Financial Relief for Our Policyholders – A Notice from the State Insurance Fund
April 2, 2020
In response to the ongoing coronavirus pandemic, Governor Cuomo has issued an executive order directing insurance companies, for the next 60 days, to suspend cancellations for non-payment, suspend non-renewals, and suspend conditional renewals for workers’ compensation and disability benefits insurance policies for employers with 100 or fewer employees. We applaud all of the steps that the Governor has taken to deal with this crisis and to provide relief to businesses and workers. NYSIF is complying with this executive order and the associated directives from the Department of Financial Services.
What’s more, NYSIF is going above the requirements of this executive order to provide our customers with additional assistance. Prior to the order, we announced the following measures to provide relief to our customers:
- We will work with any business, regardless of size, whether fewer or greater than 100 employees, to adjust premium payments to a level that is manageable during the current crisis.
- We will work with you to lower payroll projections to reflect current conditions, thus resulting in lower insurance premiums.
- We will work with you to adjust payment schedules for premium to reflect what you’re able to pay, without fear of cancellation.
- We will work with you to adjust payment schedules for premium due from audit balances.
- We will work with you to reschedule audits or to enable upload of documents to take the place of an onsite audit.
- We have already suspended cancellation for non-payments, along with interest charges, installment fees, and late fees for policyholders experiencing financial hardship due to COVID-19.
- All of these accommodations will stay in effect until circumstances have improved. We are not limiting these measures to the next 60 days.
- In addition, you never have to worry about a non-renewal or a conditional renewal with a NYSIF insurance policy. NYSIF does not issue non-renewals or conditional renewals.
If your business has been impacted by the coronavirus, please contact your policy representative right away (using the Get Policy Help link on our home page at nysif.com) to adjust your payroll and premium. Let us know if you need to adjust your premium payment terms or if you’re unable to pay your premium. If you are one of the few businesses whose payroll may have increased recently, please contact us right away so you can avoid a surprise bill in the future.