Posted October 06, 2018 07:19:16 The man who was once a full-time police officer with the New York Police Department has lost his insurance policy, which paid for nearly $9-million in insurance coverage that would otherwise have been covered by his pension.
The payout of the policy, called “F-15,” is the first time the state’s Department of Financial Services has given a payout in its history.
State Financial Services Commissioner Richard A. Murphy said Friday the payout is the largest it has ever given out to a state employee.
The state said in a news release that the payout comes in the wake of the Sept. 11, 2001, attacks on the World Trade Center and Pentagon.
It was announced the previous day that the $3.9-billion payout would come after years of work to come up with a new system for dealing with a surge in claims.
“We are pleased to announce that the Department of Finance has approved the payout to a New York City police officer,” Murphy said in the news release.
Murphy said the department will make a decision about the payout in the coming weeks. “
With this payout, the Department is continuing to work on new ways to improve the way it deals with claims.”
Murphy said the department will make a decision about the payout in the coming weeks.
The department said in its news release the payout was made possible by “new financial controls” put in place after the Sept-11, 2001 attacks.
In 2001, the city received $10 billion in taxpayer funds to help pay for security measures for its subway systems, airports, bridges and other infrastructure.
In 2016, a total of $3 billion was paid out for security upgrades and other upgrades, Murphy said.
The city of New Orleans was the first city to be named as a recipient of a payout after a similar payout was announced in 2014.
“This payout was based on the fact that we are dealing with this crisis,” Murphy added.
“Now, that is the work that continues.” “
The department has said in previous news releases that it will work to “provide greater security, including through the use of a secure and reliable means of payment.””
Now, that is the work that continues.”
The department has said in previous news releases that it will work to “provide greater security, including through the use of a secure and reliable means of payment.”