This text of New York § 15-A (Assessment on insolvent group self-insured trusts) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 15-a. Assessment on insolvent group self-insured trusts. The\nlegislature finds that in lieu of the assessments under sections fifteen\nand one hundred fifty-one of this chapter that shall no longer be\nimposed on closed group self-insured trusts as a result of the chapter\nof the laws of two thousand eleven which added this section, the members\nof group self-insured trusts that were insolvent upon closing, and that\nfail to pay their obligations within the periods specified by this\nsection, shall be subject to a one time assessment pursuant to this\nsection. Within thirty days of January first, two thousand sixteen, all\nemployers who were members of a closed group self-insured trust that was\ninsolvent at the time the group was closed shall be subject to an\nassessment under this s
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§ 15-a. Assessment on insolvent group self-insured trusts. The\nlegislature finds that in lieu of the assessments under sections fifteen\nand one hundred fifty-one of this chapter that shall no longer be\nimposed on closed group self-insured trusts as a result of the chapter\nof the laws of two thousand eleven which added this section, the members\nof group self-insured trusts that were insolvent upon closing, and that\nfail to pay their obligations within the periods specified by this\nsection, shall be subject to a one time assessment pursuant to this\nsection. Within thirty days of January first, two thousand sixteen, all\nemployers who were members of a closed group self-insured trust that was\ninsolvent at the time the group was closed shall be subject to an\nassessment under this section, except for those employers that: (1) have\nentered into a settlement agreement or payment plan with the board under\nwhich they have agreed to resolve all liabilities from the membership in\nsuch trust, and remain current in their payments; (2) are members of a\ngroup self-insurer that has transferred all of its liabilities\ntransferred via a loss portfolio transfer; or (3) have paid all moneys\nbilled them by the board at the time such assessment is due. For\npurposes of this section, insolvent means the inability of a private\ngroup self-insured trust to pay its outstanding lawful obligations under\nthis chapter as they mature in the regular course of business, as may be\nshown by: (i) the self-insurer being underfunded as defined in\nsubdivision three-a of section fifty of this chapter; and (ii) the sum\nof the group self-insured trust's assets, as defined by regulation of\nthe chair, plus the available security deposit held by the chair\npursuant to subdivision three-a of section fifty of this chapter and\nregulation of the chair, being less than the total cost of all of the\ngroup self-insured trust's anticipated workers' compensation\nliabilities, as defined by board regulations, that will accrue within\nthe succeeding six months. The total of such assessment shall be\ndetermined by the percentage of the assessment levied on all employers\nunder subdivision eight of section fifteen of this article in two\nthousand ten that was levied on group self-insured trusts multiplied by\nthe total amount of the employer's unpaid pro rata share of any deficit\nowed by the closed group self-insured employer of which such employer\nwas a member, as determined by the chair. The amount received on such\nassessment shall be used as an offset against the assessments imposed on\nother employers under subdivision eight of section fifteen of this\narticle and section one hundred fifty-one of this chapter in the\ncalendar year following the year in which it was received.\n