NY Work Comp L § 108 (2021)
2021 New York Laws WKC - Workers' Compensation Article 6-A - Workers' Compensation Security Fund 108 - Payments Into Fund; Returns; Recoupment.

§  108.  Payments  into fund; returns; recoupment. 1. On or before the   fifteenth day of February, May, August and November, of each year, every   carrier shall file, quarterly,  with  the  superintendent  of  financial   services  and  with  the commissioner of taxation and finance, identical   returns, under oath, on a form to be prescribed  and  furnished  by  the   superintendent  of financial services, stating the amount of net written   premiums for policies issued or renewed  by  such  carrier,  during  the   three  months'  periods  ending, respectively, on the preceding December   thirty-first,  March  thirty-first,  June   thirtieth,   and   September   thirtieth,  to  insure  payment of compensation pursuant to this chapter   and/or the longshore and harbor workers' compensation  act  and  stating   the  amount  of  dividends paid to policyholders during said period. For   the purposes of this section "net written  premiums"  shall  mean  gross   written  premiums  less return premiums on policies returned "not taken"   and on policies cancelled, but shall not mean premiums for reinsurance.2.  For  the  privilege  of  carrying  on  the  business  of  workers'   compensation  insurance  in this state, every carrier shall pay into the   fund for deposit in the  workers'  compensation  security  fund  payment   account  established  pursuant  to  section  eighty-nine-f  of the state   finance law, upon filing each quarterly return, a sum equal to  one  per   centum, provided, however, that the superintendent of financial services   may  require  each  carrier  to  pay into the fund not more than two per   centum, of its net written premiums, less the amount of  dividends  paid   to  policyholders,  for  the  period covered by such return, except when   suspended in accordance with section one hundred nine of this article.3. The provisions of this section shall  not  apply  with  respect  to   policies containing coverage pursuant to subsection (j) of section three   thousand  four  hundred  twenty  of  the insurance law relating to every   policy providing comprehensive personal liability insurance  on  a  one,   two, three or four family owner-occupied dwelling.4. The superintendent shall adopt a recoupment rate which shall enable   each carrier to recoup over a reasonable length of time a sum reasonably   calculated  to recover the payments by the carrier under this section by   way of a surcharge on premiums charged for insurance policies  to  which   this  section  applies. Amounts recouped shall not be considered taxable   for the purposes of article thirty-three of the tax law.5. The amount of any surcharge on premiums pursuant to subdivison  two   of this section shall be separately stated on either a billing or policy   declaration  sent  to an insured. The superintendent shall determine the   rate of the surcharge and the  collection  period  and  these  shall  be   mandatory for all carriers. Carriers who collect surcharges in excess of   payments  made  pursuant  to  this section shall remit the excess to the   superintendent within one hundred twenty  days  after  the  end  of  the   collection  period  determined  by  the superintendent. The excess shall   first be applied to reimburse, on an equitable basis, those carriers who   are unable to collect surcharges equal to their  paid  assessments,  and   any  excess  thereafter  shall  be retained by the fund to reduce future   assessments.6. The statement of the amount of surcharge required to be provided by   subdivision five of this section shall include  a  description  of,  and   purpose  for,  the  New  York  Workers'  Compensation  Security Fund, as   follows:"Companies writing workers' compensation  insurance  business  in  New   York  are  required to participate in the New York Workers' Compensation   Security Fund. If a company becomes insolvent, the security fund settles   unpaid claims and assesses each insurance company for its fair share. New York law requires all companies to surcharge policies  to  recover   these  assessments.  If  your  policy  is  surcharged 'NY surcharge', an   amount will be displayed on your premium notice."