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.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.