviewed the 2014 Audit results with representatives
of the Accounting firm EisnerAmper LLP. Also
discussed was the Non-Profit Revitalization Act of
2013 and its impact on NYCIRB.
The second meeting took place on December
16, 2015, to review NYCIRB’s Federal Form 990. In
January of 2016, representatives from the accounting
firm of EisnerAmper LLP, will inform the Committee
of the procedures and the schedule for the 2015
financial audit.
28
NYCIRB
29
NYCIRB 2015 ANNUAL MEETING & CENTENNIAL CELEBRATION
NYCIRB 2015 ANNUAL MEETING & CENTENNIAL CELEBRATION
NYCIRB
ACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMIN
ISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE
& ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD
SERVCES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGYOPERATIONS*UNDERWRITING &
FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRI
TING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UN
DERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATI
ONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*
OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHN
OLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION
TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFOR
MATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATION
SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING
& FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERW
RITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*U
NDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERAT
IONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*
OLOGY*OPERATIONS*UNDERWRITING & FIELDepartments
SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION
MATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL
*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATION
& FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERW
RITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*U
NDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERAT
IONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*
MATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL
*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATION
& FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATIONS*UNDER
WRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OPERATION
S*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNOLOGY*OP
ERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION TECHNO
LOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARIAL*INFORMATION
MATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATIONACTUARI
AL*INFORMATION TECHNOLOGY*OPERATIONS*UNDERWRITING & FIELD SERVICES*FINANCE & ADMINISTRATION
D
32
NYCIRB
Actuarial
The staff of the Actuarial Department focuses on pricing, legislative analyses, research,
data quality and special studies.
Pricing
The Actuarial Department continues to play a vital role in various areas relating to
both procedural and technical issues within the New York workers compensation system.
Four filings were prepared in 2015, including the general loss cost revision and several
associated filing supplements. The Rating Board’s actuarial staff also prepared supplemental
exhibits that provided additional support to key elements of the loss cost filing, including the
manner in which the impact of the 2007 reform legislation was factored into the proposed loss
cost change.
In 2015, Actuarial Department staff also completed the development of a new
methodology to determine Excess Loss Pure Premium Factors. While additional research in
this area is necessary, the Department made significant strides toward a revised methodology
that uses sophisticated statistical methods, such as the dispersion of loss development factors,
and fitting of average severities using a generalized linear model. The improvements to
the methodology included applying procedures that would stabilize the results from one
revision to another. The new methodology is similar to the one adopted in other jurisdictions.
Although this methodology is planned to undergo some additional minor enhancements, the
Actuarial Department has obtained approval for using the new methodology starting in 2016.
The Actuarial Department is also responsible for analyzing any legal or regulatory
changes that may have a cost impact. In 2015, staff reviewed and analyzed, among other
items, the potential implications associated with raising the minimum wage. Other legislative
proposals were also reviewed, but have resulted in no impact on the overall loss cost level.
Research
Actuarial research of not only the current methodologies, but also of prospective
techniques and methodologies, are critical to the success of both the Rating Board and the
Actuarial Department. The Actuarial Department continues to study and perform research
in several important ratemaking areas.
In recognition of the need for more detailed medical data to analyze New York medical
cost drivers than was being reported, the Rating Board contracted with the National Council
on Compensation Insurance (NCCI) in 2008 to collect detailed New York medical transactional
data. In 2015, the Rating Board received an annual update of this data. The Rating Board’s
updated dataset now includes information on medical services performed over a 54 month
period. Preliminary reports were subsequently generated from this data and continue to be
studied and enhanced by Department staff. As additional data is received and analyzed, this
33
NYCIRB
data source will be a key tool in identifying the underlying cost drivers of medical losses and
their impact on the workers compensation system.
The overall balance of the Experience Rating Plan is essential for the equity of the
workers compensation pricing system. Further testing of the Plan, through a series of quintile
tests, was undertaken in 2015 as a key measure of the Plan’s equity and balance. Staff has also
continued to monitor the activities of the NCCI in this area. As a result, study commenced
with respect to potential changes to the Plan in the areas of the split point, eligibility, and the
experience rating formula. The research performed in 2015 led to a recommendation by the
Actuarial Committee to index the split point to inflation in 2016 and annually thereafter. Staff
will continue to examine the Plan to decide whether further refinements are needed to any of
the plan parameters.
In 2015, the Actuarial Department completed the implementation of a change in
classification ratemaking methodology to be consistent with the methodology that was
implemented in other states by the NCCI and a number of independent rating organizations.
The new methodology is expected to further stabilize classification loss costs, and was used to
derive the loss costs that became effective October 1, 2015. As part of this analysis, a revised
procedure was developed in 2015 to derive loss costs for maritime classifications, to be more
consistent with the approach used in other jurisdictions.
Additional studies were undertaken by the Actuarial Department in 2015, examining
preliminary results from the newly implemented Schedule Rating program, as well as
the study of the industry groups used in ratemaking. In addition, Actuarial studies were
performed in support of the Underwriting Department’s classification research.
Statistics & Statistical Reporting
The Actuarial Department is responsible for identifying, checking and verifying unit
statistical report losses, premium and payroll that do not fall within reasonable ranges of
values. In 2015, efforts continued within the Department to identify and correct erroneous
unit statistical reports (USRs) that could not be resolved through customary data processing
edits. As part of this process, the staff utilized additional analytical tools and reconciliation
processes to improve the overall quality of the USRs. Upon completion of the 2015 review
process, Schedule Z data (unadjusted payroll, premium and losses by classification) for Policy
Years 2008 through 2012 was compiled by the Actuarial Department and released by the
Rating Board. As an adjunct to the Schedule Z, pure premium classification experience (five
years of developed payroll and losses by classification) was also produced and posted on the
Rating Board’s website, www.nycirb.org.
The Actuarial Department also worked in collaboration with the IT Department to
update with new data the “Premium Loss On Demand” website application, that allows
carriers to access information from the statewide Schedule Z data, as well as their own.
34
NYCIRB
Other relevant statistical information was posted on the Rating Board’s website in 2015,
including the latest aggregate financial data call experience, claim cost and claim frequency data
by injury type, calendar year underwriting results and the details of the 2015 loss cost filing.
