Cancellations

NYSIF workers’ compensation policy automatically renews unless the policyholder provides NYSIF written notification to cancel the policy 30 days prior to the policy anniversary date, or has failed to pay the premium and has been cancelled for non-payment.

You may request cancellation of a policy if you are no longer required by law to secure coverage, or you wish to secure coverage with another carrier. In either instance, the policyholder or authorized representative must submit a written request signed by the owner, or corporate officer, or authorized representative, and must include the reason for cancellation.

When notice of intent to cancel is received, NYSIF will cancel the policy 30 days from the postmark or requested cancellation date, whichever is later. NYSIF notifies the chairperson of the Workers’ Compensation Board, the NY Compensation Insurance Rating Board and all certificate holders of pending cancellations.

NYSIF applies a short-rate premium penalty when a policyholder requests cancellation on the anniversary date with fewer than 30 days notice, when the policyholder requests cancellation on a date that is different from the anniversary date, or when the policy is cancelled for non-payment.

NYSIF is not required to write a policy for any business owned or controlled by any person who directly or indirectly owned or controlled any business that owed NYSIF premium at the time of cancellation. Nor any person or who is, or was at the time of cancellation, the president, vice-president, secretary or treasurer of an employer who owes NYSIF premium, until the billed premium on the cancelled policy is paid in full.

Reinstatements

NYSIF will not reinstate a policy after the cancellation date. Prior to the cancellation date, upon request of the policyholder, NYSIF will reinstate the policy under the following conditions:

• The request to reinstate the policy is submitted in writing and signed by either the owner, or corporate officer, or the authorized representative, and
• The request to reinstate the policy is submitted and any required premium payment is received and posted by NYSIF prior to the cancellation date.