The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, allocated $585 million to New York employers last year through its dividends and return-of-premium programs.
Every year, NYSIF returns funds to New York State businesses that exhibit strong safety records. While the program is not guaranteed and depends on various factors, including financial performance, NYSIF has returned more than $1 billion to businesses insured through this program during the last two years.
The majority of NYSIF’s policyholders are small- and mid-sized businesses. Companies either insure directly with NYSIF or belong to a NYSIF safety group where employers in the same industry can pool together to further reduce workers’ compensation expenses.
New York law requires businesses to have workers’ compensation coverage through NYSIF, a private carrier, or by self-insuring.
Unlike private carriers, NYSIF must cover any employer that applies for coverage, regardless of risk. Providing dividends and return of premium to its policyholders is a key tenet of NYSIF’s role.
In 2022, NYSIF reported $1.6 billion in workers’ compensation premium.
Last year, it began offering workers’ compensation coverage for the out-of-state employees of its New York-based employer customers. NYSIF also provides disability insurance and paid family leave to New York businesses.
Topics New York Commercial Lines Workers' Compensation Talent Business Insurance
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