N.Y. Workers' Compensation Law § 73: Abandonment of plan

§ 73. Abandonment of plan. The board of supervisors of a county may by

local law provide for the abandonment of a plan, effective as of the

close of the calendar year then in progress. Such plan, however, shall

continue to operate thereafter until all liabilities of the plan

incurred prior to such effective date shall have been satisfied and all

advances to the county self-insurance fund shall have been repaid. Such

local law shall provide a method for the distribution of any assets of

the plan remaining after all such liabilities have been satisfied. The

provisions of this section shall not apply to any plan abandoned

pursuant to section sixty-one of this chapter. At the discretion of the

chair, the board of supervisors of a county may execute an assumption of

workers' compensation liability insurance policy securing such further

and future contingent liability as may arise from prior injuries to

workers and be incurred by reason of any change in the condition of such

workers warranting the board making subsequent awards for payment of

additional compensation. Such policy shall be in a form approved by the

superintendent of financial services and shall be issued by the state

fund or any insurance company licensed to issue this class of insurance

in this state. In the event that such policy is issued by an insurance

company other than the state fund, then said policy shall be deemed to

be of the kind specified in paragraph fifteen of subsection (a) of

section one thousand one hundred thirteen of the insurance law and

covered by the workers' compensation security fund as created and

governed by article six-A of this chapter. It shall only be issued for a

single complete premium payment in advance by the county, city, village,

town, school district, fire district or other political subdivision of

state and in an amount deemed acceptable by the chair and the

superintendent of financial services. In lieu of the applicable premium

charge ordinarily required to be imposed by a carrier, said premium

shall include a surcharge in an amount to be determined by the chair to

satisfy all assessment liability due and owing to the board and/or the

chair under this chapter. Said surcharge shall be payable to the board

simultaneous to the execution of the assumption of workers' compensation

liability insurance policy. However, the payment of said surcharge does

not relieve the carrier from any other liability, including liability

owed to the superintendent of financial services pursuant to article

six-A of this chapter. When issued such policy shall be non-cancellable

without recourse for any cause during the continuance of the liability

secured and so covered.