NYSIF is pleased to announce that on August 2, 2021, the Governor signed legislation allowing NYSIF to write workers’ compensation coverage for policyholders’ out-of-state employees. Working with licensed carriers in other states, NYSIF will now be able to provide coverage securing the payment of workers' compensation benefits under the laws of states other than New York.
Acting Executive Director Mary Beth Woods said, “We look forward to offering even more comprehensive coverage and service to our New York State-based policyholders.”
Previously, businesses who carry a NYSIF workers’ compensation policy must obtain an additional policy from an out-of-state private insurance provider in order to cover work being done outside of the state. This results in higher costs for New York based businesses and impacts NYSIF’s ability to compete with private insurers.
A business must have more workers’ comp premium or payroll in New York State than in all other states combined to be eligible for NYSIF’s out-of-state coverage.
NYSIF expects to begin to offer out-of-state coverage beginning in the first half of 2022.