Posted On: May 13, 2008, 10:28 am CDT

Posted By: State Fund Underwriter

At the completion of an audit it is signed by either an accountant or an officer. if there is an issue (i.e. the assured believes the audit is wrong) it should be dealt with then and there. if the assured does not have the proper records at the time of the audit he or she scheduled that is not the fault of the state fund. More often than not brokers and assureds will not pay their bill, then wait until the day the policy cancels for nonpayment of premium to call and not so politely question it instead of getting on the horn and dealing with it earlier.

as for the allegation of overcharging the risks, state fund has the right to compensate for its payouts by raising the differential on companies that have poor loss records. Teams of experts meet and analyze the data to determine these changes. private insurance companies would simply tell these companies to get lost.

and awarding the companies that have a great track record and have been loyal customers? how is this bad?

the state fund answers to the workers comp board, the workers compensation rating board AND the insurance department.

back before 1914 on the job injuries meant you and your family were prolly going to end up homeless, then the law was passed to require insurance, and guess what, NYSIF was there to offer it. all these other upstart insurance companies can cry all they want, but they just cant hold a candle to the original.