2023 New York Laws › WKC - Workers' Compensation › Article 6 - State Insurance Fund. › 87-I - New York State Insurance Fund Mwbe Asset Management and Financial Institution Strategy.

§  87-i.  New  York  state  insurance  fund  MWBE asset management and
financial  institution  strategy.  1.  Within  the  discretion  of   the
commissioners  of  the  state  insurance fund and in accordance with and
subject to their fiduciary duty and obligations as trustees of the state
insurance fund and to the beneficiaries of  such  fund  and  such  other
investment  limitations  as  may  be  prescribed  by  this  chapter, the
commissioners are authorized to establish an MWBE asset  management  and
financial   institution   strategy   including   reasonable   goals  for
utilization of MWBE asset managers, MWBE financial institutions and MWBE
financial and professional service firms, which strategy shall  include,
but shall not be limited to, the following objectives:
(a)  investing  assets  of  the  state  insurance fund with MWBE asset
managers;
(b) subject to best execution, (1) conducting trades of public  equity
securities  with  MWBE financial institutions; and (2) conducting trades
of fixed-income securities through MWBE financial institutions;
(c) allocating investments of  assets  of  the  state  insurance  fund
either   through  (1)  direct  investments  in  the  equities  and  debt
securities  of  MWBEs;  or  (2)  indirectly  through  special   programs
involving MWBE asset managers; and
(d)  awarding  contracts  for accounting, banking, financial advisory,
insurance,  legal,  research,  valuation   and   other   financial   and
professional  services  to  MWBE  financial  institutions and other MWBE
professional service firms.
As used in  this  section,  the  terms  "MWBE  asset  manager",  "MWBE
financial  institutions",  "MWBE",  "fiduciary-controlled  entities" and
"best execution" shall  have  the  meanings  specified  in  section  one
hundred  seventy-six of the retirement and social security law and shall
be certified in a manner consistent with the provisions  of  subdivision
three  of  section  four  hundred  twenty-three-c  of the retirement and
social security law.
2. The commissioners are also authorized to:
(a) periodically advertise the existence of such strategy so that MWBE
asset managers, MWBE financial institutions and other MWBE  professional
service  firms  are  made  aware  of  the  opportunities  made available
pursuant to this strategy;
(b) within sixty days of the end of each  fiscal  year  following  the
effective  date  of  this section, the commissioners shall report to the
governor, the legislature and the chief diversity officer of  the  state
of  New York on the participation of MWBE asset managers, MWBE financial
institutions and MWBE professional service providers in  investment  and
brokerage  transactions  with  or as providers of services for the state
insurance fund,  including  a  comparative  analysis  of  such  activity
relative   to   such   activity   with  all  asset  managers,  financial
institutions and professional service providers for the relevant  period
and  on  the  progress and success of the efforts undertaken during such
period to achieve the goals of  such  strategy.  Each  report  shall  be
simultaneously  published on the website of the state insurance fund for
not less than sixty days following its release to the governor  and  the
other recipients named above;
(c)  work  with  the  other  fiduciary-controlled entities to create a
database of such MWBE entities; and
(d) periodically, but not less than annually,  hold  a  conference  to
promote such strategy in conjunction with the other fiduciary-controlled
entities.