N.Y. Workers' Compensation Law § 109: Suspension of payments into fund; temporary surcharge authorized

§ 109. Suspension of payments into fund; temporary surcharge

authorized. 1. When as of the end of any quarterly period the amount of

assets in the fund, as determined by the superintendent of financial

services, including any appropriation to such fund from the general fund

equals or exceeds seventy-four million dollars, no further contributions

to such fund shall be required to be made after that quarterly period,

provided, however, that whenever as of any subsequent quarterly period

the amount of such assets is less than seventy-four million dollars such

contributions shall be resumed at the beginning of the next quarter.

Thereafter the suspension or resumption of contributions shall be

governed by the foregoing provisions. During the period of time in which

any loans to the fund made pursuant to section seven thousand four

hundred thirty-three-a of the insurance law are outstanding, any assets

available after the payment of awards pursuant to section one hundred

nine-c of this article shall be used to repay such loans and not be

counted as assets for purposes of this section.

2. Notwithstanding the provisions of subdivision one of this section,

for each of the three month periods, commencing April first, nineteen

hundred ninety and ending March thirty-first, nineteen hundred

ninety-five, every mutual and every reciprocal carrier shall pay into

the fund a surcharge equal to one per centum of its net written

premiums, less the amount of dividends paid to policyholders, for the

period of such return. Such surcharge shall be in addition to any

payments which may be required pursuant to subdivision two of section

one hundred eight of this chapter.