Pending Bill Seeks to Require Annual Workers Compensation Audits ONLY for Construction Companies

Feb. 2, 2015 - PRLog -- New York Assembly Insurance Committee Chairman, Kevin Cahill, is attempting require annual audits of workers compensation premiums only of construction companies. All other insured non-construction employees will be audited biennially. This is a requirement that would be a significant expense for the industry.

The attorneys at Sullivan PC are experts in New York workers compensation law. If you have any questions, please do not hesitate to call the firm at 212-687-5900.

Introduced on January 15, Bill No. A02199 (http://assembly.state.ny.us/leg/?default_fld=&bn=A02199&term=2015&Summary=Y&Text=Y) states the annual audits required for construction companies will be an onsite review of original payroll records, employee records, checkbooks, cash book, general ledger, contracts, tax returns and original certificates of insurance.

The new legislation will require construction companies to make all books and records needed to verify payroll available. They will also be required to pay carriers three times the annual estimated premium if the company knowingly conceals information needed for the audit.

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