Terms Used In New York Laws > Workers' Compensation > Article 6-A - Workers' Compensation Security Fund

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law. See N.Y. Workers' Compensation Law 106
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: means the workers' compensation security fund. 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mutual carrier: means any mutual corporation or reciprocal insurer, other than an insolvent carrier, authorized to transact the business of workmen's compensation insurance in this state. See N.Y. Workers' Compensation Law 106
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Oath: A promise to tell the truth.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Reciprocal insurer: means any reciprocal insurer authorized to transact the business of workmen's compensation insurance in this state and such reciprocal insurer shall be deemed to be a mutual carrier within the intent of the several provisions of this article. 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.
• This chapter: includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law; and the longshore and harbor workers' compensation act, United States Code, title 33, §§ 901 through 950; except when such a meaning is inconsistent with this article. See N.Y. Workers' Compensation Law 106
• Trustee: A person or institution holding and administering property in trust.