The Actuarial Department is also responsible for collecting and analyzing the annual
Aggregate Financial Data submitted by the carriers. To accomplish this task, the staff administers
the New York Financial Call Information System© (NYFCIS©), a web-based vehicle for the
submission of the annual aggregate data. In 2015, several enhancements that were designed
to improve carrier interface were incorporated into the system. Additional data edits were
introduced to ensure data accuracy. The New York Data Call Incentive Program is also part of
the NYFCIS©. Under the program, fines are imposed on carriers that fail to submit data in a
timely and accurate manner. Both the system edits and the incentive program work to improve
financial data quality and timeliness. As part of the quality assurance process, in 2015 staff
resumed reconciliation between the data reported on the financial calls and data reported on
the USRs, and contacted carriers in order to resolve any differences.
35
NYCIRB
Information Technology
The Information Technology (I.T.) Department is comprised of the Programming and
Infrastructure Management divisions.
The Infrastructure Management team is responsible for the Board’s Local Area Network
(LAN), its associated servers and equipment, and desktop configuration and support. Their
normal day-to-day responsibilities include keeping the network running, supporting users, data
and network security, and disaster recovery functions. In addition to its day-to-day activities,
the team completed several system modifications and projects that included the redesign and
implementation of a larger and more efficient data storage structure, and development of a
statistical database infrastructure that, combined with the redesign of the associated databases,
provides the Actuaries greater control over the data and an easier method for creating ad-hoc
research and reports.
The Programming Team is responsible for the maintenance and development of the
NYCIRB website, creation and implementation of web-based applications, and providing valuable
support to the Actuarial and Underwriting Departments. Some of the projects completed in 2015
included the automation of the Board’s quarterly assessment processing, the development of the
New York Carrier Administration System (NYCAS) and New York Meeting Minutes (NYMM)
applications, and the modifications of the Master Alphabetical Classification Index (MACI) and
Digital Library systems.
The NYCAS application allows members to maintain and modify their company contact
information for a variety of business areas. The NYMM application allows members to view
approved NYCIRB Actuarial and Underwriting Committee Meeting minutes from 2011 to present.
Each set of minutes has bookmarks, where appropriate, which will advance to a specific section if
needed, and includes a dynamic search functionality that highlights all minutes and all occurrences
that contain the searched criteria.
The MACI and Digital Library systems have new features that allow for easier maintenance
and the underlying operating system has been upgraded to bring the systems to industry web
application standards.
The Programming Team has also provided support to the Actuarial Department in the area
of classification experience, experience rating research, as well as other research projects relating
to individual classifications and various pricing programs.
In addition, approximately fifty-nine million Medical Data Call records were processed
this year which is twenty-six percent greater than what was processed in 2014 and an eightyfour percentage increase over the past two years. Related to the processing of this data was the
modification and development of a series of reports to determine various medical claims data
segmentation.
36
NYCIRB
Operations
The Operations Department handles much of the Board’s routine processing of policy, unit
statistical and rating data, and is comprised of three support divisions; Data Quality, Spectrum
Management and Rating Services. The staff also represents the Board in other industry organizations and
works closely with other Data Collection Organizations (DCOs). Our involvement and collaboration with
Compensation Data Exchange (CDX), the American Cooperative Council on Compensation Technology
(ACCCT) and the Electronic Data Interchange Committee (EDI) of the Workers Compensation Insurance
Organizations (WCIO) allows the Board to continue providing useful tools and services to the industry
that make use of national data standards. Participation in these collaborative exchanges demonstrates
the Rating Board’s commitment to reducing costs associated with data collection.
Data Quality
The Data Quality division is responsible for the collection, verification, and processing of unit
statistical data, in accordance with the New York Workers Compensation Statistical Plan. In 2015, this
division received 6,635 electronic files containing 685,887 individual unit statistical reports. Of these,
46,621 exposure and claim records were found to contain questionable or erroneous information. This
represents an increase in the error ratio from 4.5% in 2014 to 6.8% in 2015.
This year, the Board staff noted a further decrease in the amount of time carriers needed to
submit correction reports for USRs that failed validations. This is attributed to the increase in the usage
of the Board’s on-line application Manage USR (MUSR). Implemented in November 2011, MUSR
allows member carriers to create, view and correct unit statistical reports; prepare WC STAT files for
submission directly to the Board, or via CDX; view error reports; and manage the timely submission of
data through a unit report tracking feature. Ninety-six Carrier Groups are utilizing MUSR.
The Data Quality staff also administers the Rating Board’s Unit Statistical Late Charge Program.
In 2015, the Rating Board issued 761 Delinquent Lists for USRs that reached their due date and had not
been submitted; and 77 Fine Lists for USRs that were still outstanding two months beyond their due
date.
Spectrum Management
Spectrum is the Board’s internal processing system through which the majority of the Board’s
data is processed. The Spectrum Management team performs quality assurance and is responsible for
ensuring that Spectrum operates effectively and accurately, testing and approving all enhancements
and changes. In 2015, several improvements were added to our Policy processing, specifically in the
area of Endorsements.
37
NYCIRB
Rating Services
The Rating Services division administers the New York Experience Rating Plan, which
includes Merit Rating.
Experience & Merit Rating
In 2015, the Board issued 102,610 Experience Ratings, 23,242 Revisions and 126,692 Merit
Ratings. Rating information is posted on the Board’s website and available to the carrier of record
to view, print or download. Requests for hardcopy information can be obtained by other parties
upon receipt of appropriate authorization from the insured. The staff responded to 18,693 such
authorized requests for rating and other supporting documents during the year.
Compulsory Workplace & Loss Consultation Program
The Rating Board’s statutory responsibilities under the Compulsory Workplace Safety
and Loss Consultation Program are to identify and notify those employers who meet the
Program’s criteria. Notifications were issued to 1,513 employers in 2015, a slight decrease from
the 1,576 notifications in 2014. Copies of these notifications are provided to the New York State
Department of Labor as well as to the employer’s current insurance carrier.
38
NYCIRB
Underwriting & Field Services
Overview
The Underwriting and Field Services Department performs policy, endorsement, cancellation
and reinstatement reviews, answers underwriting inquiries, resolves employer matters, maintains the
Classification System, and conducts onsite employer audits and inspections. In 2015 the Department
was reorganized into the following units: Inspection and Classification; Policy and Ownership; and
Audit. The Inspection and Classification Unit consists of a unit manager, an inspection supervisor,
a classification supervisor, thirteen field inspectors, eleven classification analysts, and two inspection
coordinators. The Policy and Ownership Unit consists of a unit manager, a policy examination
supervisor, an ownership examination supervisor, twenty policy analysts, and nine ownership analysts.
The Audit Unit consists of a manager, an assistant manager, an audit support supervisor, eleven field
auditors, two audit reviewers, two audit coordinators, and one field service assistant. Additionally,
the Department has one project manager. The reorganization into this Department structure allows for
more focused subject matter specialization and enhanced customer service.
