Carriers; Industry News

​The New York State Insurance Fund​ (NYSIF) has announced that it is leaving its loss cost multiplier unchanged at 1.27. The announcement follows a recent announcement by the New York Compensation Insurance Rating Board (NYCIRB) that Workers Compensation insurance loss costs will decrease by an averagte of ​8.7% on October 1.​Loss costs are a component of insurance rates that reflect an insurer's expected cost of paying losses and allocated loss adjustment expenses. They do not include the insurer's overhead and profit. The loss cost multiplier is a numerical factor that the insurer applies to the loss cost to arrive at an appropriate rate. For example, ​the October 1, 2022 loss costs…

​​                © NYSIF. All rights reservedThe New York State Insurance Fund (NYSIF) has introduced a new tool to make it easier for their policyholders to monitor their subcontractors' compliance with Workers' Compensation coverage requirements. Per an email we received from NYSIF on June 27:Beginning Wednesday (June 29), NYSIF workers’ compensation policyholders will have a new way of monitoring subcontractor's compliance with the workers' comp law, potentially saving them unexpected costs due to uninsured subs. Using their nysif.com online account​, policyholders can enter the FEIN (Federal Employer Identification Number) of a sub, and NYSIF will display if they have current workers'…

​The New York State Insurance Fund has notified Big I New York that it will soon stop mailing paper copies of New York State Disability Benefits Law (DBL) insurance policies and bills to insurance brokers. The change takes effect on Feb. 28, 2021. In a letter to be sent to brokers this week, the State Fund invites all brokers to create online accounts on its website. The accounts give brokers constant access to their clients' records. The letter provides instructions for brokers who do not already have online accounts with the State Fund.If you have obtained DBL policies for your clients from the State Fund, be…