§ 106. Consolidation of funds; definitions. On and after March first, nineteen hundred ninety, the stock workers’ compensation security fund and the mutual workers’ compensation security fund heretofore created are hereby consolidated into a single fund to be known as the “workers’ compensation security fund”. All assets, liabilities, rights and obligations of the stock workers’ […]
§ 107. Workers’ compensation security fund. The purpose of the fund is to assure to persons and funds entitled thereto the compensation and benefits provided by this chapter for employments insured in insolvent carriers, including the return of unearned premiums. Such fund shall be applicable to the payment of awards for compensation or death benefits […]
§ 108. Payments into fund; returns; recoupment. 1. On or before the fifteenth day of February, May, August and November, of each year, every carrier shall file, quarterly, with the superintendent of financial services and with the commissioner of taxation and finance, identical returns, under oath, on a form to be prescribed and furnished by […]
§ 109. Suspension of payments into fund; temporary surcharge authorized. 1. When as of the end of any quarterly period the amount of assets in the fund, as determined by the superintendent of financial services, including any appropriation to such fund from the general fund equals or exceeds seventy-four million dollars, no further contributions to […]
§ 109-a. Administration of fund. The superintendent of financial services may adopt, amend and enforce all reasonable rules and regulations necessary for the proper administration of said fund. In the event any carrier shall fail to file any return or make any payment required by this article, or in case the superintendent of financial services […]
§ 109-b. Custody and investment of fund. 1. The fund created by this article shall be separate and apart from any other fund so created and from all other state moneys, and the faith and credit of the state of New York is pledged for its safekeeping. The commissioner of taxation and finance shall be […]
§ 109-c. Payments from fund. 1. The final award for compensation or death benefits, or installments thereof, or of payment of benefits into the special funds created under the provisions of subdivisions eight and nine of section fifteen and section twenty-five-a of this chapter heretofore or hereafter granted pursuant to this chapter, or the payment […]
§ 109-d. Notification of insolvency. Duties of chairman. Forthwith upon any carrier becoming an insolvent carrier, the superintendent of financial services shall so notify the chairman, who shall immediately advise the superintendent (a) of all claims for compensation pending or thereafter made against an employer insured by such insolvent carrier or against such insolvent carrier; […]
§ 109-e. Rights and duties of superintendent of financial services as administrator of the fund. The superintendent of financial services may designate or appoint a duly authorized representative or representatives to appear and defend an insured against a liability claim under the employer’s liability portion of the standard New York workers’ compensation and employer’s liability […]
§ 109-f. Expenses of administration. The expense of administering the fund shall be paid out of the fund. Prior to the first days of January, April, July and October there shall be submitted to the director of the budget for approval an estimated budget of expenditures for the succeeding three months. There may not be […]