Inspection
The Inspection team performs on-site physical inspections of an employer’s operations
throughout New York State. These inspections are used to determine whether or not the insurance
carrier has properly classified the employer on their workers compensation policy. There are three
types of inspections conducted: Routine, Test, and Expedite. Routine Inspections are conducted for
employers that are experience rated. The frequency of Routine Inspections is on a pre-determined cycle:
three years for upstate employers; five years for downstate employers. Test Inspections are conducted
on a purely random basis for employers that are not experience rated. The Board also performs special
request inspections, on an Expedited basis, to resolve issues that arise between employers and their
insurance carriers if the Rating Board did not yet complete an inspection.
Completed inspections for the past four years are shown below and include Routine (Scheduled),
Test (Random), and Expedite Inspections.
INSPECTIONS PERFORMED
(# of insureds)
Total Inspections
2012
2013
2014
2015
7,906
7,884
7,833
7,543
Routine (Scheduled)
5,159
5,287
4,768
4,456
Test (Random)
1,765
2,287
2,689
2,708
982
310
376
379
Expedite
The total number of inspections remained consistent during the past four years. Note that the
numbers in this chart reflect inspections on a per insured basis, and do not reflect all the locations
visited. Locations visited are reflected in the inspection exhibits within the Classification section of this
report.
39
NYCIRB
Test Inspections were established to ensure that employers not eligible for experience rating
are properly classified. The number of Test Inspections varies from year to year based upon employer
and carrier needs, Rating Board industry reviews, and to maximize productivity for inspectors who
regularly travel great distances.
Classification Analysis
Classification Analysis is performed by the Rating Board to oversee the reliability of carriers’
classification assignment process. Analysis typically begins with on-site inspections of employers’
operations. Inspection reports are submitted to the Rating Board’s home office where Classification
Analysts review the reports. Classification Analysts will then either finalize the classification or
suspend classification for further review.
The following charts illustrate the number of Routine, Test, and Expedite Inspections performed
over the past four years and reflect the number of classification changes that resulted from these
inspections:
ROUTINE INSPECTIONS REVIEWED
(# of Locations)
2012
2013
2014
11,220
13,958
11,867
8,304
(2) No. of Class Changes
1,098
917
751
639
% Requiring Changes (2) ÷ (1)
9.8%
6.6%
6.3%
7.7%
(1) Routine Inspections
2015
This review of the 2015 Routine Inspections resulted in 639 changes in classification; 206 of which
were changes to the governing classification. The precipitous drop in routine inspections reviewed is
due to a change in the inspection procedure in 2015 which limited the number of additional locations
inspected for an insured with multiple locations. Total inspections performed, however, remained
consistent, as previously shown.
TEST INSPECTIONS REVIEWED
(# of Locations)
(1) Test Inspections
2012
2013
2014
2015
2,107
2,743
3,019
3,061
321
557
462
424
15.2%
20.3%
15.3%
13.9%
40
NYCIRB
This review of the 2015 Test Inspections resulted in 424 changes in classification; 321 of which
were changes to the governing classification.
EXPEDITE INSPECTIONS REVIEWED
(# of Locations)
2012
2013
2014
2015
(1) Expedite Inspections
1,108
920
736
778
228
181
222
214
20.6%
19.7%
30.1%
27.5%
This review of the 2015 Expedite Inspections resulted in 214 changes in classification; 104 of
which were changes to the governing classification.
The Rating Board responded to 6,467 Classification inquiries during 2015. All of these inquiries
were submitted and responded to electronically; there were no hard copy submissions or responses
during 2015.
2015
Number of Correspondence
Responses
6,467
2014
6,612
2013
7,035
2012
8,940
Year
Policy
Policy Analysts perform in-depth reviews and validation of policies and subsequent policy
transactions such as: new and renewal policies; endorsements; cancellations; and reinstatements.
Carriers are required to correct policy writing errors found during these reviews. The correction
process is enforced through the Rating Board’s Criticism Fining Program.
The Rating Board received 1,719,290 policies, endorsements, cancellations, and reinstatements
during 2015; 143,342 of which required Policy Analyst review. These reviews generated 26,021
criticisms, totaling $344,900 in fines.
41
NYCIRB
The following four charts illustrate the total number of transactions processed during 2015,
2014, 2013, and 2012. The (13%) transaction increase from 2013 to 2014 is the result of processing
efficiencies gained through system enhancements. The graph following the charts illustrates a
comparison of all four years.
Transactions Processed During 2015
Type of
Transaction
Policies
Endorsements
Canc/Reins
TOTAL
Excluding
NYSIF
375,635
522,602
327,661
1,225,898
NYSIF
Only
186,201
110,417
196,774
493,392
Total
Transactions
561,836
633,019
524,435
1,719,290
Type of
Transaction
Excluding
NYSIF
NYSIF
Only
Total
Electronic
Transactions
Policies
374,173
187,617
561,790
Endorsements
Canc/Reins
513,394
360,968
105,516
182,292
618,910
543,260
1,248,535
475,425
1,723,960
TOTAL
Type of
Transaction
Policies
Endorsements
Canc/Reins
TOTAL
179,506
88,619
136,352
404,477
Total
Electronic
Transactions
570,085
497,374
460,812
1,528,271
Excluding
NYSIF
386,624
399,703
358,130
NYSIF
Only
182,029
94,950
149,870
Total
Electronic
Transactions
568,653
494,653
508,000
1,144,457
426,849
1,571,306
Excluding
NYSIF
390,579
408,755
324,460
1,123,794
NYSIF
Only
Type of
Transaction
Policies
Endorsements
Canc/Reins
TOTAL
42
NYCIRB
The following two charts illustrate the number of policies and endorsements requiring review
and the number of criticisms issued for each of the past four years.
Policies and Endorsements Requiring Review:
Year
2015
2014
2013
2012
Number of Policies &
Endorsements Requiring Review
143,342
125,134
90,457
82,186
Criticisms Issued:
Year
Number of Criticisms Issued
2015
2014
2013
2012
26,021
23,669
14,808
13,136
The graph below illustrates the proportion of criticisms issued to transactions reviewed. The
respective ratios are as follows: 2015 – 18%; 2014 – 19%; 2013 – 16%; 2012 – 16%. These ratios are relatively
consistent from year to year.
43
NYCIRB
Policies and endorsements that pass all system edits without error eliminate the need for staff
review.
Ownership
Ownership analysis entails investigating changes in employer names and legal ownership
of both experience and merit rated employers. This review aids in the determination of whether to
include or exclude entities in an employer’s rating.
The Rating Board processed 18,520 ownership investigations during 2015, resulting in 16,154
letters and affidavits.
