N.Y. Workers' Compensation Law § 214: Special fund for disability benefits

§ 214. Special fund for disability benefits. There is hereby created a

fund which shall be known as the special fund for disability benefits to

provide for the payment of disability benefits under sections two

hundred seven, two hundred thirteen and attendance fees under section

two hundred thirty-two of this article.

1. As promptly as practicable after April first, in each year, the

chairman shall ascertain the condition of the fund, and if as of any

such date the net assets of the fund shall be one million dollars or

more below the sum of twelve million dollars, the chairman shall assess

and collect an amount sufficient to restore the fund to an amount equal

to twelve million dollars.. Such assessment shall be included in the

assessment rate established pursuant to subdivision two of section one

hundred fifty-one of this chapter. Such assessments shall be deposited

with the commissioner of taxation and finance and transferred to the

benefit of such fund upon payment of debt service, if any, pursuant to

section one hundred fifty-one of this chapter.

2. Whenever the net assets of the fund shall be less than three

million dollars and the disability claims currently being paid shall

indicate the necessity of supplementing the assets of the fund the

chairman may transfer from monies collected pursuant to subdivision two

of section one hundred fifty-one of this chapter an amount sufficient in

the discretion of the chairman for the needs of the fund, but not in

excess of an amount sufficient to restore the fund to twelve million

dollars.

3. All contributions and assessments received by the chairman under

the provisions of this section shall be credited to the fund herein

established and deposited by the chairman to the credit of the

commissioner of taxation and finance for the benefit of the fund. The

superintendent of financial services may examine into the condition of

the fund at any time on his own initiative or upon the request of the

chairman.