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NYSIF's Climate Action Plan
As part of the 2022 State of the State, Governor Hochul directed New York State authorities, public benefit corporations and NYSIF — totaling roughly $40 billion in assets — to achieve greater climate resiliency in their investment portfolios and scale up investment in renewable energy and other sustainable solutions. NYSIF has created an aggressive Climate Action Plan in accordance with this directive.
NYSIF Executive Director and CEO Gaurav Vasisht said, "Under Governor Hochul's visionary leadership, New York is committed to reducing greenhouse gas emissions 85 percent by 2050. As an insurer and asset owner, NYSIF looks forward to doing its part by decarbonizing its investments, financing green solutions, and collaborating with others to drive positive change and build a more equitable and prosperous future."
NEWS & MEDIA
NYSIF to Assist Licensed Cannabis Businesses With Insurance Needs
The NYS Office of Cannabis Management announced that the State will begin a campaign to assist hundreds of established and emerging New York businesses that have been licensed to participate in the state’s legalized, recreational cannabis market. The campaign, led by NYSIF, will help these companies fulfill their workers’ compensation, disability, and paid family leave requirements, and ensure that their workers are fully protected if they are injured on or off the job. Companies may qualify for upfront premium discounts and may also be eligible to join NYSIF’s safety group program for additional savings.
NYSIF Waives Credit Card Transaction Fees for Small Business Policyholders
NYSIF is waiving credit card transaction fees for eligible small business policyholders who enroll in, or currently use, paperless billing. Under the program, when an eligible policyholder enrolls in paperless documents (bills & policy documents), NYSIF will waive the 2.25% fee that normally applies on credit card premium payments. Any policyholder in good financial standing and whose annual workers’ compensation premium is ≤ $10,000, or whose annual disability premium is ≤ $1,000, will be eligible. PFL premiums will not be counted toward determining eligibility.
NYSIF Executive Director and CEO Gaurav Vasisht said: “Eliminating credit card transaction fees will lessen the burden on small businesses, which fuel the state’s economy, and encouraging paperless transactions will promote climate resiliency.”
Governor Hochul Announces NYSIF Returns $550 Million to Policyholders
In July, Governor Kathy Hochul announced that NYSIF 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.
NYSIF Executive Director & CEO Gaurav Vasisht said: "The Governor's bold vision for New York is embodied in these funds, rewarding employers for maintaining safe work environments and helping them meet their commitment to worker safety."