The following chart illustrates a comparison of cases processed and letters and affidavits
processed for the past four years:
Ownership Investigations
2015
2014
2013
2012
Cases Processed
18,520
15,969
18,708
20,297
Letters and Affidavits Processed
16,154
14,726
12,921
11,380
The number of cases processed decreased 8.8% from the beginning of this time period;
however, the number of letters and affidavits processed increased 42% from 2012.
44
NYCIRB
Audit
The Audit Unit oversees administration of the following programs: Premium Verification;
New York Carrier Test Audit Performance Program; Payroll Limitation Law; and New York
Construction Classification Premium Adjustment Program (CCPAP).
The Premium Verification Program examines the various premium audit methodologies used
by insurance carriers to determine an insured’s final premium. The various audit methodologies
used by carriers are: policyholder statements, estimated /waived audits, telephone audits, and
electronic data interface (EDI) audits. Rating Board selection of employers for physical audits is
done on a purely random basis under the Premium Verification Program. Rating Board Auditors
conduct thorough reviews of each component comprising an insured’s final premium. This review
is vital in validating the accuracy of carrier premium charges. All industries, except those that are
purely clerical in nature or under Federal Laws, are reviewed under the program.
The following chart summarizes the results of the Board’s premium audit verifications for
the past four years:
YEAR
2015
2014
2013
2012
AUDITS
PERFORMED
3,140
3,617
3,014
3,064
AUDIT
ERRORS
1,055
1,175
938
1,138
AUDIT ERROR
RATIO
33.6%
32.5%
31.1%
37.1%
The New York Carrier Test Audit Performance Program verifies that member carriers
accurately and consistently apply proper classifications, loss costs, excess loss premium factors, and
rating plans to policies. It also ensures that statistical data is accurately reported on policies affected
by the program and establishes a standard of performance for carriers to achieve following an audit.
The Payroll Limitation Law applies to eligible employers whose weekly payrolls are limited
based upon an amount established by the Department of Financial Services.
CCPAP provides premium credits to qualifying construction employers.
Rating Board Auditors review and validate the following: classifications used by carriers;
number of employees and their duties (this includes executive officers, sole proprietors, partners, and
members of LLC’s if coverage is elected); reported payrolls; merit ratings; experience modifications;
subcontractor status; and identification of independent contractors. Auditors, as well as audit
reviewers, will also verify whether the correct Loss Costs and Loss Cost Multipliers were used by
carriers.
The Rating Board also undertakes special audits in order to assist in resolving issues between
carriers and their insureds. These audits may involve a specific review of: payroll allocation to
employees; appropriate classification of employees; review of sales figures to determine the proper
governing classification; or specifics about premium calculations. Special Audit figures are included
in all of the charts in this section. The Rating Board noted an increase in special audits completed
during the 2015 audit year.
45
NYCIRB
The Rating Board finalized fewer audits in 2015 than in 2014 primarily due to changes in
available staffing during the year and the increase in special audits, many of which required more
than one auditor and additional time to complete.
Carrier error ratios, by type of audit, were:
Physical Audits
Policyholder Statements
Estimated Audits
Telephone Audits
EDI Audits
2012
27%
44%
76%
35%
56%
2013
20%
38%
72%
36%
46%
2014
23%
36%
75%
34%
45%
2015
24%
39%
75%
37%
41%
The primary reasons for carrier audit errors are differences in remuneration and/or allocation
of payroll and misclassification of employees by employers. The following chart illustrates these error
percentages for the most recent four-year period:
TYPE OF AUDIT DIFFERENCE
2012
2013
2014
2015
Payroll/Remuneration
54.6%
56.2%
58.5%
55.3%
Classification (Employer and Employee)
26.2%
26.7%
23.1%
30.9%
The net premium difference between the Rating Board’s premium calculations and carriers’
premium calculations for the past four years is shown in the chart below:
AUDIT RESULTS
2012
2013
2014
2015
Board Net Premium
$29,973,930
$33,352,321
$46,277,873
$38,827,367
Carrier Net Premium
$29,621,655
$33,052,641
$45,351,029
$38,516,420
+1.2%
+0.9%
+2.0%
+0.8%
% Difference of Board Premium
to Carrier Premium
Carriers are notified of audit results upon finalization of each audit. Carriers have thirty days to
review the Rating Board’s findings. Carriers either correct the premium billed and furnish the Rating
Board with a revised premium billing and Unit Statistical Report (USR), or notify the Rating Board of
its disagreement with the Rating Board’s findings.
46
NYCIRB
Construction Classification Premium Adjustment Program (CCPAP)
The Audit Unit is also responsible for administering the New York Construction Classification
Premium Adjustment Program (CCPAP). This program provides premium credits to eligible
employers in the construction industry by recognizing the inherent wage level differentials within
this industry. The total number of new applications decreased from 5,109 in 2014 to 4,238 in 2015.
This represents a decrease of 17% from the prior year, which also reflects the downward trend in new
applications over the past few years. However, the Rating Board adopted a “per policy” application
procedure, effective June 1, 2015, whereby employers must submit a separate application for each
policy (wrap-up, Contractor Controlled Insurance Progam (CCIP), or Owner Controlled Insurance
Program (OCIP) policies). The number of applications should, therefore, increase next year as a
result of this new “per policy” procedure.
The Rating Board issued average credits of 9.1% during 2015. This compares to an average
credit of 10.1% issued in 2014, an average credit of 15.9% issued in 2013, and an average credit of
15.4% issued in 2012. A total of 672 employers did not meet the CCPAP eligibility requirements and,
therefore, did not qualify for a credit. The main reason for ineligibility is employers not meeting the
minimum hourly wage required under the program.
The Board’s on-line application submission process continues to reduce the time it takes for
employers to receive their credits.
Project Management
The Project Management Division oversees the creation, periodic review, maintenance,
and updating of Board processes, procedures, and manuals. Additionally, classification studies are
continually performed within the Project Management Division.
47
NYCIRB
FINANCE & ADMINISTRATION
Office Services Division
The Office Services Division is responsible for the imaging of policy related documents,
endorsements, and cancellations into the Board’s operating system (Spectrum). In addition, it is
responsible for archiving numerous historical documents into the Board’s SharePoint site. This unit
also processes and distributes mail and transmits e-mail notifications to the Board’s membership.
In 2015, the Imaging Section of this division processed and imaged 44,813 hard copy documents
with an average of 6 pages per document. In 2014, a total of 50,711 hard copy documents were imaged
with an average of 5 pages per document.
The volume in the Board’s incoming mail was approximately 50,544 items of correspondence
in 2015 compared to 54,491 in 2014. The outgoing mail increased from 53,568 in 2014 to 59,479 in 2015.
