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NYSIF Announces Release Of 2008 Annual Report Online

06 Aug, 2009 WorkersCompensation.com

                               
New York, NY (CompNewsNetwork) - New York State Insurance Fund Executive Director James J. Wrynn announced the release of the Fund's 2008 annual report.

“We are pleased and proud to present the 2008 NYSIF Annual Report, and to make that document electronically available to anyone with Internet access,” the Fund's executive director said.

The report can be downloaded at nysif.com under the “About NYSIF” tab. Visitors can access the full report, or a smaller file containing just the financial statement, both in .pdf format.

The 2008 report indicates that NYSIF, created in 1914, 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.”

NYSIF, which began its 95th year of service on July 1, 2009, reported $1.36 billion and $17 million, respectively, in workers' compensation and disability benefits insurance premium in 2008. In the report, Mr. Wrynn's message to stakeholders says 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.”

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 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 saving s of $20.7 million as a result of NYSIF's anti-fraud program.

NYSIF is a competitive insurance carrier that sells workers' compensation and disability benefits insurance to any employer doing business in New York State. In 2008, approximately 187,000 employers held NYSIF workers' compensation insurance policies (approximately 38.5% of the market). Approximately 61,000 had active NYSIF disability benefits policies.

Download the attachment to read the report.

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