New York, NY – The New York State Insurance Fund recently released its 2011 Annual Report, “Covering Your Business is Our Business.” Citing the 100th anniversary of workers’ compensation law in America and the Triangle Shirtwaist factory fire in New York City, the report reaffirms NYSIF’s commitment to serve businesses and the working men and women of New York State.
“NYSIF remains firmly positioned today as an example of responsive government serving the needs of the people of New York State as originally intended – providing timely indemnity and medical payments for injured workers, and ensuring the availability of workers’ compensation and disability benefits insurance at all times for all employers in New York State,” NYSIF Chairman Donald T. DeCarlo stated in a message to readers.
The report highlights NYSIF services in the areas of workplace safety, claims handling, information technology and anti-fraud efforts.
Now in its 98th year of continuous service, NYSIF reported $1.47 billion in earned workers’ compensation premium and $12.2 million in earned disability benefits premium in 2011.
More than 165,000 employers hold NYSIF workers’ compensation insurance policies. According to the New York Compensation Insurance Rating Board, NYSIF is the largest writer of workers’ compensation coverage in the State of New York, with a market share of 38 percent. According to A.M. Best, NYSIF is the fifth largest writer in the nation. Nearly 60,000 employers maintain active NYSIF disability benefits policies.
The report is available online via nysif.com (PDF).