New York Codes, Rules and Regulations › Title 12 - DEPARTMENT OF LABOR › Chapter V - Workers' Compensation › Subchapter H - Disability Benefits › Article 1 - Regulations Under Disability Benefits Law › Part 361 - Self-insurance Regulations › Section 361.1 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every employer
					 and every association of employers or employees, or trustee or trustees paying
					 benefits under a plan or agreement authorized under subdivision 4 or 5 of
					 section 211  of the Workers' Compensation Law desiring to provide for the
					 payment of benefits through approved self-insurance under subdivision 3 of
					 section 211  of the Workers' Compensation Law shall apply to the chair for the
					 privilege of becoming a self-insurer. Such application shall be in form
					 prescribed by the chair.
(b) If the
					 applicant is an association of employers or employees, or a trustee or
					 trustees, each employer of employees for whom benefits under a plan pursuant to
					 subdivision 4 or 5 of section 211  of the Workers' Compensation Law are to be
					 provided by the applicant shall apply, in form prescribed by the chair, for
					 acceptance of the plan of the association of employers or employees, trustee or
					 trustees as the plan of the employer.
(c) If the chair shall be satisfied as to the
					 financial and administrative ability of the applicant to make payment of the
					 benefits provided and that the applicant's tangible assets make reasonably
					 certain the payment of all obligations that may arise under article 9 of the
					 Workers' Compensation Law, the application may be granted on the conditions
					 provided herein and such other conditions as, in the discretion of the chair,
					 as may be necessary or desirable in any case.
(d) Each applicant for self-insurance shall
					 file the most recent certified, independently audited financial statement and
					 copy of form 10K, if any, filed by the applicant with the Securities and
					 Exchange Commission. A subsidiary corporation may submit the consolidated
					 financial statement of the parent corporation in lieu of its own individual
					 financial statement. In such event, however, the parent corporation must
					 guarantee the liability of the subsidiary corporation under article 9 of the
					 Workers' Compensation Law by filing with the chair an agreement of assumption
					 and guarantee, in form approved by the chair.
(e) Employers self-insured under the
					 provisions of section 204  of the Workers' Compensation Law prior to the
					 effective date of the family leave benefit provisions of section 204  of the
					 Workers' Compensation Law and continuing to self-insure shall have the option
					 to elect to be self-insured for family leave benefits or obtain alternative
					 coverage pursuant to subdivisions (1) and (2) of section 211  of the Workers'
					 Compensation Law.
(f) Such election
					 to self-insure for family leave benefits under section 204  of the Workers'
					 Compensation Law must occur no later than September 30, 2017, and will require
					 the self-insurer to post additional security and execute a binding agreement
					 acknowledging acceptance of all liability for benefits paid that exceed the
					 funds collected from employees, provided that the said contributions were at
					 the mandatory maximum rate allowed by law. Employers self-insured under the
					 provisions of section 204  of the Workers' Compensation Law prior to the
					 effective date of the family leave benefit provisions of section 204  of the
					 Workers' Compensation Law, who are electing to self-insure for paid family
					 leave benefits, must submit a payroll report on a form prescribed by the chair.
					 Such report shall include the full annual payroll of the self-insurer and its
					 self-insured subsidiaries as of December 31, 2016. This report must be
					 submitted no later than September 30, 2017.
(g) No employee shall bear any additional
					 cost above the maximum employee contribution rate allowed by law and as
					 published by the Superintendent of Financial Services and no employer may
					 collect any contributions above the maximum rate allowed, except as part of an
					 enhanced benefits plan approved by the chair pursuant to subdivision (5) of
					 section 211  of the Workers' Compensation Law.