The NYSIF was created as part of the Worker’s Compensation Law of 1914. It is New York’s largest workers compensation insurance carrier. Under the law, the NYSIF remains a competitive insurance carrier. It sells workers compensation benefits and disability benefits insurance to employers that conduct business in the state of New York. Currently, there are 170,000 employers that have NYSIF workers compensation insurance policies which makes up about 31% of the market. An additional 61,000 employers have active disability benefit policies in place.
The NYSIF releases a report each year. For 2010, the highlights of the report are outlined by Dennis J. Hayes, the NYSIF Chief Executive Deputy Director. According to Hayes, the NYSIF remains a strong and stable insurance carrier for New York workers compensation insurance. It is ‘an industry leader in direct written premium, competitive rate plans, and dividends, customers-focused service, and technology.’
The NYSIF reported $1.31 in net earned premium for 2010. This makes the carrier the leading workers comp provider in the state of New York and it ranks number six in the nation. Disability benefits reported $12 million in net earned premiums.
The anti-fraud program in the NYSIF reported 107 arrests for workers compensation fraud during the 2010 year with $11.3 million in restitution as well as estimated future savings on fraudulent claims.
The annual report also outlines the core mission of the NYSIF which is to provide a guaranteed source of workers’ compensation and disability benefits insurance for businesses operating in the New York state. It also aims to deliver quality service and value to its stakeholders. A portion of the report titled ‘At Your Service’ highlights several examples of NYSIF customer service acknowledgments from its stakeholders.
The detailed NYSIF report for the 2010 year can be view in full here.
For questions about Worker’s Compensation Benefits, contact our law office today.