The New York State Insurance Fund (NYSIF) released confirmation through its annual report that it transferred $2.3 billion from its surplus to the state treasury last year. That constitutes an excess of $550 million more than what Governor Andrew Cuomo indicated he would take from the state-chartered carrier. The increase is due to a set of reforms enacted in 2013 which eliminated a provision requiring the state fund to hold reserves for future assessments from the Governor’s office. This pre-2013 reserve was estimated to be about $2.3 billion, (the same as the transferred surplus to the treasury) made up of $1.85 billion in loss-based assessments and $450 million in Workers’ Compensation Board expenses and administrative costs. See the full overview from WorkCompCentral here. Read the 2013 NYSIF Annual Report here.