Human Resources Division
The Board averaged 138 staff members during the year. Under the Board’s salary
classification program, 132 performance reviews were conducted and 12 employees received grade
promotions. Nineteen (19) employees received commendations for being employed by the Board for
10 years or more. Approximately 83% percent of the Board staff has accrued five or more continuous
years of service.
During the year, one employee in the Information Technology Department received the
Workers Compensation Professional designation (WCP) from the American Society of Workers Compensation Professionals (AMCOMP). The Education Committee continues to encourage employees to
pursue designations to further their careers in the insurance industry.
The Wellness Committee organized an Employee Health Fair, participated in the AIDS and
Breast Cancer Walk and hosted various donation drives. Weekly yoga sessions were also continued.
The Committee continued to host sessions on nutrition, physical well being and financial seminars.
The Health & Safety Committee continues to monitor a company-wide Health and Safety
Policy and Program.
48
NYCIRB
Financial Comparison of Expenses
UNADJUSTED
Expenses:
Salaries
Contract Services
Personnel Cost
Pensions
F.I.C.A.
Employees’ Group Insurance
Employees’ Savings Plan
Statutory W/C & D/B Insurance
Other Payroll Taxes
Rent for Space
Electricity
Rent for Machines
Maintenance & Repairs
Furniture & Fixtures
Stationery & Supplies
Printing
Telephone
Postage
Travel
Insurance, General
Legal
Rent Tax
System Projects
Miscellaneous
Total Expenses
Less Special Income
Assessable Expenses
Less Annual Membership Fee
Net Disbursements
Assessment Ratios
*2015 Premium Estimated
2015
9,103,442
269,280
172,226
1,119,903
638,172
2,163,803
301,236
111,147
65,323
2,182,828
109,999
124,873
178,592
5,114
46,466
42,716
47,774
47,233
264,795
105,705
290,057
141,022
1,168,929
560,954
19,261,589
959,655
18,301,934
278,688
18,023,246
0.00324
49
2014
8,860,111
239,798
29,858
1,079,056
618,610
1,952,140
300,486
65,507
56,457
1,987,810
115,901
126,017
146,129
4,290
43,570
28,163
71,237
30,280
248,078
91,330
213,519
94,425
1,178,207
393,622
17,974,601
1,084,671
16,889,930
277,250
16,612,680
0.00316
2013
8,585,548
264,752
58,082
1,080,527
601,233
1,809,895
302,491
28,707
36,290
1,987,810
106,726
119,679
85,428
4,287
69,788
14,250
64,039
46,100
282,752
76,624
336,400
45,522
976,748
409,357
17,393,035
872,161
16,520,874
281,313
16,239,564
0.00359
NYCIRB
MEMBERSHIP
50
NYCIRB
The membership of the Board at the end of 2015 and 2014 was as follows:
2015
STOCK CARRIERS
341
NON-STOCK CARRIERS
27
STATE INSURANCE FUND
RECIPROCAL CARRIER
TOTAL
2014
338
27
1
1
2
1
371
367
The following changes in membership have occurred since the last report:
ADMISSIONS EFFECTIVE
AmTrust Insurance Company of Kansas, Inc.
02/02/15
Milwaukee Casualty Insurance Company
02/02/15
Employers Assurance Company
05/06/15
The Gray Insurance Company
05/27/15
Privilege Underwriters Reciprocal Exchange 06/30/15
Berkshire Hathaway Direct Insurance Company
09/14/15
Allied Property & Casualty Insurance Company
09/21/15
AMCO Insurance Company 09/21/15
Depositors Insurance Company09/21/15
51
NYCIRB
RESIGNATIONS
Camden Fire Insurance Association
03/09/15
Northern Assurance Company of America
03/09/15
OneBeacon Midwestern Insurance Company
03/09/15
AutoOne Insurance Company
03/18/15
AutoOne Select Insurance Company
03/18/15
NAME CHANGES
OneBeacon America Insurance Company to
Lamorak Insurance Company
OneBeacon Insurance Company to
Bedivere Insurance Company
Leading Insurance Group Insurance Company, Ltd. to
Kookmin Best Insurance Company, Ltd. 52
EFFECTIVE
EFFECTIVE
03/09/15
03/09/15
09/03/15
Members As O
f December 31, 2015
NYCIRB
~A~
B~
ACADIA INSURANCE COMPANY
ACCIDENT FUND GENERAL INS. COMPANY
ACCIDENT FUND INS. COMPANY OF AMERICA
ACCIDENT FUND NATIONAL INS. COMPANY
ACE AMERICAN INSURANCE COMPANY
ACE FIRE UNDERWRITERS INSURANCE COMPANY
ACE PROPERTY & CASUALTY INS. COMPANY
ACIG INSURANCE COMPANY
ADMIRAL INDEMNITY COMPANY
ADVANTAGE WORKERS COMPENSATION INS. CO.
AIG PROPERTY CASUALTY COMPANY
AIOI INSURANCE COMPANY OF AMERICA
AIU INSURANCE COMPANY
ALL AMERICA INSURANCE COMPANY
ALLIANCE NATIONAL INSURANCE COMPANY
ALLIANZ GLOBAL RISKS US INSURANCE COMPANY
ALLIANZ UNDERWRITERS INSURANCE COMPANY
ALLIED EASTERN INDEMNITY COMPANY
ALLIED PROPERTY & CASUALTY INSURANCE COMPANY
ALLMERICA FINANCIAL ALLIANCE INS. COMPANY
ALLMERICA FINANCIAL BENEFIT INS. COMPANY
AMCO INSURANCE COMPANY
AMERICAN ALTERNATIVE INSURANCE COMPANY
AMERICAN AUTOMOBILE INSURANCE COMPANY
AMERICAN CASUALTY COMPANY OF READING PA
AMERICAN COUNTRY INSURANCE COMPANY
AMERICAN ECONOMY INSURANCE COMPANY
AMERICAN FAMILY HOME INSURANCE COMPANY
AMERICAN FIRE & CASUALTY COMPANY
AMERICAN FUJI FIRE & MARINE INSURANCE COMPANY
AMERICAN GUARANTEE & LIABILITY INSURANCE
AMERICAN HOME ASSURANCE COMPANY
AMERICAN INSURANCE COMPANY
AMERICAN MINING INSURANCE COMPANY
AMERICAN MODERN HOME INSURANCE COMPANY
AMERICAN PET INSURANCE COMPANY
AMERICAN STATES INSURANCE COMPANY
AMERICAN ZURICH INSURANCE COMPANY
AMERISURE INSURANCE COMPANY
AMERISURE MUTUAL INSURANCE COMPANY
AMGUARD INSURANCE COMPANY
AMTRUST INSURANCE COMPANY OF KANSAS, INC.
