NYSIF updates discount programs, adds a new endorsement and appoints new underwriting director

July 28, 2021

Recently, PIANY received an update from the New York State Insurance Fund, which details modifications to the Safety Group Enhanced Discount and Preferred Risk Business Discount; the addition of a new endorsement for employees telecommuting from a location outside of New York; updates on NYSIF’s loss cost multiplier; an extension of the relief for interest on premium audit balances; and the appointment of NYSIF’s new director of underwriting.

Safety Group Enhanced Discount

Eligible safety groups can choose to provide an additional 10% enhanced discount to their members. Eligible safety groups also can provide an additional 30% advance discount to their policyholders. The requirements to be eligible to provide these discounts are the same as the previous 5% enhanced discount. These changes go into effect Monday, Nov. 1, 2021, and stay in effect for one year.

Preferred Risk New Business Discount

The Preferred Risk New Business Discount Program now will offer up to a 35% up-front discount for qualified safety group new business, regardless of the group’s advance discount. Additionally, NYSIF is expanding this group to allow qualified policyholders to enjoy the higher discount under the Preferred Risk New Business Discount Program for the declaration period and the renewal period. The requirements to be eligible for a higher discount with this program remains the same. These changes go into effect immediately.

Endorsement for telecommuting employees

NYSIF has created a new, informational endorsement for commercial clients who have employees who telecommute from a location outside of New York. According to the endorsement, “The [NYSIF] policy covers all your regular New York employees, including those who are currently working from their home in a foreign state [in accordance with] the policyholder’s telecommuting program. We will cover claims by such employees filing in New York under the New York Workers’ Compensation Law.”

LCM

NYSIF’s loss cost multiplier of 1.27 will remain the same for new and renewal policies that go into effect Friday, Oct. 1, 2021.

Interest relief for premium audit balances

NYSIF suspended interest on premium audit balances as a result of the COVID-19 pandemic. This relief has been extended through September 2021. However, NYSIF will resume applying interest to audit balances on Friday, Oct. 1, 2021.

NYSIF’s new director of underwriting

NYSIF has appointed Thomas Racko as its director of underwriting. Racko has more than 25 years of experience in workers’ compensation. Racko joined NYSIF in 1994 as a premium auditor and later joined the underwriting department, serving as a policyholder service manager and a business manager. Additionally, he was instrumental in assisting policyholders with COVID-19 deferred premiums, and training staff on the appropriate use of Class Code 8873–Telecommuter Reassigned Employees.

Racko is replacing Steve Bell, who has retired.

About the author…

Bradford J. Lachut, Esq.

Bradford J. Lachut, Esq., joined PIA as government affairs counsel for the Government & Industry Affairs Department in 2012 and then, after a four-month leave, he returned to the association in 2018 as director of government & industry affairs responsible for all legal, government relations and insurance industry liaison programs for the five state associations. Prior to PIA, Brad worked as an attorney for Steven J. Baum PC, in Amherst, and as an associate attorney for the law office of James Morris in Buffalo. He also spent time serving as senior manager of government affairs as the Buffalo Niagara Partnership, a chamber of commerce serving the Buffalo, N.Y., region, his hometown. He received his juris doctorate from Buffalo Law School and his Bachelor of Science degree in Government and Politics from Utica College, Utica, N.Y. Brad is an active Mason and Shriner.

Related stories…

Always read the exclusions first!

Always read the exclusions first!

Over the years, I have found that our preferred carriers don’t always offer the coverage we need for our insureds. As...

Share This