NY Work Comp L § 87-C (2021)
2021 New York Laws WKC - Workers' Compensation Article 6 - State Insurance Fund. 87-C - Investments in Obligations of Designated Public Benefit Corporations; Indemnifications.

§  87-c.  Investments  in  obligations  of  designated  public benefit   corporations; indemnifications. 1. The state  insurance  fund,  and  all   state officers with responsibility for the custody or investment of such   fund  or  of its assets, are authorized and directed to take any and all   actions necessary or appropriate to cause such fund to  make  purchases,   in  accordance  with  a schedule to be established, subject to amendment   from time to time, by the state director of the budget in the  aggregate   principal  amount  of  two  hundred  eighty-three  million  dollars,  of   obligations  of  any  one  or  more  of  the  following  public  benefit   corporations:  the  New  York state housing finance agency, the New York   state medical care facilities finance agency,  the  dormitory  authority   and  the  New  York  state  environmental  facilities  corporation. Such   schedule may be amended from time to time to provide  for  the  renewal,   refunding,  redemption  or  repayment  of  notes  purchased by the state   insurance fund in accordance with the schedule, or for the conversion of   such notes into  bonds,  provided  that  at  no  time  shall  the  total   aggregate  amount  of  obligations  held  by  the  state  insurance fund   pursuant  to  the  provisions  of  this  section  exceed   two   hundred   eighty-three   million   dollars.  The  terms  and  conditions  of  such   obligations, including the times of purchase and maturities thereof  and   the rates of interest thereon, shall be determined by the public benefit   corporation issuing the obligations, provided such terms and obligations   are  found  to  be  fair  and  reasonable by the state superintendent of   financial services.2. In order to obtain  the  funds  necessary  to  make  the  purchases   required  by  subdivision one of this section, the state insurance fund,   and all state officers with responsibility for the custody or investment   of such fund or of its assets, are authorized and directed to  take  any   and  all actions necessary or appropriate to cause such fund to sell all   United States government securities and  all  United  States  government   agency  and  instrumentality securities owned by the fund, on such terms   and conditions as are found to be  fair  and  reasonable  by  the  state   superintendent of financial services.3. It is hereby found and declared that any and all obligations of the   New  York  state housing finance agency, the New York state medical care   facilities finance agency, the dormitory  authority  and  the  New  York   state  environmental  facilities  corporation,  are reasonable, prudent,   proper and legal investments for the state insurance fund  and  for  all   state officers with responsibility for the custody or investment of such   fund or of its assets.4.  Notwithstanding  any other provision of law, no state officer with   responsibility for the custody or investment of the state insurance fund   or of its assets, or for the approval of the sale or investment of  such   assets,  nor any investment advisor, attorney, accountant or actuary who   shall have been employed by or shall have advised  such  officer,  shall   incur  or  suffer  any  liability  whatsoever to any person by reason of   actions  taken  pursuant  to  the   authorization   and   direction   of   subdivisions  one  or  two  of this section. Any action which could have   been  brought  against  any  aforementioned  state  officer,  investment   advisor,  attorney,  accountant or actuary, except for the provisions of   this subdivision, may be brought against the state insurance fund.5. a. Notwithstanding  any  other  provision  of  law,  including  the   provisions  of  section  seventeen of the public officers law, the state   insurance fund and the state, jointly and severally, shall save harmless   and indemnify each and every state officer with responsibility  for  the   custody  or investment of such fund or of its assets or for the approval   of the sale or investment of such assets, and  any  investment  advisor,   attorney,  accountant  or actuary who shall have been employed by or who    shall have advised such officer, and the state shall save  harmless  and   indemnify  the state insurance fund, from any and all financial loss and   expense arising out of or in connection with any  claim,  demand,  suit,   action, proceeding or judgment for alleged negligence, gross negligence,   waste  or  breach of fiduciary duty, or incapacity of any kind by reason   of any transaction  pursuant  to  the  authorization  and  direction  of   subdivisions  one  or  two  of this section, provided that such officer,   investment advisor, attorney, accountant or actuary shall,  within  five   days  after  the date on which he is personally served with, or receives   actual notice of, any summons, complaint, process, notice, demand, claim   or pleading, give notice thereof to such fund or the  attorney  general.   Upon  such  notice  the  state  insurance  fund and the attorney general   shall, if so requested, assume control of  the  representation  of  such   officer  or  investment  advisor,  attorney,  accountant  or actuary, in   connection with such claim, demand, suit,  action  or  proceeding.  Each   person  so  represented  shall  cooperate  fully  with  the fund and the   attorney general or any other person designated to assume  such  defense   in respect of such representation or defense.b.  Notwithstanding  any  provision  of law to the contrary, the state   shall also save harmless and indemnify the state insurance fund for  any   and  all financial loss and expense arising out of or in connection with   any  claim,  demand,  suit,  action,  proceeding  or  judgment  rendered   thereupon  against  such  fund  pursuant  to  subdivision  four  hereof,   provided that such fund shall, within five days after the date on  which   it is served with, or receives actual notice of, any summons, complaint,   process,  notice,  demand, claim or pleading, give notice thereof to the   attorney general. Upon such notice the  attorney  general  shall  assume   control  of  the  representation  of  such  fund in connection with such   claim, demand, suit, action or  proceeding.  The  fund  shall  cooperate   fully with the attorney general or any other person designated to assume   such defense in respect of such representation or defense.