§ 107 — Workers' compensation security fund

§ 107. Workers' compensation security fund. The purpose of the fund is\nto assure to persons and funds entitled thereto the compensation and\nbenefits provided by this chapter for employments insured in insolvent\ncarriers, including the return of unearned premiums. Such fund shall be\napplicable to the payment of awards for compensation or death benefits\nand to the payment of benefits into the special funds created under the\nprovisions of subdivisions eight and nine of section fifteen and section\ntwenty-five-a of this chapter heretofore or hereafter made pursuant to\nthis chapter, and remaining unpaid, in whole or in part, by reason of\nthe default, after the effective date of this article, of an insolvent\ncarrier including the return of unearned premiums, but such fund shall\nnot be applicable to the payment of any amounts due under any policy of\nreinsurance issued to an insurance carrier. The fund shall also be\napplicable to the payment of liability claims against an employer under\nthe employer's liability insurance portion of the standard New York\nworkers' compensation and employer's liability insurance policy, but no\npayment from the fund for such liability claim shall exceed the lesser\nof the policy limit or one million dollars on any one claim. Expenses of\nadministration also shall be paid from the fund as herein provided. Such\nfund shall consist of all contributions received and paid into the fund\nby carriers, as herein defined, of property and securities acquired by\nand through the use of moneys belonging to the fund and of interest\nearned upon moneys deposited or invested as herein provided. The payment\nof the return of unearned premiums and the payment of liability claims\nprovided for pursuant to the provisions of this section shall be made\nonly if the fund is determined by the superintendent of financial\nservices to be sufficient to satisfy all claims for compensation or\ndeath benefits and to the payment of benefits into the special funds\ncreated under the provisions of subdivisions eight and nine of section\nfifteen and section twenty-five-a of this chapter and, provided further,\nthat the superintendent of financial services shall designate sufficient\nassets from this fund for the payment of such claims which shall not at\nany time be diverted to any other use or purpose. The fund shall be\nadministered by the superintendent of financial services in accordance\nwith the provisions of this article.\n