§ 50-a. Self-insurer offset fund.
1.The chair shall maintain a fund\nto be known as the self-insurer offset fund and such fund shall be held\nin the sole custody of the chair. The chair may transfer the money in\nsuch fund to the administrative account as necessary to effectuate the\npurpose of this section. The chair shall use the money in the fund to\npay unmet claims for self-insurers.\n 2. At any time prior to April first, two thousand eleven, the chair\nmay withdraw funds from the uninsured employers fund provided for under\nsection twenty-six-a of this chapter, up to such amount as the chair\ndetermines is sufficient to fund any anticipated additional expenses of\nsuch fund, taking into account anticipated available revenues, but in no\nevent to exceed seventy-five million dollar
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§ 50-a. Self-insurer offset fund. 1. The chair shall maintain a fund\nto be known as the self-insurer offset fund and such fund shall be held\nin the sole custody of the chair. The chair may transfer the money in\nsuch fund to the administrative account as necessary to effectuate the\npurpose of this section. The chair shall use the money in the fund to\npay unmet claims for self-insurers.\n 2. At any time prior to April first, two thousand eleven, the chair\nmay withdraw funds from the uninsured employers fund provided for under\nsection twenty-six-a of this chapter, up to such amount as the chair\ndetermines is sufficient to fund any anticipated additional expenses of\nsuch fund, taking into account anticipated available revenues, but in no\nevent to exceed seventy-five million dollars in the aggregate. Such\nfunds shall be deposited into the self-insurer offset fund, and used in\naccordance with subdivision one of this section. As consistent with this\nsection, the chair may set the timing of such withdrawals in its\ndiscretion.\n 3. Beginning in two thousand fifteen, and each year thereafter, the\nchair shall add to the total of each annual assessment made under\nparagraph g of subdivision five of section fifty of this article the sum\nof up to three million dollars, to be allocated to private group and\nindividual self-insurers in accordance with such paragraph. The chair\nshall assess additional funds under this paragraph as necessary to\ninsure that there are sufficient funds in the fund for uninsured\nemployers to meet its liabilities, or if necessary in accordance with\nsection one hundred fifty-one of this chapter. Such funds as are\ncollected pursuant to this subdivision shall be deposited into the\nuninsured employer fund until all funds withdrawn therefrom under\nsubdivision one of this section are returned with interest calculated at\nan annual rate equal to the rate of return on funds in the fund for\nuninsured employers from the prior year.\n 4. To the extent provided by the self-insurer bond financing agreement\nthe chair may request the dormitory authority to transfer bond proceeds\ninto such account for the purposes outlined in the bond financing\nagreement.\n 5. At such time as the board is not obligated to pay any unmet claims\nof a self-insurer, the fund created under this section shall be closed,\nand any money remaining in the fund shall be deposited into the\nuninsured employer fund.\n