NY Work Comp L § 87-D (2021)
2021 New York Laws WKC - Workers' Compensation Article 6 - State Insurance Fund. 87-D - Contractual Obligations as Evidence of Indebtedness Upon Reimbursement of Reserves.

§  87-d.  Contractual  obligations  as  evidence  of indebtedness upon   reimbursement of reserves. 1. a. Notwithstanding any other provision  of   law the contrary, the state insurance fund, hereafter referred to as the   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   enter  into  an  agreement,  renewable  on  an  annual  basis,  with the   department of civil service whereunder  the  state  shall  make  advance   periodic  payments  to  the  fund  for  the  payment  to maturity of all   obligations under this chapter of the state as employer and the fund  as   insurer  with  respect  to  injuries  or deaths resulting from accidents   arising out of and in the course of employment occurring prior to  April   first, nineteen hundred eighty-one.b.  The  agreement  shall  provide that the fund shall segregate on an   actuarially sound basis any and all monies and  assets  held  by  it  as   reserves  for  the  payment  of such obligations of the state under this   chapter, and pay to the state the aggregate amount thereof.c. The agreement shall further provide that if at any  time  prior  to   July  first,  nineteen  hundred eighty-two, and at any time prior to the   termination of any twelve month period immediately succeeding such  date   during  which  the  agreement,  or  any renewal, is in effect, an amount   equal to the total amount in the aggregate determined by the fund to  be   required  to  pay to maturity the obligations referred to in paragraph a   of this subdivision, has not been appropriated  by  the  state  for  the   state  fiscal  year commencing April first, nineteen hundred eighty-two,   or any subsequent fiscal year during which the agreement provided for in   this  subdivision,  or  any  renewal  thereof,  is  in  existence,   the   unliquidated  amount  of the agreement or the renewal, as computed on an   actuarially sound basis by the fund, required to pay  in  the  aggregate   the  remainder  of  such  incurred  obligations  to  maturity,  shall be   immediately payable by the state to the fund from the funds appropriated   by the state and encumbered by the agreement or renewal.2. It is hereby found and declared that the agreement provided for  in   subdivision  one  of this section is an evidence of indebtedness, and as   such, it shall be deemed an asset of the state  insurance  fund,  and  a   proper  and  prudent  legal  undertaking  for any state officer with the   responsibility for the custody or the investment of the  assets  of  the   fund, notwithstanding any other provision of law to the contrary.3.  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 execution of  and  the  entering  into  the   agreement  or  any  renewals,  as  required  by  subdivision one of this   section, nor any 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 subdivision one of this   section.  Any  action  which  could  have  been  brought   against   any   aforementioned  state  officer,  attorney, accountant or actuary, except   for the provisions of this subdivision, may be brought against the state   of New York.4. 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 execution   of and the entering into the agreement as required by subdivision one of   this  section,  and  any  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 subdivision one or two of this section,   provided that such  officer,  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 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.