N.Y. Public Health Law § 2999-i: Custody and administration of the fund

§ 2999-i. Custody and administration of the fund. 1. (a) The

commissioner of taxation and finance shall be the custodian of the fund

and the special account established pursuant to section ninety-nine-t of

the state finance law. All payments from the fund shall be made by the

commissioner of taxation and finance upon certificates signed by the

commissioner, or his or her designee, as hereinafter provided. The fund

shall be separate and apart from any other fund and from all other state

monies; provided, however, that monies of the fund may be invested as

set forth in paragraph (b) of this subdivision. No monies from the fund

shall be transferred to any other fund, nor shall any such monies be

applied to the making of any payment for any purpose other than the

purpose set forth in this title.

(b) Any monies of the fund not required for immediate use may, at the

discretion of the commissioner in consultation with the director of the

budget, be invested by the commissioner of taxation and finance in

obligations of the United States or the state or obligations the

principal and interest of which are guaranteed by the United States or

the state. The proceeds of any such investment shall be retained by the

fund as assets to be used for the purposes of the fund.

2. (a) The fund shall be administered by the commissioner or his or

her designee in accordance with the provisions of this article.

(b) The commissioner shall have all powers necessary and proper to

carry out the purposes of the fund.

(c) Notwithstanding any contrary provision of this section, sections

one hundred twelve and one hundred sixty-three of the state finance law

or any other contrary provision of law, the superintendent of financial

services is authorized to assign and the commissioner is authorized to

receive assignment of any and all contracts entered into by the

superintendent of financial services to administer the fund for periods

prior to October first, two thousand nineteen.

(d) The department shall post on its website information about the

fund and the process for enrollment in the fund.

3. The expense of administering the fund shall be paid from the fund.

4. Monies for the fund will be provided pursuant to this chapter.

5. For the state fiscal year beginning April first, two thousand

eleven and ending March thirty-first, two thousand twelve, the state

fiscal year beginning April first, two thousand twelve and ending March

thirty-first, two thousand thirteen, and the state fiscal year beginning

April first, two thousand thirteen and ending March thirty-first, two

thousand fourteen, the superintendent of financial services shall cause

to be deposited into the fund for each such fiscal year the amount

appropriated for such purpose. Beginning April first, two thousand

fourteen and annually thereafter, the superintendent of financial

services or the commissioner, whoever is administering the fund for the

applicable period shall cause to be deposited into the fund, subject to

available appropriations, an amount equal to the difference between the

amount appropriated to the fund in the preceding fiscal year, as

increased by the adjustment factor defined in subdivision seven of this

section, and the assets of the fund at the conclusion of that fiscal

year.

6. (a) Following the deposit referenced in subdivision five of this

section, the commissioner shall conduct an actuarial calculation of the

estimated liabilities of the fund for the coming year resulting from the

qualified plaintiffs enrolled in the fund. The administrator shall from

time to time adjust such calculation in accordance with subdivision

seven of this section. If the total of all estimates of current

liabilities equals or exceeds eighty percent of the fund's assets, then

the fund shall not accept any new enrollments until a new deposit has

been made pursuant to subdivision five of this section. When, as a

result of such new deposit, the fund's liabilities no longer exceed

eighty percent of the fund's assets, the fund administrator shall enroll

new qualified plaintiffs in the order that an application for enrollment

has been submitted in accordance with subdivision seven of section

twenty-nine hundred ninety-nine-j of this title.

(b) Whenever enrollment is suspended pursuant to paragraph (a) of this

subdivision and until such time as enrollment resumes pursuant to such

paragraph: (i) notice of such suspension shall be promptly posted on the

department's website; (ii) the fund administrator shall deny each

application for enrollment that had been received but not accepted prior

to the date of suspension and each application for enrollment received

after the date of such suspension; and (iii) notification of each such

denial shall be made to the plaintiff or claimant or persons authorized

to act on behalf of such plaintiff or claimant and all defendants in

regard to such plaintiff or claimant, to the extent they are known to

the fund administrator. Judgments and settlements for plaintiffs or

claimants for whom applications are denied under this paragraph or who

are not eligible for enrollment due to suspension pursuant to paragraph

(a) of this subdivision shall be satisfied as if this title had not been

enacted.

(c) Following a suspension, whenever enrollment resumes pursuant to

paragraph (a) of this subdivision, notice that enrollment has resumed

shall be promptly posted on the department's website.

(d) The suspension of enrollment pursuant to paragraph (a) of this

subdivision shall not impact payment under the fund for any qualified

plaintiffs already enrolled in the fund.

7. For purposes of this section, the adjustment factor referenced in

this section shall be the ten year rolling average medical component of

the consumer price index as published by the United States department of

labor, bureau of labor statistics, for the preceding ten years.