The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers' Compensation Law. NYSIF's mission is to guarantee the availability of workers' compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair market place and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
- Achieve the best health outcomes for injured workers by paying indemnity and medical benefits in a timely manner, and facilitate appropriate medical care.
- Ensure that all New York businesses have a market for workers' compensation and disability benefits insurance available to them at a fair price.
- Maintain a solvent state insurance fund that is always available to New York businesses.
- Be a competitive force in the marketplace and an industry leader in price, quality, and service.
NYSIF consists of two separate "funds" -- the Workers' Compensation Fund, insuring employers against occupational injury and disease suffered by their employees, and the Disability Benefits Fund, established in 1949, which insures against disabling off-the-job sickness or injury sustained by employees.
New York voters approved the Workers' Compensation Act of 1914 by referendum. The law was spurred by two significant events in American history -- the 1909 Wainwright Commission that reported on the woeful labor conditions and treatment of injured workers, and the Triangle Shirtwaist factory fire of 1911, among the most deadly in New York City history.
The workers' compensation law requires that "such premiums in NYSIF shall be fixed at the lowest possible rates consistent with the maintenance of a solvent fund and of reasonable reserves and surplus."
NYSIF is a self-supporting insurance carrier that competes with private insurers in the workers' compensation and disability benefits markets. Operating income is derived solely from insurance premiums and investments. NYSIF is the largest provider of workers' compensation insurance in New York State.
NYSIF offers quality insurance plans for all New York businesses. Services include claims case management and workplace safety programs at no extra cost. If you have employees located in New York State, NYSIF may be able to help you control the costs and losses incurred by on-the-job injuries.