NYSIF Announces Release Of 2009 Annual Report

                               New York, NY (CompNewsNetwork) - New York State Insurance Fund Chief Deputy Executive Director Francine James announced the release of NYSIF's 2009 annual report, celebrating 95 years of service as a self-sustaining insurance carrier and uninterrupted source of workers' compensation and disability benefits insurance for thousands of New York businesses and millions of hard working men and women.

Available online at nysif.com the report highlights NYSIF's 95 years of continuous service to the businesses, people and State of New York, in fulfilling an instrumental purpose under the New York workers' compensation system by ensuring coverage for employees no matter how great the risk.

“NYSIF serves not only those who can't obtain coverage elsewhere, but as a competitive carrier we strive to bring a level of service, value and quality – pioneered by our forebearers 95 years ago – that makes NYSIF a carrier of choice for large companies and small businesses alike,” Ms. James stated.

Since its inception in 1914, as created by the State Legislature as part of the original New York Workers' Compensation Law, NYSIF has survived solely by premium dollars, investment income and prudent management. Other than initial start up costs, NYSIF has never required financial assistance of any kind, a remarkable record of public service and sound oversight.

For 2009, NYSIF reported workers' compensation premium of $1.31 billion and disability benefits premium of $16.6 million.

In a letter to policyholders, Ms. James writes in the report, “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.”

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. Ms. 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:

  • NYSIF conducted 16,422 safety surveys and 2,228 safety training presentations for policyholders.
  • 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.
  • 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.

NYSIF is a competitive insurance carrier that sells workers' compensation and disability benefits insurance to any employer doing business in New York State. In 2009, approximately 180,000 employers held NYSIF workers' compensation insurance policies (approximately 41% of the market). Approximately 61,400 employers had active NYSIF disability benefits policies.

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