2013 New York Consolidated Laws
WKC - Workers' Compensation
Article 4 - (50 - 58) SECURITY FOR COMPENSATION
50-A - Self-insurer offset fund.

 
    §  50-a.  Self-insurer offset fund. 1. The chair shall maintain a fund
  to be known as the self-insurer offset fund and such fund shall be  held
  in  the  sole  custody of the chair. The chair may transfer the money in
  such fund to the administrative account as necessary to  effectuate  the
  purpose  of  this  section. The chair shall use the money in the fund to
  pay unmet claims for self-insurers.
    2. At any time prior to April first, two thousand  eleven,  the  chair
  may  withdraw funds from the uninsured employers fund provided for under
  section twenty-six-a of this chapter, up to such  amount  as  the  chair
  determines  is sufficient to fund any anticipated additional expenses of
  such fund, taking into account anticipated available revenues, but in no
  event to exceed seventy-five million  dollars  in  the  aggregate.  Such
  funds  shall be deposited into the self-insurer offset fund, and used in
  accordance with subdivision one of this section. As consistent with this
  section, the chair may  set  the  timing  of  such  withdrawals  in  its
  discretion.
    3.  Beginning  in  two thousand fifteen, and each year thereafter, the
  chair shall add to the  total  of  each  annual  assessment  made  under
  paragraph g of subdivision five of section fifty of this article the sum
  of  up  to  three  million dollars, to be allocated to private group and
  individual self-insurers in accordance with such  paragraph.  The  chair
  shall  assess  additional  funds  under  this  paragraph as necessary to
  insure that there  are  sufficient  funds  in  the  fund  for  uninsured
  employers  to  meet  its liabilities, or if necessary in accordance with
  section one hundred  fifty-one  of  this  chapter.  Such  funds  as  are
  collected  pursuant  to  this  subdivision  shall  be deposited into the
  uninsured employer  fund  until  all  funds  withdrawn  therefrom  under
  subdivision one of this section are returned with interest calculated at
  an  annual  rate  equal  to  the rate of return on funds in the fund for
  uninsured employers from the prior year.
    4. To the extent provided by the self-insurer bond financing agreement
  the chair may request the dormitory authority to transfer bond  proceeds
  into  such  account  for  the  purposes  outlined  in the bond financing
  agreement.
    5. At such time as the board is not obligated to pay any unmet  claims
  of  a self-insurer, the fund created under this section shall be closed,
  and any money  remaining  in  the  fund  shall  be  deposited  into  the
  uninsured employer fund.