N.Y. Workers’ Compensation Law 109-D – Notification of insolvency
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§ 109-d. Notification of insolvency. Duties of chairman. Forthwith upon any carrier becoming an insolvent carrier, the superintendent of financial services shall so notify the chairman, who shall immediately advise the superintendent (a) of all claims for compensation pending or thereafter made against an employer insured by such insolvent carrier or against such insolvent carrier; (b) of all unpaid or continuing awards and decisions made upon claims prior to or after the date of such notice from the superintendent; and (c) of all appeals from or applications for modification or rescission or review of such awards or decisions.
Terms Used In N.Y. Workers' Compensation Law 109-D
- Carrier: means a stock or mutual corporation or a reciprocal insurer or a nonprofit property/casualty insurance company, if such corporation or insurer is authorized to transact the business of workers' compensation insurance in this state, including but not limited to the issuance of an assumption of workers' compensation liability insurance policy, but not including any such corporation or insurer which is insolvent. See N.Y. Workers' Compensation Law 106
- compensation: include the benefits in relation to volunteer firefighters and volunteer ambulance workers pursuant to the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law and benefits in relation to longshore and harbor workers pursuant to the longshore and harbor workers' compensation act, United States Code, title 33, §§ 901 through 950. See N.Y. Workers' Compensation Law 106
- Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law. See N.Y. Workers' Compensation Law 106
- Insolvent carrier: means a carrier as to which an order of rehabilitation or of liquidation, or, if such carrier be a foreign insurer, as to which an order for conservation of its assets within the state, shall have been made after the effective date of this Article of the insurance law, or a foreign carrier which withdraws from or discontinues operation in this state and fails to meet payments due on awards made, but not including a carrier, whether a domestic or foreign insurer, which shall have become rehabilitated and allowed to resume business after any such rehabilitation or conservation of assets and meets its obligations as they mature. See N.Y. Workers' Compensation Law 106
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.