The New York State Insurance Fund reported that it returned more than $550 million over the past year to businesses through its workers’ compensation safety discounts and dividends programs.
The state agency provides dividends for companies that belong to a NYSIF safety group, where employers in similar industries pool together to reduce workers’ compensation costs.
Under New York law, businesses must secure workers’ compensation coverage, which most companies obtain through NYSIF or a private carrier. But unlike a private insurer, NYSIF must cover any employer that applies for coverage regardless of risk at the lowest possible cost to maintain a solvent fund.
The state considers the distribution of dividends and discounts as central to NYSIF’s role as a safety net for workers’ compensation coverage.
Workers’ Compensation Board Chair Clarissa Rodriguez said the NYSIF hopes that the announcement will “encourage even more employers to implement strong safety protocols to reduce on-the-job injuries and illnesses.”
Last month, Gov. Kathy Hochul signed legislation to help employers with unpaid workers’ compensation premiums regain access to coverage through the NYSIF. NYSIF insures any employer that applies for coverage regardless of risk. NYSIF may only cancel a policy for non-payment of premium and until the new law was precluded from re-issuing a policy to a business that owed it premium
Topics
Commercial Lines
Business Insurance
New York
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New York Insurance Fund Refunds $550M to Employers for Workplace Safety & Latest News Update
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