§ 2999-I — Custody and administration of the fund

§ 2999-i. Custody and administration of the fund. 1. (a) The\ncommissioner of taxation and finance shall be the custodian of the fund\nand the special account established pursuant to section ninety-nine-t of\nthe state finance law. All payments from the fund shall be made by the\ncommissioner of taxation and finance upon certificates signed by the\ncommissioner, or his or her designee, as hereinafter provided. The fund\nshall be separate and apart from any other fund and from all other state\nmonies; provided, however, that monies of the fund may be invested as\nset forth in paragraph (b) of this subdivision. No monies from the fund\nshall be transferred to any other fund, nor shall any such monies be\napplied to the making of any payment for any purpose other than the\npurpose set forth in this title.\n (b) Any monies of the fund not required for immediate use may, at the\ndiscretion of the commissioner in consultation with the director of the\nbudget, be invested by the commissioner of taxation and finance in\nobligations of the United States or the state or obligations the\nprincipal and interest of which are guaranteed by the United States or\nthe state. The proceeds of any such investment shall be retained by the\nfund as assets to be used for the purposes of the fund.\n 2. (a) The fund shall be administered by the commissioner or his or\nher designee in accordance with the provisions of this article.\n (b) The commissioner shall have all powers necessary and proper to\ncarry out the purposes of the fund.\n (c) Notwithstanding any contrary provision of this section, sections\none hundred twelve and one hundred sixty-three of the state finance law\nor any other contrary provision of law, the superintendent of financial\nservices is authorized to assign and the commissioner is authorized to\nreceive assignment of any and all contracts entered into by the\nsuperintendent of financial services to administer the fund for periods\nprior to October first, two thousand nineteen.\n (d) The department shall post on its website information about the\nfund and the process for enrollment in the fund.\n 3. The expense of administering the fund shall be paid from the fund.\n 4. Monies for the fund will be provided pursuant to this chapter.\n 5. For the state fiscal year beginning April first, two thousand\neleven and ending March thirty-first, two thousand twelve, the state\nfiscal year beginning April first, two thousand twelve and ending March\nthirty-first, two thousand thirteen, and the state fiscal year beginning\nApril first, two thousand thirteen and ending March thirty-first, two\nthousand fourteen, the superintendent of financial services shall cause\nto be deposited into the fund for each such fiscal year the amount\nappropriated for such purpose. Beginning April first, two thousand\nfourteen and annually thereafter, the superintendent of financial\nservices or the commissioner, whoever is administering the fund for the\napplicable period shall cause to be deposited into the fund, subject to\navailable appropriations, an amount equal to the difference between the\namount appropriated to the fund in the preceding fiscal year, as\nincreased by the adjustment factor defined in subdivision seven of this\nsection, and the assets of the fund at the conclusion of that fiscal\nyear.\n 6. (a) Following the deposit referenced in subdivision five of this\nsection, the commissioner shall conduct an actuarial calculation of the\nestimated liabilities of the fund for the coming year resulting from the\nqualified plaintiffs enrolled in the fund. The administrator shall from\ntime to time adjust such calculation in accordance with subdivision\nseven of this section. If the total of all estimates of current\nliabilities equals or exceeds eighty percent of the fund's assets, then\nthe fund shall not accept any new enrollments until a new deposit has\nbeen made pursuant to subdivision five of this section. When, as a\nresult of such new deposit, the fund's liabilities no longer exceed\neighty percent of the fund's assets, the fund administrator shall enroll\nnew qualified plaintiffs in the order that an application for enrollment\nhas been submitted in accordance with subdivision seven of section\ntwenty-nine hundred ninety-nine-j of this title.\n (b) Whenever enrollment is suspended pursuant to paragraph (a) of this\nsubdivision and until such time as enrollment resumes pursuant to such\nparagraph: (i) notice of such suspension shall be promptly posted on the\ndepartment's website; (ii) the fund administrator shall deny each\napplication for enrollment that had been received but not accepted prior\nto the date of suspension and each application for enrollment received\nafter the date of such suspension; and (iii) notification of each such\ndenial shall be made to the plaintiff or claimant or persons authorized\nto act on behalf of such plaintiff or claimant and all defendants in\nregard to such plaintiff or claimant, to the extent they are known to\nthe fund administrator. Judgments and settlements for plaintiffs or\nclaimants for whom applications are denied under this paragraph or who\nare not eligible for enrollment due to suspension pursuant to paragraph\n(a) of this subdivision shall be satisfied as if this title had not been\nenacted.\n (c) Following a suspension, whenever enrollment resumes pursuant to\nparagraph (a) of this subdivision, notice that enrollment has resumed\nshall be promptly posted on the department's website.\n (d) The suspension of enrollment pursuant to paragraph (a) of this\nsubdivision shall not impact payment under the fund for any qualified\nplaintiffs already enrolled in the fund.\n 7. For purposes of this section, the adjustment factor referenced in\nthis section shall be the ten year rolling average medical component of\nthe consumer price index as published by the United States department of\nlabor, bureau of labor statistics, for the preceding ten years.\n