NYSIF Dividend Programs Can Lower Your Premium
Policyholders have the potential to earn annual Disability Benefits dividends which can be credited to future premium payments. Depending on the number of employees or the amount of your premium, you may qualify for one of the following dividend programs:
Return of Premium Program
At the end of each policy year, employers with a relatively small number of employees are eligible for a Return of Premium if they meet the following criteria:
- Fewer than 50 employees on payroll.
- Group loss ratio that’s less than the industry standard as set by NYS Department of Financial Services after all claims for the period have been paid.
- Maintain active status as NYSIF policyholder throughout the policy year.
- Submit accurate payroll reports to NYSIF.
Premium Adjustment Plan
Disability Benefits policyholders with an annual disability premium above $1,000 are eligible for the Premium Adjustment Plan if they meet the following:
- Total annual claims amount, when multiplied by a factor of 1.2, is less than the total premium for the policy year after all claims for the period have been paid.
- Maintain active status as NYSIF policyholder throughout the year.
- Submit accurate payroll reports to NYSIF.