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Premium Payment Due Date Standardization and Late Fee Implementation December 1, 2017

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Premium Payment Due Date Standardization and Late Fee Implementation for State Insurance Fund Policyholders 

We are advising our State Insurance Fund Policyholder/Clients that Effective December 1, 2017, the State Insurance Fund has standardized the due dates of premium payments, and now imposes a late fee if premium is not paid when due.  In addition, they have shortened the time frame before non-payment cancellation takes effect.

New charges will now be due 20 days from the issuance of the monthly bill. For example, premium payments for policies with an anniversary date on the first of the month will be due by the 21st of the month. If payment is not received by the due date, Workers’ Compensation Insurance policyholders will incur a $30 late payment fee, and Disability Benefits Insurance policyholders will incur a $10 late payment fee.

Policyholders who fail to make payment in full by the due date will receive their next installment bill, which will include the past due amount, applicable late fee(s) and any new charges. Payment in full within 13 days is required. If the amount due remains unpaid, we will issue a nonpayment cancellation notice. The policy will be cancelled 16 days later if NYSIF does not receive payment in full.

If you have any questions, please feel free to contact Juliette Payne at (646) 925-8453 or at Juliette.payne@gcgriskmanagement.com.