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Governor Hochul Announces NYSIF Returns $550 Million to Policyholders
Governor Kathy Hochul today announced that NYSIF, New York's largest workers' compensation insurer, distributed more than $550 million over the past year to New York businesses through its discounts and dividends programs. NYSIF offers discounts to companies that it insures directly and that exhibit robust worker safety protocols. It provides dividends for companies that belong to a NYSIF safety group, where employers in similar industries pool together to reduce workers' comp costs. The program is a part of Governor Hochul's mission to provide relief and cost savings to New York businesses.
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NEWS & MEDIA
Governor Hochul Announces Major Crackdown to Combat Wage Theft
Governor Kathy Hochul has announced major actions to combat wage theft and protect the paychecks of hardworking New Yorkers. The Governor announced that the Wage Theft Task Force, a joint effort by the Department of Labor, the Attorney General, NYSIF and local DAs, has recently secured felony convictions and agreements from more than a dozen businesses and 265 individuals to pay nearly $3 million in wage restitution and contributions owed to New York State since the beginning of the pandemic.
NYSIF Executive Director & CEO Gaurav Vasisht said, "I would like to thank the Governor, the Attorney General and all the law enforcement authorities for their partnership in holding bad actors accountable and protecting the state's workers."
Governor Signs Legislation to Help Struggling Businesses Access Low-Cost Workers' Comp Coverage
Governor Kathy Hochul announced that she has signed legislation restoring the ability of thousands of New York businesses to access low-cost workers' compensation coverage through NYSIF, New York's largest workers' compensation insurer and a centerpiece of the State's low-cost insurance market.
Gaurav Vasisht, Executive Director and CEO, NYSIF, said, "Thanks to Governor Hochul's leadership, employers across New York can now stay insured by NYSIF and protect their employees during difficult times. The new law also affords NYSIF an opportunity to reconnect with our public mission, giving us the flexibility to help employers in distress and ensure a fair marketplace."
CEO Submits SEC Comments
NYSIF CEO Gaurav Vasisht submitted a letter of support for the SEC's proposed rules aimed at enhancing and standardizing climate-related disclosures to facilitate investor decision-making. NYSIF evaluates climate-related exposures as part of its investment diligence and is committed to achieving net zero carbon emissions in its investment portfolio by 2040.
NYSIF strongly supports the Proposal because it would require companies to provide detailed and decision-useful data on direct/indirect emissions up and down their value chain. NYSIF also recommends that the SEC strengthen certain key aspects, including: (1) make Scope 3 disclosures more uniform and comprehensive across market participants, (2) expand the disclosure requirement to include important and growing parts of investor portfolios, and (3) clarify that company disclosures, transition plans and strategies must consider the impact of climate-related risks on workers and low-income, minority communities.