A. ORGANIZATION OF THE NEW YORK RETROSPECTIVE RATING PLAN
The New York Retrospective Rating Plan (“Plan”) contains rules and rating values that have been approved by the New York State Department of Financial Services pursuant to Article 23 of the New York Insurance Law. The Plan is organized according to the following topics:
Table of Contents
Introduction
Rule 1 – General Explanation
Rule 2 – Eligibility for the Plan
Rule 3 – Operation of the Plan
Rule 4 – Administration of the Plan
Tables of Retrospective Rating Values
Endorsements Required for Use of the Plan
B. JURISDICTIONS WHICH MAY BE COMBINED WITH NEW YORK ON INTERSTATE RETROSPECTIVE RATING PLANS
| Alabama | Kentucky | Oklahoma |
| Alaska | Louisiana | Oregon |
| Arizona | Maine | Pennsylvania |
| Arkansas | Maryland | Rhode Island |
| Colorado | Massachusetts | South Carolina |
| Connecticut | Minnesota | South Dakota |
| Delaware | Mississippi | Tennessee |
| District of Columbia | Missouri | Texas |
| Florida | Montana | Utah |
| Georgia | Nebraska | Vermont |
| Hawaii | Nevada | Virginia |
| Idaho | New Hampshire | Washington * |
| Illinois | New Mexico | West Virginia |
| Indiana | North Carolina | Wisconsin |
| Iowa | North Dakota * | Wyoming * |
| Kansas | Ohio * | |
| *For interstate retrospective rating plans, this Plan applies to employers’ liability only. | ||
C. EXPLANATION OF RULES
The rules contained in this Plan apply only to workers’ compensation and employers’ liability insurance, whether written alone or in combination with other commercial casualty insurance. A retrospective rating plan is based on a mutual agreement between the employer and the carrier. Refer to the Retrospective Rating Plan issued by the Insurance Services Office, Inc. for rules that govern other commercial casualty lines of insurance.
Premium under a retrospective rating plan is the direct result of incurred losses. A retrospective rating plan reflects the cost of losses plus the insurance carrier’s expenses in providing this insurance.