Cancellations

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

A policyholder can request cancellation of a NYSIF workers' compensation policy for one of two reasons: they are no longer required by law to secure coverage, or they wish to secure coverage with another carrier. In each instance, the policyholder or authorized representative must submit a written request signed by the owner, or corporate officer, or authorized representative. The request must include a reason for cancellation.

A reservation to cancel a policy will be treated as a request to cancel. When the notice of intent to cancel is received, NYSIF will cancel the policy 30 days from the postal postmark or the requested cancellation date, whichever date is later. NYSIF will also notify the chairperson of the Workers’ Compensation Board, the NY Compensation Rating Board and all certificate holders of the cancellation.

When the policyholder requests to cancel on the anniversary date fewer than 30 days prior to the policy anniversary date, or when the policyholder requests a date that is different from the anniversary date, NYSIF applies an additional premium charge. This additional charge is called a short-rate penalty. A short-rate penalty is also applied to non-payment cancellations.

NYSIF is not required to write a policy of insurance for any business that is owned or controlled by any person who directly or indirectly owned or controlled any business that owed NYSF premium at the time of cancellation, 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

A policy may not be reinstated after the cancellation date. NYSIF will reinstate all policies if the required payment(s) is received and posted by NYSIF prior to the cancellation date. A policyholder who has requested that the policy be cancelled may decide, prior to the cancellation date, not to cancel the workers' compensation policy. NYSIF will reinstate the policy provided all of the following conditions are met:

• The policy is not cancelled for non-payment of premium;
• 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 prior to the cancellation date.

A reinstatement notice is forwarded to the policyholder, authorized representative, the NY Compensation Rating Board, and the NYS Workers' Compensation Board. All certificate holders also receive new certificates showing the correct policy end date.