Aggregated by Superinsight from public-domain sources, as of 2026-09-02.
N.Y. Workers' Comp. Law § 76
NYS Open Legislation, revision of 2021-08-13.
§ 76. Creation of state fund. 1. There is hereby continued in the department of labor a fund known as "the state insurance fund", for the purpose of insuring employers against liability for personal injuries or death sustained by their employees, including liability other than liability assumed by contract imposed upon employers by reason of a suit or claim brought against the employer by another to recover the amount of damages obtained from such other by an employee of the employer for injuries or in case of death by his dependents for death sustained by such employee arising out of and in the course of his employment and to pay such damages, and of assuring to the persons entitled thereto the compensation and benefits provided by this chapter or by any act providing for compensation now or hereafter enacted by the congress of the United States of America if such liability is incident to an employment carried on in this state, and every such payment shall constitute an element of loss for the purpose of establishing premium rates. Such fund shall consist of all premiums received and paid into the fund, of property and securities acquired by and through the use of moneys belonging to the fund and of interest earned upon moneys belonging to the fund and deposited or invested as herein provided. Such fund shall be applicable to the payment of losses sustained on account of insurance, to the payment of expenses in the manner provided in this chapter and to the payment of premiums for reinsurance in any insurance corporation of the whole or any part of any policy obligations.
1-a. a. The purposes of the state insurance fund are hereby enlarged to permit it to enter agreements with insurers licensed to write workers' compensation insurance in states outside New York to issue policies to state insurance fund policyholders covering those policyholders' obligations to secure the payment of workers' compensation benefits under the laws of states other than New York. The state insurance fund shall also be authorized to receive premiums into its workers' compensation fund for policies written under such agreements and to pay from such fund: (i) reimbursement of all losses and loss adjustment expenses under such policies; and (ii) fees and other costs, including but not limited to those for claims services, relating to such agreements. An agreement under this subdivision shall not include the provision of claims services for any claim under this chapter.
b. For a policyholder to be eligible for insurance in states other than New York provided through agreements entered into under this subdivision, either: (i) the policyholder's workers' compensation premiums with the state insurance fund covering its employees under this chapter must be greater than the premiums charged to cover the policyholder's obligations to pay workers' compensation benefits in all states, in the aggregate, other than New York when covered under such agreements; or (ii) the payroll for the policyholder's operations in New York must be greater than the policyholder's payroll in all states, in the aggregate, other than New York when covered under such agreements for the prior policy period. For determining eligibility, "premiums" mean estimated premiums as determined by the state insurance fund at the beginning of the policy period. In addition, for a policyholder to be eligible for insurance in states other than New York through the state insurance fund, the policyholder must meet the state insurance fund's underwriting criteria for other states coverage as specified by rules of the commissioners.
2-b. The purposes of the state insurance fund created in this section are hereby enlarged to provide for the insurance by the state insurance fund of the payment of the benefits required by section one hundred sixty-ddd of the executive law.
Whenever used in this article the terms "state insurance fund", "state fund" and "fund" shall be deemed to include both the workers' compensation fund and the disability benefits fund unless the context otherwise indicates.
The purposes of such state insurance fund are hereby further enlarged to permit it to furnish to self-insurers, as defined in subdivision three of section fifty of this chapter, representation and services of the nature specified in paragraph five of subsection (a) of section one thousand six hundred one of the insurance law and subdivision three-d of section fifty of this chapter.
No monies of the state insurance fund shall be transferred to any other fund, nor shall any such monies be applied to the making of any payment for any purpose other than the purposes set forth in this article.
N.Y. Workers' Comp. Law § 77
NYS Open Legislation, revision of 2014-09-22.
§ 77. Administration. The state insurance fund shall be administered by the commissioners of the state insurance fund, of whom there shall be ten. The commissioner of labor shall, in addition, be a commissioner of such fund by virtue of his or her office. The commissioners shall elect annually from the appointive members a chair and a vice-chair who shall act as chair in the absence of the chair. The commissioner of labor may designate a deputy commissioner to act in his or her place and stead as a commissioner of such fund. The commissioners shall be appointed by the governor, by and with the advice and consent of the senate. One commissioner shall be appointed by the governor upon recommendation by the New York State American Federation of Labor-Congress of Industrial Organizations, and one commissioner shall be appointed by the governor upon recommendation of the Business Council of the State of New York. They shall be policyholders insured in the state insurance fund. The commissioners shall be appointed for terms of three years each. They shall serve until their successors are appointed and have qualified. Vacancies shall be filled for the unexpired terms. Each commissioner shall before entering upon his or her duties, take and subscribe the constitutional oath of office which shall be filed in the office of the secretary of state.
