New York State Insurance Fund, New York’s largest workers’ compensation and disability benefits carrier, announced Wednesday that it is extending payment deadlines for all policyholders directly affected by Superstorm Sandy.
For affected workers’ comp and disability benefits policyholders in 10 New York counties – Bronx, Kings, Nassau, New York, Orange, Richmond, Rockland, Suffolk, Queens and Westchester – with a premium payment due date between October 26 – December 26, 2012, the payment deadline has been extended to January 26, 2013.
In effect, all policyholders will receive a minimum 30 day grace period, and some policyholders may receive a grace period up to 90 days, according to the NYSIF announcement. In addition, there will be no penalties or cancellations during this time for affected policyholders.
“The State Insurance Fund is pleased to offer assistance to those affected by the storm,” said Chief Executive Deputy Director Dennis J. Hayes. “We will continue to assess what steps must be taken to ensure we provide services to our customers without red tape and long delays.”
NYSIF is a self-supporting insurance carrier that competes with private insurers in the workers’ compensation and disability benefits markets. Operating income is derived solely from insurance premiums and investments. NYSIF is the largest provider of workers’ compensation insurance in New York State.
NYSIF was created as part of New York State’s Workers’ Compensation Act of 1914 to guarantee the availability at all times of workers’ comp protection at the lowest possible cost to any employer seeking coverage. The law requires that “such premiums in NYSIF shall be fixed at the lowest possible rates consistent with the maintenance of a solvent fund and of reasonable reserves and surplus.”