NY Work Comp L § 76 (2021)
2021 New York Laws WKC - Workers' Compensation Article 6 - State Insurance Fund. 76 - Creation of State Fund.

§  76.  Creation  of  state  fund. 1. There is hereby continued in the   department of labor a fund known as "the state insurance fund", for  the   purpose of insuring employers against liability for personal injuries or   death  sustained  by  their  employees,  including  liability other than   liability assumed by contract imposed upon employers by reason of a suit   or claim brought against the employer by another to recover  the  amount   of  damages  obtained from such other by an employee of the employer for   injuries or in case of death by his dependents for  death  sustained  by   such  employee arising out of and in the course of his employment and to   pay such damages, and of assuring to the persons  entitled  thereto  the   compensation  and  benefits  provided  by  this  chapter  or  by any act   providing for compensation now or hereafter enacted by the  congress  of   the  United  States  of  America  if  such  liability  is incident to an   employment carried on in  this  state,  and  every  such  payment  shall   constitute  an  element  of loss for the purpose of establishing premium   rates. Such fund shall consist of all premiums received  and  paid  into   the  fund, of property and securities acquired by and through the use of   moneys belonging  to  the  fund  and  of  interest  earned  upon  moneys   belonging to the fund and deposited or invested as herein provided. Such   fund  shall  be applicable to the payment of losses sustained on account   of insurance, to the payment of expenses in the manner provided in  this   chapter  and to the payment of premiums for reinsurance in any insurance   corporation of the whole or any part of any policy obligations.1-a. a. The purposes of the state insurance fund are  hereby  enlarged   to  permit  it  to  enter  agreements  with  insurers  licensed to write   workers' compensation insurance in states  outside  New  York  to  issue   policies   to   state   insurance   fund  policyholders  covering  those   policyholders'  obligations  to   secure   the   payment   of   workers'   compensation  benefits under the laws of states other than New York. The   state insurance fund shall also be authorized to receive  premiums  into   its   workers'   compensation  fund  for  policies  written  under  such   agreements and to pay from such fund: (i) reimbursement  of  all  losses   and  loss  adjustment  expenses  under  such policies; and (ii) fees and   other costs, including but not limited to  those  for  claims  services,   relating  to  such agreements. An agreement under this subdivision shall   not include the provision of claims services for any  claim  under  this   chapter.b.  For  a  policyholder  to be eligible for insurance in states other   than New York  provided  through  agreements  entered  into  under  this   subdivision,   either:  (i)  the  policyholder's  workers'  compensation   premiums with the state insurance fund covering its employees under this   chapter  must  be  greater  than  the  premiums  charged  to  cover  the   policyholder's  obligations to pay workers' compensation benefits in all   states, in the aggregate, other than New York when  covered  under  such   agreements; or (ii) the payroll for the policyholder's operations in New   York  must  be greater than the policyholder's payroll in all states, in   the aggregate, other than New York when covered  under  such  agreements   for  the  prior  policy  period. For determining eligibility, "premiums"   mean estimated premiums as determined by the state insurance fund at the   beginning of the policy period. In addition, for a  policyholder  to  be   eligible  for  insurance in states other than New York through the state   insurance fund, the policyholder must meet the  state  insurance  fund's   underwriting criteria for other states coverage as specified by rules of   the commissioners.2.  The purposes of the state insurance fund herein created are hereby   enlarged to provide insurance for the payment of the  benefits  required   by  section  two  hundred  four  of  this chapter including benefits for   family leave. A  separate  fund  is  hereby  created  within  the  state    insurance  fund, which shall be known as the "disability benefits fund",   and which shall consist of all premiums received and paid into said fund   on account of such insurance, all securities acquired by and through the   use  of moneys belonging to said fund and of interest earned upon moneys   belonging to said fund and deposited or  invested  as  herein  provided.   Said  disability  benefits  fund  shall  be applicable to the payment of   benefits, expenses and  assessments  on  account  of  insurance  written   pursuant  to  article  nine  of  this  chapter.  Premiums  for  policies   providing disability and family leave benefits in accordance  with  this   article  shall be calculated in accordance with applicable provisions of   the insurance law, including subsection (n) of section four thousand two   hundred thirty-five of such law. The state  insurance  fund  shall  have   authority to discount or surcharge on established premium rates based on   sound actuarial principles.2-b.  The purposes of the state insurance fund created in this section   are hereby enlarged to provide for the insurance by the state  insurance   fund  of  the  payment  of  the benefits required by section one hundred   sixty-ddd of the executive law.3. The respective assets and liabilities of the workers'  compensation   and  disability  benefits  funds  provided  in this section shall be and   remain separate except that advances may be made from  either  fund  for   the  payment  of  benefits  and  for administrative expenses, subject to   annual reimbursement.Whenever used in this article the terms "state insurance fund", "state   fund"  and  "fund"  shall  be  deemed  to  include  both  the   workers'   compensation  fund  and  the disability benefits fund unless the context   otherwise indicates.4. The purposes of  such  state  insurance  fund  are  hereby  further   enlarged  to  permit  it  to  furnish  to  self-insurers,  as defined in   subdivision three of section fifty of this chapter,  representation  and   services  of the nature specified in paragraph five of subsection (a) of   section  one  thousand  six  hundred  one  of  the  insurance  law   and   subdivision three-d of section fifty of this chapter.5.  No  monies of the state insurance fund shall be transferred to any   other fund, nor shall any such monies be applied to the  making  of  any   payment  for  any  purpose  other  than  the  purposes set forth in this   article.