N.Y. Workers' Comp. Law § 78
NYS Open Legislation, revision of 2014-09-22.
§ 78. Salaries and expenses. The commissioners shall not receive a salary or other compensation, but shall receive their actual and necessary traveling and other expenses incurred in connection with their attendance upon meetings or the business of the fund, which shall be paid out of the fund upon the warrant of the chairman of the commissioners or of the vice-chairman.
N.Y. Workers' Comp. Law § 79
NYS Open Legislation, revision of 2014-09-22.
§ 79. Meetings. The commissioners shall meet at least once in each month, except the month of August, and at such other times as they may determine or the business of the fund may require. Special meetings may be called by the industrial commissioner upon five days' notice, and may also be called by any two commissioners upon like notice. Minutes shall be kept of all regular and special meetings, and shall show the names of the commissioners attending, and each matter brought before the commissioners for their consideration together with the vote of each commissioner thereon. The secretary shall be the custodian of the minutes and records thereof, and shall perform such other duties and have such other administrative powers as may be assigned to him by the commissioners.
N.Y. Workers' Comp. Law § 80
NYS Open Legislation, revision of 2014-09-22.
§ 80. Seal. The commissioners shall adopt a seal and shall require it to be used for the authentication of records and documents as may be necessary and proper.
N.Y. Workers' Comp. Law § 81
NYS Open Legislation, revision of 2014-09-22.
§ 81. Offices, lands, leaseholds and buildings. The commissioners, any law to the contrary notwithstanding, (a) may lease, sub-lease, rent or otherwise hire, on behalf of and in the sole name of the state insurance fund and under such terms and conditions and for such period or periods not in excess of ninety-nine years as in the judgment of the commissioners may seem to the best interests of the fund, suitable premises in the city of New York and in the city of Albany, and maintain offices therein, and may in the same manner establish and maintain other offices at such places in the state as may be required to properly and conveniently transact the business of the fund and (b) the commissioners may in the name of the state insurance fund, subject to the approval of the superintendent of financial services as provided in section eighty-seven of this article, out of its surplus, (1) acquire by purchase or acquire by gift or devise and hold and convey land with or without buildings or improvements thereon, or acquire by purchase, sub-lease, assignment, transfer, gift, devise or in any other manner and hold and convey any lease, sub-lease or leasehold of real property and for any term of years not in excess of ninety-nine years, and (2) construct a new building or buildings on such land or leasehold or reconstruct or operate and maintain existing buildings, as the case may be, with facilities and appurtenances to provide suitable office space for the convenient transaction of the business of the state insurance fund; and (c) notwithstanding the provisions of any general, special or local law, the commissioners are authorized to rent any available space in such premises, buildings or property not required by the state insurance fund to private tenants or to public agencies, with or without leases, upon such terms and rentals as the commissioners deem to be for the best interests of the state insurance fund. The commissioners may manage and operate such properties or leaseholds either by forces and equipment of the fund or, with the approval of the director of the budget, by contracting for the management and operation of such properties or leaseholds with any person, firm or corporation that they shall select and that is engaged in such business but no such contract shall be made for a period in excess of five years, or by a combination of such methods. The commissioners may, from time to time, enter into agreements modifying any lease or leasehold made or acquired as above provided. The obligation of the state insurance fund or any lease made, modified or acquired or on any contract entered into pursuant to this section shall not be limited by any provisions of section eighty-eight of this article or of section one hundred sixty-one-a of the state finance law. The commissioners may sue and be sued in the name of the state insurance fund in any form of action or proceeding on all matters relating to ownership, management, operation and control of any such land and buildings or leaseholds and on all matters relating to its rights and obligations under any lease, sub-lease, renting or hiring of any such land and buildings and to its possession thereof and removal therefrom.
N.Y. Workers' Comp. Law § 82
NYS Open Legislation, revision of 2014-09-22.
§ 82. Powers and duties. 1. The commissioners shall appoint an executive director, a general attorney, a secretary for terms of nine years each. Vacancies in such positions shall be filled for the unexpired terms. The commissioners shall also appoint, and may remove, four deputy executive directors and an actuary. The foregoing appointments shall be in the exempt class of the civil service. The actuary shall be responsible directly to the commissioners. They shall also appoint, and may remove, such number of assistant directors as may in their judgment be required for the proper and expeditious conduct of the business of the fund. In the absence of the executive director the deputy executive director named for that purpose by the commissioners shall perform the duties of the executive director. The commissioners shall prescribe the duties of all administrative officers of the fund, except as they may otherwise be prescribed by law.
