NY Work Comp L § 87-H (2021)
2021 New York Laws WKC - Workers' Compensation Article 6 - State Insurance Fund. 87-H - Investments of the State Insurance Fund.

§  87-h.  Investments  of  the  state  insurance  fund.  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 to   take any and all actions necessary or appropriate to cause such fund  to   make  purchases  of the interest of the New York state urban development   corporation in certain securities or  moneys  as  described  in  section   three  hundred  thirty  of  the  chapter of the laws of nineteen hundred   ninety which added this section or its interest in such portion of  such   securities  or  moneys  as  shall  be  specified  by the director of the   budget, for a price equal to the reasonable value of the  securities  or   moneys  so purchased; provided that all payments which the fund shall be   entitled to as buyer of such  interest  of  the  New  York  state  urban   development corporation in such moneys or securities as provided in such   chapter  shall  be  secured  through  credit  enhancement provided by an   enhancer whose credit rating at the time the enhancement arrangement  is   entered  into  is  at  least  "Aa"  or  "AA", as the case might be, by a   nationally recognized rating agency. Such fund is further authorized  to   enter  into  such  transactions  with  respect to such securities as are   necessary to effectuate the purposes of such chapter.2. It is hereby found and declared that any and all such purchases  of   such  interest  in  such  securities  or moneys 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.3.  In  order  to  obtain  the  funds  necessary to make the purchases   authorized 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  to  take  any  and  all   actions  necessary  or appropriate to cause such fund to sell securities   owned by the fund or to borrow an amount not  exceeding  the  obligation   incurred  by  such  fund  pursuant  to  this  section  and  to pledge as   collateral therefor such assets, on such terms  and  conditions  as  are   found to be fair and reasonable by the state superintendent of financial   services.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 of subdivision one or  three   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 of subdivision  one  or    three  of  this section, provided that such officer, investment advisor,   attorney, accountant or actuary shall, within  fifteen  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 or by   reason of any transaction pursuant to the authorization  of  subdivision   one  or  three  of  this  section, provided that such fund shall, within   fifteen 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.