ARCH INSURANCE COMPANY
ARCH INDEMNITY INSURANCE COMPANY
ARGONAUT INSURANCE COMPANY
ARGONAUT MIDWEST INSURANCE COMPANY
ASSOCIATED INDEMNITY CORPORATION
ASSURANCE COMPANY OF AMERICA
ATLANTIC SPECIALITY INSURANCE COMPANY
AUTOMOBILE INSURANCE COMPANY OF HARTFORD
AXA INSURANCE COMPANY
53
BANKERS STANDARD INSURANCE COMPANY
BEDIVERE INSURANCE COMPANY
BERKLEY NATIONAL INSURANCE COMPANY
BERKLEY REGIONAL INSURANCE COMPANY
BERKSHIRE HATHAWAY DIRECT INS. COMPANY
BERKSHIRE HATHAWAY HOMESTEAD INS. CO.
BITCO GENERAL INSURANCE CORPORATION
BITCO NATIONAL INSURANCE COMPANY
BLUE RIDGE INDEMNITY COMPANY
BLUE RIDGE INSURANCE COMPANY
BROTHERHOOD MUTUAL INS. COMPANY
~C~
CALIFORNIA INSURANCE COMPANY
CAPITOL INDEMNITY CORPORATION
CAROLINA CASUALTY CO. INCORPORATED
CASTLEPOINT INSURANCE COMPANY
CASTLEPOINT NATIONAL INS. COMPANY
CENTRAL MUTUAL INSURANCE COMPANY
CENTRE INSURANCE COMPANY
CHARTER OAKS FIRE INSURANCE COMPANY
CHEROKEE INSURANCE COMPANY
CHUBB INDEMNITY INSURANCE COMPANY
CHUBB NATIONAL INSURANCE COMPANY
CHURCH MUTUAL INSURANCE COMPANY
CIM INSURANCE CORPORATION
CINCINNATI CASUALTY COMPANY, THE
CINCINNATI INDEMNITY COMPANY, THE
CINCINNATI INSURANCE COMPANY, THE
CITIZENS INSURANCE CO OF AMERICA
CLERMONT INSURANCE COMPANY
COLONIAL AMERICAN CASUALTY & SURETY CO.
COMMERCE & INDUSTRY INSURANCE COMPANY
CONTINENTAL CASUALTY COMPANY
CONTINENTAL INDEMNITY COMPANY
CONTINENTAL INSURANCE COMPANY, THE
CONTINENTAL WESTERN INS. COMPANY
CRUM & FORSTER INDEMNITY COMPANY
~D~
DEPOSITORS INSURANCE COMPANY
DISCOVER PROPERTY & CASUALTY INS CO.
~E~
EASTERN ADVANTAGE ASSURANCE COMPANY
EASTERN ALLIANCE INSURANCE COMPANY
Members As O
f December 31, 2015
NYCIRB
EASTGUARD INSURANCE COMPANY
ELECTRIC INSURANCE COMPANY
EMPLOYERS ASSURANCE COMPANY
EMPLOYERS FIRE INSURANCE COMPANY
EMPLOYERS COMPENSATION INS. COMPANY
EMPLOYERS INSURANCE COMPANY OF WAUSAU
EMPLOYERS MUTUAL CASUALTY COMPANY
EMPLOYERS PREFERRED INSURANCE COMPANY
ERIE INSURANCE COMPANY
ERIE INSURANCE COMPANY OF NEW YORK
ERIE INSURANCE PROPERTY CASUALTY CO.
EVEREST NATIONAL INSURANCE COMPANY
EXCELSIOR INSURANCE COMPANY
EXECUTIVE RISK INDEMNITY INCORPORATED
GREENWICH INSURANCE COMPANY
GUARANTEE INSURANCE COMPANY
GUIDEONE MUTUAL INSURANCE COMPANY
~H~
HANOVER AMERICAN INS. COMPANY, THE
HANOVER INSURANCE COMPANY
HARCO NATIONAL INSURANCE COMPANY
HARLEYSVILLE INSURANCE COMPANY
HARLEYSVILLE INSURANCE CO. OF NEW YORK
HARLEYSVILLE PREFERRED INS. COMPANY
HARLEYSVILLE WORCESTER INS. COMPANY
HARTFORD ACCIDENT & INDEMNITY COMPANY
HARTFORD CASUALTY INSURANCE COMPANY
HARTFORD FIRE INSURANCE COMPANY
HARTFORD INSURANCE CO. OF THE MIDWEST
HARTFORD UNDERWRITERS INS. COMPANY
HDI-GERLING AMERICA INSURANCE COMPANY
HEREFORD INSURANCE COMPANY
HERMITAGE INSURANCE COMPANY
HIGHLANDS INSURANCE COMPANY
HOMELAND INSURANCE CO. OF NEW YORK
~F~
FALLS LAKE NATIONAL INSURANCE COMPANY
FARM FAMILY CASUALTY INSURANCE COMPANY
FARMERS INSURANCE EXCHANGE
FARMINGTON CASUALTY COMPANY
FDM PREFERRED INSURANCE COMPANY, INC.
FEDERAL INSURANCE COMPANY
FEDERATED MUTUAL INSURANCE COMPANY
FEDERATED RURAL ELECTRIC INS. EXCHANGE
FEDERATED SERVICE INSURANCE COMPANY
FIDELITY & DEPOSIT COMPANY OF MD.
FIDELITY & GUARANTY INSURANCE COMPANY
FIDELITY & GUARANTY INS. UNDERWRITERS INCORP.
FIRE DISTRICTS INSURANCE COMPANY, INC.
FIRE DISTRICTS OF NY MUTUAL INS. COMPANY
FIREMAN’S FUND INSURANCE COMPANY
FIREMEN’S INSURANCE COMPANY OF WASH. D.C.
FIRST LIBERTY INSURANCE CORP.
FIRST NATIONAL INSURANCE CO. OF AMERICA
FLAGSHIP CITY INSURANCE COMPANY
FLORISTS’ INSURANCE COMPANY
FLORISTS’ MUTUAL INSURANCE COMPANY
FOREMOST INS. CO. OF GRAND RAPIDS MICHIGAN
FOREMOST PROPERTY & CASUALTY INS.COMPANY
FOREMOST SIGNATURE INSURANCE COMPANY
~I~
ILLINOIS NATIONAL INSURANCE COMPANY
IMPERIUM INSURANCE COMPANY
INDEMNITY INSURANCE CO. OF NORTH AMERICA
INDIANA LUMBERMENS MUTUAL INS. COMPANY
INFINITY ASSURANCE INSURANCE COMPANY
INSURANCE COMPANY OF GREATER N. Y.
