N.Y. Workers' Compensation Law § 50-a: Self-insurer offset fund

§ 50-a. Self-insurer offset fund. 1. The chair shall maintain a fund

to be known as the self-insurer offset fund and such fund shall be held

in the sole custody of the chair. The chair may transfer the money in

such fund to the administrative account as necessary to effectuate the

purpose of this section. The chair shall use the money in the fund to

pay unmet claims for self-insurers.

2. At any time prior to April first, two thousand eleven, the chair

may withdraw funds from the uninsured employers fund provided for under

section twenty-six-a of this chapter, up to such amount as the chair

determines is sufficient to fund any anticipated additional expenses of

such fund, taking into account anticipated available revenues, but in no

event to exceed seventy-five million dollars in the aggregate. Such

funds shall be deposited into the self-insurer offset fund, and used in

accordance with subdivision one of this section. As consistent with this

section, the chair may set the timing of such withdrawals in its

discretion.

3. Beginning in two thousand fifteen, and each year thereafter, the

chair shall add to the total of each annual assessment made under

paragraph g of subdivision five of section fifty of this article the sum

of up to three million dollars, to be allocated to private group and

individual self-insurers in accordance with such paragraph. The chair

shall assess additional funds under this paragraph as necessary to

insure that there are sufficient funds in the fund for uninsured

employers to meet its liabilities, or if necessary in accordance with

section one hundred fifty-one of this chapter. Such funds as are

collected pursuant to this subdivision shall be deposited into the

uninsured employer fund until all funds withdrawn therefrom under

subdivision one of this section are returned with interest calculated at

an annual rate equal to the rate of return on funds in the fund for

uninsured employers from the prior year.

4. To the extent provided by the self-insurer bond financing agreement

the chair may request the dormitory authority to transfer bond proceeds

into such account for the purposes outlined in the bond financing

agreement.

5. At such time as the board is not obligated to pay any unmet claims

of a self-insurer, the fund created under this section shall be closed,

and any money remaining in the fund shall be deposited into the

uninsured employer fund.