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In response to the ongoing coronavirus pandemic, Governor Cuomo has
issued an
executive order directing insurance
companies, for the next 60 days, to suspend cancellations for
non-payment, suspend non-renewals, and suspend conditional renewals for
workers' compensation and disability benefits insurance policies for
employers with 100 or fewer employees. We applaud all of the steps that
the Governor has taken to deal with this crisis and to provide relief to
businesses and workers. NYSIF is complying with this executive order and
the associated directives from the Department of Financial Services.
What’s more, NYSIF is going above the requirements of this executive
order to provide our customers with additional assistance. Prior to the
order, we announced the following measures to provide relief to our
customers:
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We will work with any business, regardless of size, whether fewer or
greater than 100 employees, to adjust premium payments to a level
that is manageable during the current crisis.
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We will work with you to lower payroll projections to reflect
current conditions, thus resulting in lower insurance premiums.
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We will work with you to adjust payment schedules for premium to
reflect what you’re able to pay, without fear of cancellation.
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We will work with you to adjust payment schedules for premium due
from audit balances.
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We will work with you to reschedule audits or to enable upload of
documents to take the place of an onsite audit.
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We have already suspended cancellation for non-payments, along with
interest charges, installment fees, and late fees for policyholders
experiencing financial hardship due to COVID-19.
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All of these accommodations will stay in effect until circumstances
have improved. We are not limiting these measures to the next 60
days.
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In addition, you never have to worry about a non-renewal or a
conditional renewal with a NYSIF insurance policy. NYSIF does not
issue non-renewals or conditional renewals.
If your business has been
impacted by the coronavirus, please contact your policy representative
right away (using the
Get Policy Help link on our home
page at nysif.com) to adjust your payroll and premium. Let us know if
you need to adjust your premium payment terms or if you’re unable to pay
your premium. If you are one of the few businesses whose payroll may
have increased recently, please contact us right away so you can avoid a
surprise bill in the future.
Thank you,
NYSIF
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New York State
