New York State Insurance Fund is a self-sustaining insurance carrier providing workers’ compensation and disability benefits insurance for New York businesses and millions of hard working men and women, Chief Deputy Executive Director Francine James announced the release of New York State Insurance Fund’s (NYSIF) 2009 annual report.
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The report highlights NYSIF’s 95 years of continuous service to businesses, people and State of New York, in fulfilling an instrumental purpose under the New York workers’ comp system by ensuring coverage for employees no matter how great the risk. (WCxKitz)
For 2009, NYSIF reported workers’ compensation premium of $1.31 billion and disability benefits premium of $16.6 million.
In a letter to policyholders, James writes, “We understand the enormity of the obligation you have to your customers, your workers, your families and yourself . . . Our initiatives in the areas of claims, safety and risk management, and technology, are designed to make a difference in helping you fulfill those obligations.
“When you select NYSIF, you opt for 95 years of experience, 95 years of guaranteed coverage, 95 years of integrity and financial strength.” (WCxKitz)
The report states NYSIF paid $177 million in dividends to policyholders in 2009 and offered advance discounts of up to 35% for its safest assureds. James said NYSIF remains committed to helping grow industry and reduce insurance costs for businesses.
“This includes premium discount plans and responsible underwriting that supports competitive balance, customer-based technology that streamlines our business operations, web-based tools and services to promote on-the-job safety . . . and one of the top anti-fraud units in the nation.”
Other 2009 highlights include:
1. NYSIF conducted 16,422 safety surveys and 2,228 safety-training presentations for policyholders.
2. NYSIF saved an estimated $16.6 million due to its anti-fraud efforts, which included 154 arrests, 1,246 investigations and 584 cases referred for prosecution.
3. NYSIF’s disability benefits line of insurance lowered the minimum annual premium to $60 for new and existing policies and paid more than $5 million in premium credits to disability benefits insurance policyholders. (WCxKitz)
In 2009, approximately 180,000 employers held NYSIF workers’ comp insurance policies (approximately 41% of the market). Approximately 61,400 employers had active NYSIF disability benefits policies.
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Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers’ comp issues.
WC Books: http://www.LowerWC.com/workers-comp-books-manuals.php
WC Calculator: http://www.LowerWC.com/calculator.php
TD Calculator: http://www.LowerWC.com/transitional-duty-cost-calculator.php
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers’ comp issues.
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