N.Y. Workers' Compensation Law § 87-i: New York state insurance fund MWBE asset management and financial institution strategy

§ 87-i. New York state insurance fund MWBE asset management and

financial institution strategy. 1. Within the discretion of the

commissioners of the state insurance fund and in accordance with and

subject to their fiduciary duty and obligations as trustees of the state

insurance fund and to the beneficiaries of such fund and such other

investment limitations as may be prescribed by this chapter, the

commissioners are authorized to establish an MWBE asset management and

financial institution strategy including reasonable goals for

utilization of MWBE asset managers, MWBE financial institutions and MWBE

financial and professional service firms, which strategy shall include,

but shall not be limited to, the following objectives:

(a) investing assets of the state insurance fund with MWBE asset

managers;

(b) subject to best execution, (1) conducting trades of public equity

securities with MWBE financial institutions; and (2) conducting trades

of fixed-income securities through MWBE financial institutions;

(c) allocating investments of assets of the state insurance fund

either through (1) direct investments in the equities and debt

securities of MWBEs; or (2) indirectly through special programs

involving MWBE asset managers; and

(d) awarding contracts for accounting, banking, financial advisory,

insurance, legal, research, valuation and other financial and

professional services to MWBE financial institutions and other MWBE

professional service firms.

As used in this section, the terms "MWBE asset manager", "MWBE

financial institutions", "MWBE", "fiduciary-controlled entities" and

"best execution" shall have the meanings specified in section one

hundred seventy-six of the retirement and social security law and shall

be certified in a manner consistent with the provisions of subdivision

three of section four hundred twenty-three-c of the retirement and

social security law.

2. The commissioners are also authorized to:

(a) periodically advertise the existence of such strategy so that MWBE

asset managers, MWBE financial institutions and other MWBE professional

service firms are made aware of the opportunities made available

pursuant to this strategy;

(b) within sixty days of the end of each fiscal year following the

effective date of this section, the commissioners shall report to the

governor, the legislature and the chief diversity officer of the state

of New York on the participation of MWBE asset managers, MWBE financial

institutions and MWBE professional service providers in investment and

brokerage transactions with or as providers of services for the state

insurance fund, including a comparative analysis of such activity

relative to such activity with all asset managers, financial

institutions and professional service providers for the relevant period

and on the progress and success of the efforts undertaken during such

period to achieve the goals of such strategy. Each report shall be

simultaneously published on the website of the state insurance fund for

not less than sixty days following its release to the governor and the

other recipients named above;

(c) work with the other fiduciary-controlled entities to create a

database of such MWBE entities; and

(d) periodically, but not less than annually, hold a conference to

promote such strategy in conjunction with the other fiduciary-controlled

entities.