N.Y. Workers’ Compensation Law 109 – Suspension of payments into fund; temporary surcharge authorized
§ 109. Suspension of payments into fund; temporary surcharge authorized. 1. When as of the end of any quarterly period the amount of assets in the fund, as determined by the superintendent of financial services, including any appropriation to such fund from the general fund equals or exceeds seventy-four million dollars, no further contributions to such fund shall be required to be made after that quarterly period, provided, however, that whenever as of any subsequent quarterly period the amount of such assets is less than seventy-four million dollars such contributions shall be resumed at the beginning of the next quarter. Thereafter the suspension or resumption of contributions shall be governed by the foregoing provisions. During the period of time in which any loans to the fund made pursuant to § 7433-a of the insurance law are outstanding, any assets available after the payment of awards pursuant to section one hundred nine-c of this article shall be used to repay such loans and not be counted as assets for purposes of this section.
Terms Used In N.Y. Workers' Compensation Law 109
- 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.
- 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
- Fund: means the workers' compensation security fund. See N.Y. Workers' Compensation Law 106
- 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
2. Notwithstanding the provisions of subdivision one of this section, for each of the three month periods, commencing April first, nineteen hundred ninety and ending March thirty-first, nineteen hundred ninety-five, every mutual and every reciprocal carrier shall pay into the fund a surcharge equal to one per centum of its net written premiums, less the amount of dividends paid to policyholders, for the period of such return. Such surcharge shall be in addition to any payments which may be required pursuant to subdivision two of section one hundred eight of this chapter.