New York: Board to use new transaction code

The Workers’ Compensation Board issued a bulletin announcing the implementation of a new transaction code to allow carriers to close open expired policy terms for limited processing scenarios.

The new code may be used for renewals submitted with a prior policy that was not previously reported to the board. It may also be used in establishing transactions submitted out of policy year sequence or order. The board will monitor carriers’ use of the new code to ensure that it is being used only for those two scenarios. The board will reopen any policy that was closed due to the improper use of the transaction code and will subsequently cancel the policy via the open expired policy cancellation program.

Read more at the WorkersComp Forum homepage.