INSURANCE COMPANY OF NORTH AMERICA
INSURANCE COMPANY OF THE STATE OF PENN.
INSURANCE COMPANY OF THE WEST
INTERSTATE INDEMNITY COMPANY
~K~
KOOKMIN BEST INSURANCE COMPANY, LTD
~L~
~G~
LAMORAK INSURANCE COMPANY
LANCER INSURANCE COMPANY
LIBERTY INSURANCE CORPORATION
LIBERTY INSURANCE UNDERWRITERS INC.
LIBERTY MUTUAL FIRE INSURANCE COMPANY
LIBERTY MUTUAL INSURANCE COMPANY
LM GENERAL INSURANCE COMPANY
LM INSURANCE CORPORATION
LM PERSONAL INSURANCE COMPANY
LM PROPERTY AND CASUALTY INS. COMPANY
LUMBERMEN’S UNDERWRITING ALLIANCE
GENERAL CASUALTY COMPANY OF WISCONSIN
GENERAL INSURANCE COMPANY OF AMERICA
GENERAL STAR NATIONAL INSURANCE COMPANY
GENESIS INSURANCE COMPANY
GRANITE STATE INSURANCE COMPANY
GRAPHIC ARTS MUTUAL INSURANCE COMPANY
GREAT AMERICAN ALLIANCE INSURANCE COMPANY
GREAT AMERICAN ASSURANCE COMPANY
GREAT AMERICAN INSURANCE COMPANY
GREAT AMERICAN INSURANCE COMPANY OF NY
GREAT DIVIDE INSURANCE COMPANY
GREAT NORTHERN INSURANCE COMPANY
GREAT WEST CASUALTY COMPANY
GREATER N. Y. MUTUAL INSURANCE COMPANY
54
Members As O
f December 31, 2015
NYCIRB
~M~
~O~
MAIN STREET AMERICA ASSURANCE COMPANY
MAINE EMPLOYERS’ MUTUAL INS. COMPANY
MAJESTIC INSURANCE COMPANY
MANUFACTURERS ALLIANCE INS. COMPANY
MARKEL INSURANCE COMPANY
MARYLAND CASUALTY COMPANY
MASSACHUSETTS BAY INSURANCE COMPANY
MEMIC CASUALTY COMPANY
MEMIC INDEMNITY COMPANY
MERCER INSURANCE COMPANY
MERIDIAN SECURITY INSURANCE COMPANY
MERCHANTS INS. COMPANY OF NEW HAMPSHIRE
MERCHANTS MUTUAL INSURANCE COMPANY
MERCHANTS PREFERRED INSURANCE COMPANY
MICHIGAN MILLERS INSURANCE COMPANY
MID CENTURY INSURANCE COMPANY
MIDDLESEX INSURANCE COMPANY
MIDWEST EMPLOYERS CASUALTY COMPANY
MILWAUKEE CASUALTY INSURANCE COMPANY
MITSUI SUMITOMO INS. COMPANY OF AMERICA
MOTORIST COMMERICAL MUTUAL INS. COMPANY
MOUNT VERNON FIRE INSURANCE COMPANY
MOUNTAIN VALLEY INDEMNITY COMPANY
OAK RIVER INSURANCE COMPANY (KANSAS)
OBI NATIONAL INSURANCE COMPANY
OHIO CASUALTY INSURANCE COMPANY
OHIO SECURITY INSURANCE COMPANY
OLD REPUBLIC GENERAL INS. CORPORATION
OLD REPUBLIC INSURANCE COMPANY
ORISKA INSURANCE COMPANY
~P~
PACIFIC EMPLOYERS INSURANCE COMPANY
PACIFIC INDEMNITY COMPANY
PARAMOUNT INSURANCE COMPANY
PATRIOT GENERAL INSURANCE COMPANY
PEERLESS INDEMNITY INSURANCE COMPANY
PEERLESS INSURANCE COMPANY
PENN LUMBERMAN’S MUTUAL INS. COMPANY
PENN MILLERS INSURANCE COMPANY
PENN. MANUFACTURERS ASSN. INS. COMPANY
PENNSYLVANIA INSURANCE COMPANY
PENNSYLVANIA MANUFACTURERS INDEMNITY CO.
PENNSYLVANIA NATIONAL MUTUAL CASUALTY CO.
PETROLEUM CASUALTY COMPANY
PHARMACISTS MUTUAL INSURANCE COMPANY
PHOENIX INSURANCE COMPANY
PLATTE RIVER INSURANCE COMPANY
PRAETORIAN INSURANCE COMPANY
PREFERRED MUTUAL INSURANCE COMPANY
PREFERRED PROFESSIONAL INSURANCE CO
PRESERVER INSURANCE COMPANY
*PRIVILEGE UNDERWRITERS RECIPROCAL EXCHANGE
PROCENTURY INSURANCE COMPANY
PROPERTY & CASUALTY INS. CO. OF HARTFORD
PROTECTIVE INSURANCE COMPANY
PROVIDENCE WASHINGTON INSURANCE COMPANY
PUBLIC SERVICE INSURANCE COMPANY
~N~
NATIONAL AMERICAN INSURANCE COMPANY
NATIONAL CASUALTY COMPANY
NATIONAL FIRE INSURANCE CO. OF HARTFORD
NATIONAL GRANGE MUTUAL INS. COMPANY
NATIONAL INTERSTATE INSURANCE COMPANY
NATIONAL LIABILITY & FIRE INS. COMPANY
NATIONAL SURETY CORPORATION
NATIONAL UNION FIRE INS. CO. OF PITTS., PA
NATIONWIDE AGRIBUSINESS INS. COMPANY
NATIONWIDE MUTUAL FIRE INS. COMPANY
NATIONWIDE MUTUAL INSURANCE COMPANY
NATIONWIDE PROPERTY & CASUALTY INS. CO.
NETHERLANDS INSURANCE COMPANY
NEW HAMPSHIRE INSURANCE COMPANY
NEW JERSEY MANUFACTURERS INS. COMPANY
NEW YORK MARINE & GENERAL INS. COMPANY
NORGUARD INSURANCE COMPANY
NORTH AMERICAN ELITE INSURANCE COMPANY
NORTH AMERICAN SPECIALTY INS. COMPANY
NORTH POINTE INSURANCE COMPANY
NORTH RIVER INSURANCE COMPANY
NORTHBROOK INDEMNITY COMPANY
NORTHERN INSURANCE COMPANY OF NY
NORTHWESTERN NATIONAL CASUALTY CO.
