CompSearch, Inc.

NYS Code Rule 59 Consultations & Loss Experience Rating Analysts

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NYSDOL Certified Workplace Safety Consultants & Premium Recovery Specialists

NYS Code Rule 59 Consultations

Loss Experience Rating Reviews


 

Frequently Asked Questions

What is a Loss Experience Rating?

A Loss Experience Rating, often also referred to as an Experience Modification, Mod, Mod Rating, or Experience Rating, is a comparison of your business' Workers' Compensation Claims History to that of other employers within your industry, that are of similar size and within your same state.

 

How does my Loss Experience Rating effect my Workers' Compensation Premium?

Your Loss Experience Rating reflects either a credit or a debit that will be applied to your Workers' Compensation Premium. If your Loss Experience Rating falls below in industry average, than a credit will be applied to your premium. However, when your Loss Experience Rating falls above the industry average a surcharge is applied to your Workers' Compensation Premium. Additionally, if your Loss Experience Rating is above a 1.2, you may be required to comply with additional state regulations under NYS Code Rule 59. If you recently noticed a spike in your Workers' Compensation Premium, contact a CompSearch Representative!

 

What causes my Loss Experience Rating to fluctuate?

There are two main factors that affect your Loss Experience Rating, Workers' Compensation Claims and Payroll. As your Loss Experience Rating is only calculated once per year, an increase in reported claims, or a decrease in Payroll could have a significant impact on your Loss Experience Rating. When reviewing your Loss Experience Rating, our highly trained staff members will look to ensure that your current Loss Experience Rating accurately reflects your current payroll and any Workers' Compensation Claims that are currently open.

 

Does every Workers' Compensation Claim effect my Loss Experience Rating?

Yes! As Workers' Compensation Claims from your business are reported, you will see a rise in your Loss Experience Rating, as well as your Workers' Compensation Premium. Adversely, as Workers' Compensation Claims are closed out, and especially if they are closed out at a lower rate than predicted, you will see a decrease in your Loss Experience Rating. It is the past three years worth of claims are used to calculate your Loss Experience Rating.

 

Why should I have my Loss Experience Rating reviewed annually?

Due to the fact that your Loss Experience is essentially a snapshot of your Workers' Compensation Claims History in comparison to other employers in your state and industry of similar size, your Loss Experience Rating may fluctuate throughout the year due to changes in Payroll or when Claims are closed out. When we review your Loss Experience Rating, we are reviewing it to ensure it's accuracy. Even a slight revision to a Loss Experience Rating can result in a Premium Reduction or Recovery that can produce a premium savings of hundreds, or even thousands, of dollars! Click here to view a Sample Loss Experience Rating to see the savings for yourself!

 

What is NYS Code Rule 59?

NYS Code Rule 59, also known as the Workplace Safety and Loss Prevention Program or CR 59, is part of the Workers' Compensation Reform from 1996 that was implemented to reduce work-related injuries and illnesses. Employers that are required to comply with NYS Code Rule 59 must adhere to strict timelines and meet specific requirements, otherwise they will be subject to penalties administered by the NYS Department of Labor.

 

How do I know if I need to comply with NYS Code Rule 59?

Employers that are required to comply with NYS Code Rule 59 will receive an official letter from the New York Compensation Insurance Rating Board (NYCRIB). These employers have a Loss Experience Rating that is at or above a 1.2, and have over $800,000 in payroll each year. If you received a letter requiring you to comply with NYS Code Rule 59 or the Workplace Safety and Loss Prevention Program, contact a CompSearch Representative!

 

Why do I need to hire a NYSDOL Certified Consultant for NYS Code Rule 59?

Employers that are being required to comply with NYS Code Rule 59 are also required to hire an NYSDOL Certified Consultant. The NYSDOL Certified Consultant will conduct reviews and inspections based upon the required timelines outlined in NYS Code Rule 59, they will then make recommendations for further compliance, and provide reports to the NYS Department of Labor. The NYSDOL Certified Consultant ensures that you are meeting the requirements outlined in NYS Code Rule 59 prior to any visits from the NYS Department of Labor.

 

What happens if I fail to comply with NYS Code Rule 59?

 If you fail to comply with NYS Code Rule 59, your insurance carrier is required to apply a 5% surcharge to your Workers' Compensation Premium upon renewal. For each year that you fail to comply, an additional 5% will be added to your Workers' Compensation Premium upon renewal.

 

Is there a fee for your services?

Yes. For our Premium Reduction and Recovery Services fee is contingent upon our findings. If we are able to get your business a premium reduction or recovery our service fee will be based upon a previously agreed upon percentage of our findings. For our NYS Code Rule 59 Consultations, all of our clients are charged a flat rate fee to be paid prior to our NYSDOL Certified Consultants initial visit. For more information on our Service Fees, please contact a CompSearch Representative.