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CASUALTY ACTUARIAL SOCIETY Spring Meeting June 17 – 20, 2007. Recent New York Workers Compensation Reforms Martin G. Heagen Vice President & Actuary NYCIRB. CASUALTY ACTUARIAL SOCIETY 2007 Spring Meeting. Recent New York Workers Compensation Reform. Pricing Needs Major NY WC Reforms
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CASUALTY ACTUARIAL SOCIETYSpring MeetingJune 17 – 20, 2007 Recent New York Workers Compensation Reforms Martin G. Heagen Vice President & Actuary NYCIRB
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform • Pricing Needs • Major NY WC Reforms • Pricing Methods/Assumptions • Summary
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Pricing Needs Understanding the Law Changes Identifying Data Requirements Data Sources Non-Data Sources
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Major Reforms Elimination of Special Disability Fund Increase in Maximum Weekly Benefit Caps on Permanent Partial Disability Duration Medical-Related Provisions PPD Claims Into Aggregate Trust Fund System Improvements
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Elimination of Spec. Disability Fund Actual Assessment Data From State Workers’ Comp. Board Relate Assessments to Paid Losses Mitigation Factor
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Increase in Maximum Weekly Benefit Fratello Method Recognition of Varying Wage Levels by Injury Type Increased System Utilization
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Caps onPPDDuration % Loss of Earnings = # Weeks of Benefits Actual PPD Data From State Workers’ Comp. Board Distribution of Loss of Earnings PPD Settlement Considerations Hardship Provision
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Medical –RelatedProvisions Pharmacy Fee Schedule Networks for Diagnostic Services Networks for Prosthetic Devices Generic Drugs when Available Medical & Impairment Guidelines
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Mandatory PPD to Aggregate Trust Fund Many Issues Discount Set By State Effect on Settlement Practices Claimant Behavioral Impact Savings or Added Cost ???
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Summary The Devil is in the Details Behavior of Claimants Behavior of Law Judges Behavior of Attorneys Effectiveness of Regulations
CASUALTY ACTUARIAL SOCIETY2007 Spring Meeting Recent New York Workers Compensation Reform Questions & Answers Martin G. Heagen Vice President & Actuary NYCIRB