NORTHWESTERN NATIONAL INS. COMPANY
NOVA CASUALTY COMPANY
~Q~
QBE INSURANCE CORPORATION
~R~
RANGER INSURANCE COMPANY
REGENT INSURANCE COMPANY
REPUBLIC-FRANKLIN INSURANCE COMPANY
REPWEST INSURANCE COMPANY
RIVERPORT INSURANCE COMPANY
RLI INSURANCE COMPANY
ROCHDALE INSURANCE COMPANY
ROCKWOOD CASUALTY INSURANCE COMPANY
55
Members As Of December 31, 2015
NYCIRB
~S~
SAFECO INSURANCE COMPANY OF AMERICA
SAFETY FIRST INSURANCE COMPANY
SAFETY NATIONAL CASUALTY CORP.
SAMSUNG FIRE & MARINE INSURANCE CO. LTD.
SEABRIGHT INSURANCE COMPANY
SECURITY NATIONAL INSURANCE COMPANY
SELECTIVE INSURANCE COMPANY OF AMERICA
SELECTIVE INSURANCE COMPANY OF NEW YORK
SELECTIVE INS. COMPANY OF SOUTH CAROLINA
SELECTIVE WAY INSURANCE COMPANY
SENECA INSURANCE COMPANY INCORPORATED
SENTINEL INSURANCE COMPANY
SENTRY CASUALTY COMPANY
SENTRY INSURANCE A MUTUAL COMPANY
SENTRY SELECT INSURANCE COMPANY
SOMPO JAPAN FIRE & MARINE INS. CO. OF AMERICA
SOMPO JAPAN INSURANCE COMPANY OF AMERICA
SPARTA INSURANCE COMPANY
ST. PAUL FIRE & MARINE INSURANCE COMPANY
ST. PAUL GUARDIAN INSURANCE COMPANY
ST. PAUL MERCURY INSURANCE COMPANY
ST. PAUL PROTECTIVE INSURANCE COMPANY
STANDARD FIRE INSURANCE COMPANY
STARR INDEMNITY & LIABILITY COMPANY
STAR INSURANCE COMPANY
STARNET INSURANCE COMPANY
STATE AUTO PROPERTY & CASUALTY INS. COMPANY
STATE AUTOMOBILE MUTUAL INSURANCE COMPANY
STATE FARM FIRE & CASUALTY COMPANY
STATE FARM GENERAL INSURANCE COMPANY
STATE INSURANCE FUND
STATE NATIONAL INSURANCE COMPANY, INC.
STONINGTON INSURANCE COMPANY
STRATHMORE INSURANCE COMPANY
SUN INSURANCE OFFICE OF AMERICA INC
~T~
THE GRAY INSURANCE COMPANY
T.H.E. INSURANCE COMPANY
TECHNOLOGY INSURANCE COMPANY
TNUS INSURANCE COMPANY
TOKIO MARINE AMERICA INSURANCE COMPANY
TOWER INSURANCE COMPANY OF NEW YORK
TOWER NATIONAL INSURANCE COMPANY
TOYOTA MOTOR INSURANCE COMPANY
TRANS PACIFIC INSURANCE COMPANY
TRANSGUARD INSURANCE CO OF AMERICA INC
TRANSPORTATION INSURANCE COMPANY
TRAVELERS CASUALTY COMPANY
TRAVELERS CASUALTY & SURETY CO OF AMER
TRAVELERS CASUALTY & SURETY COMPANY
TRAVELERS CASUALTY COMPANY OF CONNECTICUT
TRAVELERS CASUALTY INS. COMPANY OF AMERICA
TRAVELERS COMMERCIAL INSURANCE COMPANY
TRAVELERS INDEMNITY COMPANY
TRAVELERS INDEMNITY COMPANY OF AMERICA
TRAVELERS INDEMNITY CO. OF CONNECTICUT
TRAVELERS PROPERTY CASUALTY CO. OF AMERICA
TRI-STATE INSURANCE COMPANY OF MINNESOTA
*TRUCK INSURANCE EXCHANGE
TRUMBULL INSURANCE COMPANY
TWIN CITY FIRE INSURANCE COMPANY
~U~
U. S. FIDELITY & GUARANTY INS. COMPANY
U. S. FIRE INSURANCE COMPANY
U.S. SPECIALITY INSURANCE COMPANY
UNIGARD INDEMNITY COMPANY
UNIGARD INSURANCE COMPANY
UNIGARD SECURITY INSURANCE COMPANY
UNION INSURANCE COMPANY
UNITED FARM FAMILY INSURANCE COMPANY
UNITED STATE LIABILITY INSURANCE COMPANY
UNITED WISCONSIN INSURANCE COMPANY
UNIVERSAL UNDERWRITERS INS. COMPANY
UTICA MUTUAL INSURANCE COMPANY
UTICA NATIONAL ASSURANCE COMPANY
UTICA NATIONAL INS. COMPANY OF OHIO
UTICA NATIONAL INS. COMPANY OF TEXAS
~V~
VALLEY FORGE INSURANCE COMPANY
VANLINER INSURANCE COMPANY
VIGILANT INSURANCE COMPANY
VIRGINIA SURETY COMPANY, INC.
~W~
WAUSAU BUSINESS INSURANCE COMPANY
WAUSAU GENERAL INSURANCE COMPANY
WAUSAU UNDERWRITERS INSURANCE COMPANY
WESCO INSURANCE COMPANY
WEST AMERICAN INSURANCE COMPANY
WESTCHESTER FIRE INSURANCE COMPANY
WESTERN SELECT INSURANCE COMPANY
WESTFIELD INSURANCE COMPANY
WESTPORT INSURANCE CORPORATION
WILLIAMSBURG NATIONAL INSURANCE CO
WORK FIRST CASUALTY COMPANY
~X~
XL INSURANCE AMERICA, INC.
XL SPECIALITY INSURANCE COMPANY
~Z~
ZENITH INSURANCE COMPANY
ZURICH NORTH AMERICA INSURANCE COMPANY
ZURICH NORTH AMERICAN INS. CO. OF ILLINOIS
*Reciprocal
56

Annual Report 2015 - NYCIRB - New York Compensation Insurance

Transcription

Similar documents

Consistent with Aviva Canada`s commitment to the broker channel

Financial Strength - Indiana Farm Bureau Insurance

Forcefield Pro L2 back protector

6f 6in tall? No problem

Underwriting Newsletter July 2009

2009 - Department of Mathematics - The University of Texas at Austin

Employee Benefits - General Electric Credit Union

Now that`s a way to drum up ratings! The CW`s bikini babes of The

product suite