The New York State Insurance Fund recently announced that its 2010 Annual Report is now available. “I am pleased to present the 2010 NYSIF annual report,” NYSIF Chief Executive Deputy Director Dennis J. Hayes said. “The report shows NYSIF remains a strong and stable insurance carrier in the New York workers’ compensation market as an industry leader in direct written premium, competitive rate plans and dividends, customer-focused service, and technology.”
NYSIF reported $1.31 in net earned premium in 2010, making it the leading workers’ compensation carrier in New York State and the No. 6 comp. carrier in the United States. NYSIF’s workers’ compensation fund reported $13.9 billion in total admitted assets, $2.82 billion in total surplus, and $161.8 million in dividend payments to policyholders through its safety group program.
NYSIF’s disability benefits fund reported $12 million in net earned premium, $173.7 million in total admitted assets and $109.4 million in total surplus.
NYSIF’s anti-fraud program reported 107 arrests for workers’ compensation fraud in 2010 and $11.3 million in restitution and estimated future savings on fraudulent claims.
The report focuses on NYSIF’s core mission to provide a guaranteed source of workers’ compensation and disability benefits insurance for business operating in New York State, and to deliver quality service and value to all stakeholders.
The 44-page report includes several examples of NYSIF customer service earning plaudits from stakeholders in case summaries under the theme, “At Your Service.”
As stated in the report, NYSIF maintains its competitive edge by increasing efficiency and reducing costs through a combination of business re-engineering and program redesign, by focusing on organization performance and accountability, by expanding the use of technology, by leading the fight against workers’ compensation fraud, and making customer service our first priority.
The complete report is available here (PDF).