For Release — February 21, 2013
The Business Council Insurance Fund Declares a Premium Holiday
ALBANY—The Business Council of New York State's Insurance Fund has announced that members who have participated in its Group Life Insurance Trust since prior to January 2012 will receive a Premium Holiday on their Life and Accidental Death and Personal Loss Coverage benefits for the month of April.
A Premium Holiday occurs when the Insurance Fund is able to reduce the premium due from our participating members – in this case for the month of April, 2013 – as the direct result of positive financial underwriting gains attributable to its program's administration. This is a great bonus during times of economic uncertainty for all our members.
"The large number of participants in the fund gives us leverage to keep prices down," said Teri Wilson, senior director of The Business Council Insurance Fund. "Our long history of solid underwriting and positive loss experience also keeps rates down."
The Council created its Insurance Fund in 1957 to offer low-cost group insurance as a membership benefit. The Fund's programs have grown steadily; two-thirds of Council members currently are enrolled in the Fund's group insurance programs insuring more than 150,000 workers across New York State. The Fund can insure employers with as few as two employees or more than 1,000, and can tailor products to meet employers' needs.
For more information about our Premium Holiday or any of our insurance programs contact our insurance department at 1.800.692.5483.