New York State insurance Fund (NYSIF) Executive Director David Wehner announced that NYSIF’s 2008 fraud prevention program accounted for more than $20 million in total savings, a record amount exceeding all prior yearly totals since NYSIF began the program. NYSIF’s Division of Confidential Investigations (DCI) completed a record year in 2008 with successful workers’ compensation fraud investigations leading to an estimated savings of $20.7 million.
The total savings includes cash restitution of approximate $1.6 million and estimated future savings of more than $19 million, resulting from additional premium, lower reserves and forfeiture of future payments on fraudulent claims.
Total savings for 2008 surpasses all prior yearly totals, as does the amount of cash restitution collected since NYSIF began reporting data on fraud arrests in 1994.
NYSIF is an established state and national leader in the fight against workers’ comp fraud. In 2008, NYSIF cases led to 148 arrests.
Going back to 1995, NYSIF anti-fraud efforts have accounted for a cumulative total of 1,228 arrests, representing estimated savings of $166.5 million for New York State.
NYSIF 2008 anti-fraud program totals: arrests 148; cash restitution $1,598,232.37; estimated future savings $19,053,200.41; estimated total savings $20,651,432.78.
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