Effective December 1, 2017, NYSIF will standardize the due dates of premium payments, impose a late payment fee if premium is not paid when due, and shorten the timeframe for placement in nonpayment cancellation. These changes will impact all NYSIF policyholders including both Safety Group and Group 90 members.
Due dates are reduced from 30 days to 20 days once the invoice is issued.
A $30 late fee will be added to any invoice not paid by the due date.
If the invoice is still unpaid 30 days after it was issued, the policyholder will have an additional 14 days to pay the original invoice amount, a $30 late fee and the new monthly invoice charge.
If this total past due balance is not paid by the new 14 day period, the policy will be scheduled for cancellation 16 days from that date.
Below is an illustration:
NYSIF is implementing these billing policy changes to encourage prompt premium payments as well as aligning itself to insurance industry standards. The new billing statements will clearly outline any past due balances, due dates, late fees or impending cancellation dates. Over the next few months NYSIF will begin sending letters to policyholders as well as issue policy endorsements and include invoice stuffers to bring these changes to the policyholder’s attention.
Ways to Avoid Late Payments
In scenarios when premium payments require Board approval and your policy is on an installment plan, make sure the premium payment is on the agenda for the first Board Meeting after the invoice issue date. If you do not have the invoice prior to this meeting, please reach out to our office for a copy of the invoice.
If using a participating payroll provider, consider enrolling in NYSIF PayGo at your next renewal period.
100% payment plan is also an option. This plan avoids both potential late fees as well as installment fees.
NYSIF also accepts eCheck and ACH drafts from your bank account. These methods can shorten the receipt of payments up to 7 days versus checks by mail.
Be aware of your NYSIF invoice schedule and reach out to Glatfelter Brokerage Services if your invoice is not received or you have any other billing or payment questions.