N.Y. Executive Law § 160-ccc: Contributions to the fund

§ 160-ccc. Contributions to the fund. Each independent livery base

shall be assessed an annual payment to the fund, to be set by the board

of directors no later than January first of each calendar year or such

other date as the board of directors may set consistent with, and as

necessary to effectuate, this article. The total amount of the payment

shall be determined by the fund as sufficient to provide it with total

assets equal to one hundred fifty percent of the cost of an insurance

policy issued under section one hundred sixty-ddd of this article, and

to provide for any administrative expense of the fund. Each independent

livery base's own share of such payments shall be determined by a

formula set by the board of directors, to be based on the number of

liveries affiliated with each livery base at the time the payments are

calculated, or such other measure set by the chair of the workers'

compensation board. Each independent livery base shall make the payments

assessed against it annually within thirty days of assessment. If it is

determined by the board of directors that there may be an insufficient

amount of money in the fund to purchase the requisite coverage or to pay

administrative expenses in a given year, the board of directors may

require each independent livery base to make an additional payment to

the fund based on the amount of its affiliated drivers on an annualized

basis or such other criteria as shall be established by the chair of the

workers' compensation board, except that no such payments shall be

assessed, such that the fund will have funds greater than necessary to

provide compensation under the workers' compensation law, to the extent

set forth in section one hundred sixty-ddd of this article for eighteen

months.