Workers' Compensation Insurance Solutions

Agent/Broker FAQs

Agent and broker frequently asked questions

The following are commonly asked questions from agents and brokers regarding NYSIF Safety Groups and how they can obtain quotes and place business with Glatfelter Brokerage Services.


A. Yes, insureds have the option to access these safety groups directly or through their local agent.

 

A. Yes, the Group Manager’s fee for members of the Safety Group is charged at 10% of their SIF Base Premium. Since NYSIF does not pay brokers or Group Managers a commission, our fee is billed and paid separately.

 

A. Yes, the commission to brokers for new business is 50% of our fee. That commission then changes to 25% of our fee for renewals.

 

A. We typically require an ACORD application with payrolls by class code, five years of currently valued Workers' Compensation (WC) loss runs and five years of WC premium history. The population served is required for VFBL submissions and the number of first response vehicles is required for VAWBL submissions. Click here for more details.

 

A. Yes, as long as they meet the underwriting guidelines of the Safety Group they can transfer, but only on the renewal date of their NYSIF Group 90 policy.

 

A. The Safety Group Manager must always be listed as the representative on the safety group member’s policy. Local agents and brokers are categorized as the sub-brokers by the Group Manager and are not recognized by NYSIF. The Group Manager will provide the sub-brokers with all of the policy information they request and they are encouraged to work with the Group Manager to assist their mutual customer.

 

A. Dividends, when declared, are typically paid 8-9 months after the expiration of the policy.

 

A. Yes, by law a minimum of 30 days' reservation of rights notice needs to be provided to the group self-insurer if a member elects to terminate their participation in the group.

 

A. A fully-insured insurance policy is a complete risk transfer. By paying your policy premium you transfer all of the liability of any WC claims for that policy period to the insurance carrier. A self-insured pool is typically a risk-sharing model where the WC claim liability can be transferred back to the employer if the pool becomes financially insolvent.

 

A. Yes, a number of statewide and regional public entity self-insurance pools have closed due to financial shortfalls, leaving their members to make up the difference. It is important for any self-insured pool member or prospective member to review and understand the pool’s financial position as well as its membership agreement.