§ 160-CCC — Contributions to the fund

§ 160-ccc. Contributions to the fund. Each independent livery base\nshall be assessed an annual payment to the fund, to be set by the board\nof directors no later than January first of each calendar year or such\nother date as the board of directors may set consistent with, and as\nnecessary to effectuate, this article. The total amount of the payment\nshall be determined by the fund as sufficient to provide it with total\nassets equal to one hundred fifty percent of the cost of an insurance\npolicy issued under section one hundred sixty-ddd of this article, and\nto provide for any administrative expense of the fund. Each independent\nlivery base's own share of such payments shall be determined by a\nformula set by the board of directors, to be based on the number of\nliveries affiliated with each livery base at the time the payments are\ncalculated, or such other measure set by the chair of the workers'\ncompensation board. Each independent livery base shall make the payments\nassessed against it annually within thirty days of assessment. If it is\ndetermined by the board of directors that there may be an insufficient\namount of money in the fund to purchase the requisite coverage or to pay\nadministrative expenses in a given year, the board of directors may\nrequire each independent livery base to make an additional payment to\nthe fund based on the amount of its affiliated drivers on an annualized\nbasis or such other criteria as shall be established by the chair of the\nworkers' compensation board, except that no such payments shall be\nassessed, such that the fund will have funds greater than necessary to\nprovide compensation under the workers' compensation law, to the extent\nset forth in section one hundred sixty-ddd of this article for eighteen\nmonths.\n