Posted on 03 Feb 2010
The New York State Insurance Fund today announced the return of $173,323,008 in dividends for 2009 to approximately 34,025 policyholders in 98 NYSIF safety groups as a reward for exceptional record of workplace safety and sound business practices.
The average 2009 dividend of 29.98% is the largest in recent years, surpassing the 28.20% in 2008 and 27.47% in 2007.
All members of a safety group are eligible for the approved dividend with the percentage returned to the group applied to the individual policyholder’s earned premium. The dividends are in addition to very competitive up-front discounts applied earlier.
NYSIF Chief Deputy Executive Director Francine James said the performance of the NYSIF safety groups is gratifying on several levels.
“We were able to increase the dividend and return significant money to our policyholders even in a depressed economy, money that can be used to expand operations, create jobs and help rebuild the New York economy,” Ms. James said. “It clearly demonstrates the importance of a strong commitment to workplace safety and loss prevention. The dividend distribution underscores the strength of NYSIF’s safety group partners and the work they have done to ensure their groups are on sound financial footing.”
NYSIF notes that past and present dividends are not a guarantee of future dividends.
The New York State Insurance Fund is a non-profit agency of the State of New York that was created as part of Workers’ Compensation Law of 1914. By law, NYSIF is a competitive insurance carrier that sells workers’ compensation and disability benefits insurance to any employer doing business in New York State. Approximately 180,000 employers hold NYSIF workers compensation insurance policies, while 61,000 have active disability benefits policies.