2016 New York Laws
WKC - Workers' Compensation
Article 6 - (Workers' Compensation) State Insurance Fund.
76 - Creation of state fund.

  76.  Creation  of  state  fund. 1. There is hereby continued in the
  department of labor a fund known as "the state insurance fund", for  the
  purpose of insuring employers against liability for personal injuries or
  death  sustained  by  their  employees,  including  liability other than
  liability assumed by contract imposed upon employers by reason of a suit
  or claim brought against the employer by another to recover  the  amount
  of  damages  obtained from such other by an employee of the employer for
  injuries or in case of death by his dependents for  death  sustained  by
  such  employee arising out of and in the course of his employment and to
  pay such damages, and of assuring to the persons  entitled  thereto  the
  compensation  and  benefits  provided  by  this  chapter  or  by any act
  providing for compensation now or hereafter enacted by the  congress  of
  the  United  States  of  America  if  such  liability  is incident to an
  employment carried on in  this  state,  and  every  such  payment  shall
  constitute  an  element  of loss for the purpose of establishing premium
  rates. Such fund shall consist of all premiums received  and  paid  into
  the  fund, of property and securities acquired by and through the use of
  moneys belonging  to  the  fund  and  of  interest  earned  upon  moneys
  belonging to the fund and deposited or invested as herein provided. Such
  fund  shall  be applicable to the payment of losses sustained on account
  of insurance, to the payment of expenses in the manner provided in  this
  chapter  and to the payment of premiums for reinsurance in any insurance
  corporation of the whole or any part of any policy obligations.
2. The purposes of the state insurance fund herein created are  hereby
  enlarged  to  provide insurance for the payment of the benefits required
  by section two hundred four  of  this  chapter  including  benefits  for
  family  leave.  A  separate  fund  is  hereby  created  within the state
  insurance fund, which shall be known as the "disability benefits  fund",
  and which shall consist of all premiums received and paid into said fund
  on account of such insurance, all securities acquired by and through the
  use  of moneys belonging to said fund and of interest earned upon moneys
  belonging to said fund and deposited or  invested  as  herein  provided.
  Said  disability  benefits  fund  shall  be applicable to the payment of
  benefits, expenses and  assessments  on  account  of  insurance  written
  pursuant  to  article  nine  of  this  chapter.  Premiums  for  policies
  providing disability and family leave benefits in accordance  with  this
  article  shall be calculated in accordance with applicable provisions of
  the insurance law, including subsection (n) of section four thousand two
  hundred thirty-five of such law. The state  insurance  fund  shall  have
  authority to discount or surcharge on established premium rates based on
  sound actuarial principles.
2-b.  The purposes of the state insurance fund created in this section
  are hereby enlarged to provide for the insurance by the state  insurance
  fund  of  the  payment  of  the benefits required by section one hundred
  sixty-ddd of the executive law.
3. The respective assets and liabilities of the workers'  compensation
  and  disability  benefits  funds  provided  in this section shall be and
  remain separate except that advances may be made from  either  fund  for
  the  payment  of  benefits  and  for administrative expenses, subject to
  annual reimbursement.
Whenever used in this article the terms "state insurance fund", "state
  fund"  and  "fund"  shall  be  deemed  to  include  both  the   workers'
  compensation  fund  and  the disability benefits fund unless the context
  otherwise indicates.
4. The purposes of  such  state  insurance  fund  are  hereby  further
  enlarged  to  permit  it  to  furnish  to  self-insurers,  as defined in
  subdivision three of section fifty of this chapter,  representation  and
  services  of the nature specified in paragraph five of subsection (a) of

  section  one  thousand  six  hundred  one  of  the  insurance  law   and
  subdivision three-d of section fifty of this chapter.
5.  No  monies of the state insurance fund shall be transferred to any
  other fund, nor shall any such monies be applied to the  making  of  any
  payment  for  any  purpose  other  than  the  purposes set forth in this
  article.