NYS Safety Group 497 Dividend Announcement for 2022-23 Policy Year
New York State Public Entities Safety Group 497 and the New York State Insurance Fund are pleased to announce a 37.5 percent dividend for the policy year July 1, 2022 to July 1, 2023. This marks the 41st consecutive year Safety Group 497 has paid a dividend to its members.
The dividend of 37.5 percent represents $4,797,3154 returned to members for the July 1, 2022 to July 1, 2023 policy term. This also marks a total of over $80M in dividends returned to members since the Group’s inception in 1981. Furthermore, this is the seventh consecutive year that the group has paid a dividend of 35% or greater to its members.
In addition to a 37.5% dividend, NYSIF has approved the availability of a maximum 32.5% upfront discount for qualified Safety Group 497 renewals for the July 1, 2024 to July 1, 2025 policy term.
The Safety Group dividend is based on the overall claims experience of all Group members versus the insurance premiums collected. Safety Group 497 is proud to be one of the few programs consistently paying dividends to New York’s Public Entities. Thanks to all of the current Safety Group 497 Members that continue to place their trust in New York State Public Entities Safety Group 497.
Dividend checks are scheduled to be processed by NYSIF on February 7th. Checks will NOT be mailed to members currently in pending cancellation; those with estimated or incomplete audits; or those with seriously past-due premium accounts. (In the case of a significant past due premium, the dividend will be credited to the respective account balance.)
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