N.Y. WKC Law § 87-I — New York Code / Act WKC / Article 6 / Section 87-I
New York state insurance fund MWBE asset management and financial institution strategy
Status: in_force

§ 87-i. New York state insurance fund MWBE asset management and\nfinancial institution strategy. 1. Within the discretion of the\ncommissioners of the state insurance fund and in accordance with and\nsubject to their fiduciary duty and obligations as trustees of the state\ninsurance fund and to the beneficiaries of such fund and such other\ninvestment limitations as may be prescribed by this chapter, the\ncommissioners are authorized to establish an MWBE asset management and\nfinancial institution strategy including reasonable goals for\nutilization of MWBE asset managers, MWBE financial institutions and MWBE\nfinancial and professional service firms, which strategy shall include,\nbut shall not be limited to, the following objectives:\n  (a) investing assets of the state insurance fund with MWBE asset\nmanagers;\n  (b) subject to best execution, (1) conducting trades of public equity\nsecurities with MWBE financial institutions; and (2) conducting trades\nof fixed-income securities through MWBE financial institutions;\n  (c) allocating investments of assets of the state insurance fund\neither through (1) direct investments in the equities and debt\nsecurities of MWBEs; or (2) indirectly through special programs\ninvolving MWBE asset managers; and\n  (d) awarding contracts for accounting, banking, financial advisory,\ninsurance, legal, research, valuation and other financial and\nprofessional services to MWBE financial institutions and other MWBE\nprofessional service firms.\n  As used in this section, the terms "MWBE asset manager", "MWBE\nfinancial institutions", "MWBE", "fiduciary-controlled entities" and\n"best execution" shall have the meanings specified in section one\nhundred seventy-six of the retirement and social security law and shall\nbe certified in a manner consistent with the provisions of subdivision\nthree of section four hundred twenty-three-c of the retirement and\nsocial security law.\n  2. The commissioners are also authorized to:\n  (a) periodically advertise the existence of such strategy so that MWBE\nasset managers, MWBE financial institutions and other MWBE professional\nservice firms are made aware of the opportunities made available\npursuant to this strategy;\n  (b) within sixty days of the end of each fiscal year following the\neffective date of this section, the commissioners shall report to the\ngovernor, the legislature and the chief diversity officer of the state\nof New York on the participation of MWBE asset managers, MWBE financial\ninstitutions and MWBE professional service providers in investment and\nbrokerage transactions with or as providers of services for the state\ninsurance fund, including a comparative analysis of such activity\nrelative to such activity with all asset managers, financial\ninstitutions and professional service providers for the relevant period\nand on the progress and success of the efforts undertaken during such\nperiod to achieve the goals of such strategy. Each report shall be\nsimultaneously published on the website of the state insurance fund for\nnot less than sixty days following its release to the governor and the\nother recipients named above;\n  (c) work with the other fiduciary-controlled entities to create a\ndatabase of such MWBE entities; and\n  (d) periodically, but not less than annually, hold a conference to\npromote such strategy in conjunction with the other fiduciary-controlled\nentities.\n