PCI Praises Gov. Cuomo on Workers Compensation Reform Proposal

ALBANY, N.Y., Jan. 22 -- The Property Casualty Insurers Association of America issued the following news release:

Governor Cuomo's plan to reform workers compensation as outlined in his budget address today is a positive step forward and should help bring down costs, which is vital to New York's economic recovery, according to the Property Casualty Insurers Association of America (PCI).

"Governor Cuomo has made workers compensation reform a priority and has shown a commitment to ensuring that the system works for employers and the workers," said Kristina Baldwin, assistant vice president for PCI. "Several of the proposals outlined in the budget address will have a positive impact on costs by streamlining processes and addressing some of the issues that have prevented the reforms of 2007 from achieving their intended long-term savings."

The governor also proposes to eliminate mandatory deposits to the Aggregate Trust Fund (ATF) and close the fund to new deposits. "Required ATF deposits add unnecessary costs and burdens to the workers compensation system and eliminating this requirement will benefit both carriers and employers without affecting the benefits of the injured worker," said Baldwin. "PCI applauds Governor Cuomo for including these important, common sense reforms to New York's workers compensation system in his proposed state budget."

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