New York State Insurance Fund has released its 2008 annual report showing NYSIF continues to fulfill its mission by lowering the cost of workers’ compensation insurance for businesses and the consuming public, and ensuring the existence of a stable market . . . in New York State as an industry leader in price, quality and service.
A non-profit organization created by the New York State Legislature, NYSIF consists of two separate funds: the Workers’ Compensation Fund, created in 1914, to insure employers against occupational injury or illness suffered by their employees, and the Disability Benefits Fund, established in 1949, to cover employee injury or illness off the job.
The 2008 annual report cited $1.36 billion and $17 million, respectively, in workers’ compensation and disability benefits insurance premium. The reports message to stakeholders said NYSIF continues to maintain “a guaranteed market for employers, ensuring a healthy measure of competition among workers’ compensation and disability benefits carriers in New York.” (workersxzcompxzkit)
The report shows that in 2008 NYSIF paid $177.4 million in dividends to workers’ compensation policyholders, and another $7 million in dividend or premium credits to disability benefits policyholders. The report highlights NYSIF efforts in customer service, claims case management, safety services and e-commerce. It also reported an estimated savings of $20.7 million as a result of NYSIF’s anti-fraud program.
The report is available at: http://ww3.nysif.com/nysifmedia/pdf/annualreport/08annualreportnysifrd.pdf
Author Robert Elliott, senior vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, health care, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ReduceYourWorkersComp.com or 860-786-8286.
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