Regulatory Flexibility Analysis for Small Businesses
and Local Governments for Emergency Adoption
of Part 500 (Finance Regulations)
Regulatory Flexibility Analysis for Small Businesses and Local Governments for 12 NYCRR 300.2(d)(11)
- Effect of rule:
Pursuant to Section 50 WCL, most businesses and local governments are required to carry workers' compensation coverage for their employees. They may obtain a policy from the State Insurance Fund, apply to, and become self-insured or obtain a policy from an insurance carrier licensed to write workers' compensation in New York. All entities that carry workers compensation are required to pay assessments to the Workers Compensation Board. There are approximately 1,900 payers in New York currently paying assessments including the carriers, SIF, private and public self-insurers. Most small businesses and local governments are currently paying WCB assessments. Depending on how they secure their workers compensation will determine the impact of the apportionment methodology and new rate on their assessment amounts. However, virtually all categories of payers will see a net decrease in their assessments in 2014 whether they are carrier covered or self- insured.
- Compliance requirements:
There is minimal impact on local governments and small businesses to comply with this rule.
- Professional services:
It is believed that no professional services will be needed to comply with this rule.
- Compliance costs:
This proposal will not impose any compliance costs on small business or local governments.
- Economic and Technological Feasibility:
No implementation or technology costs are anticipated for small businesses and local governments for compliance with the proposed rule. Therefore, it will be economically and technologically feasible for small businesses and local governments affected by the proposed rule to comply with the rule.
- Minimizing adverse impact:
Because the net result of the change in the assessment methodology, the proposed rule would be beneficial to local governments and small businesses. This rule provides only a benefit to small businesses and local governments.
- Small business and local government participation:
The Board received input from various stakeholder groups which provide coverage for many small businesses and local governments. A decrease in assessments was recognized as a major benefit to these groups.
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