§ 109 — Suspension of payments into fund; temporary surcharge authorized

New York § 109

• Jurisdiction: New York
• Law WKC: Workers' Compensation
• Art. 6-A: Workers' Compensation Security Fund

Text

§ 109. Suspension of payments into fund; temporary surcharge\nauthorized. 1. When as of the end of any quarterly period the amount of\nassets in the fund, as determined by the superintendent of financial\nservices, including any appropriation to such fund from the general fund\nequals or exceeds seventy-four million dollars, no further contributions\nto such fund shall be required to be made after that quarterly period,\nprovided, however, that whenever as of any subsequent quarterly period\nthe amount of such assets is less than seventy-four million dollars such\ncontributions shall be resumed at the beginning of the next quarter.\nThereafter the suspension or resumption of contributions shall be\ngoverned by the foregoing provisions. During the period of time in which\nany loans to the fund made pursuant to section seven thousand four\nhundred thirty-three-a of the insurance law are outstanding, any assets\navailable after the payment of awards pursuant to section one hundred\nnine-c of this article shall be used to repay such loans and not be\ncounted as assets for purposes of this section.\n 2. Notwithstanding the provisions of subdivision one of this section,\nfor each of the three month periods, commencing April first, nineteen\nhundred ninety and ending March thirty-first, nineteen hundred\nninety-five, every mutual and every reciprocal carrier shall pay into\nthe fund a surcharge equal to one per centum of its net written\npremiums, less the amount of dividends paid to policyholders, for the\nperiod of such return. Such surcharge shall be in addition to any\npayments which may be required pursuant to subdivision two of section\none hundred eight of this chapter.\n