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Action required New York Department of Financial Services NY Jul 29, 2026

Workers' compensation insurance rate reduction approved

On July 15, 2026, New York DFS approved an average 22 percent reduction in workers' compensation insurance premium rates. DFS said the change would take effect October 1, 2026 and is expected to save businesses more than $1 billion.

On July 15, 2026, New York DFS approved an average 22 percent reduction in workers' compensation insurance premium rates. DFS said the change would take effect October 1, 2026 and is expected to save businesses more than $1 billion.

What changed

DFS approved a statewide workers' compensation insurance rate reduction with an October 1, 2026 effective date.

Compliance perspective

This item is mainly relevant for insurers and employers with workers' compensation coverage in New York. It has limited direct effect on consumer finance licensing, but it matters for insurance rate filing and budgeting.

Key date

Effective date: October 1, 2026.

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