The executive director shall, subject to the direction of the commissioners, be responsible for the direction and operation of the state fund. He shall appoint, and may remove, all officers and employees of the fund, other than those required to be appointed by the commissioners, and shall prescribe their duties. He may within the limits of the budget fix salaries, and may promote employees and may transfer employees from their positions to other positions in the fund, and may abolish or consolidate positions subject to the civil service law and rules, and all removals shall be made pursuant to such rules and laws, it being the purpose and intent of this provision that the state fund shall at all times be administered with due regard to the requirements of its business affairs and its obligations under its contracts and policies in force.
The commissioners shall consider at all times the condition of the fund and examine into its reserves, investments and all other matters relating to its administration. They shall have access to all records and books of account, and may require the personal appearance before them and require information from any officer or employee of the fund. Information obtained by them from officers and employees of the fund and from its records with respect to the business affairs of any employer insured in the fund shall be deemed confidential unless ordered disclosed by order of the commissioners.
The executive director shall submit to the commissioners an annual estimate of the amounts required for salaries and for the maintenance and expenses of the fund for the next ensuing calendar year. The commissioners shall thereupon consider such estimate, and may modify or approve such estimate. There may not be expended for the state insurance fund more than the total amount specified in such budget, except as authorized by the commissioner.
All statistics and other documentary matter filed with the state fund, except where the further retention of such statistics and other documentary matter is made necessary by requirements of law, may be destroyed by the commissioners after the expiration of six years from the filing thereof.
N.Y. Workers' Comp. Law § 83
NYS Open Legislation, revision of 2014-09-22.
§ 83. Rules. The commissioner shall adopt rules for the conduct of the business of the state fund, and may from time to time alter, amend or repeal any rule therefore adopted. At least six affirmative votes shall be required for the adoption of any rule, or the amendment or repeal of any rule. No rule, and no resolution proposing to alter, amend or repeal any rule, shall be effective unless approved by the commissioner of labor. If the commissioner of labor fails to act upon any such rule or resolution within thirty days after it is communicated to him or her, such rule or resolution shall be deemed to have been approved.
The rules of the commissioners shall provide for the conduct of the business of the state insurance fund, including the issuance of policies and their terms and conditions, the fixing of premium rates, the keeping of records, auditing of payrolls, and the billing and collection of premiums therefor, the inspection of risks and the setting of the standards of safety, the adjustment and payment of claims and awards, and the investigation of all matters relating thereto, the medical examination of persons claiming compensation and the furnishing and supervision of medical and surgical treatment to persons injured as set forth in this chapter, the conduct of the legal business of the fund and the enforcement of the subrogated rights of the fund against third parties, the investment of the surplus and reserves of the fund, and the collection and analysis of statistics of payrolls, premiums, losses and expenses and the actuarial consideration thereof.
N.Y. Workers' Comp. Law § 84
NYS Open Legislation, revision of 2014-09-22.
§ 84. General attorney. There shall be a general attorney of the state fund. He shall have such legal and other assistants as may be required, within the limits set forth in the budget.
It shall be the duty of the general attorney to advise the commissioners and the management of the fund upon all matters of law arising in connection with any contract or policy of insurance issued by the fund, and upon any claim or award of compensation. He shall appear as the attorney of record in all suits and other proceedings to which the state fund or the commissioners thereof are parties. He shall conduct all appeals on behalf of employers insured in the fund and on behalf of the fund itself, except where there is a divergence of interest between the employer and the fund, in which case he shall appear on behalf of the fund alone. He shall prosecute all claims against third parties under the subrogated rights of the state fund, in accordance with the provisions of section twenty-nine of this chapter. He shall have the right, subject to the approval of the commissioners, to employ special counsel in matters involving special difficulty, and to provide for the payment of their compensation and expenses out of the state fund.
N.Y. Workers' Comp. Law § 85
NYS Open Legislation, revision of 2014-09-22.
§ 85. Commissioner of taxation and finance custodian of fund. The commissioner of taxation and finance shall be the custodian of the state insurance fund; and all disbursements therefrom shall be paid by him upon drafts signed by the executive director, deputy executive director or an assistant director authorized for that purpose by the commissioners or by checks signed by one of such officers and by the commissioner of taxation and finance. He may deposit any portion of the state fund not needed for immediate use, in the manner and subject to all the provisions of law respecting the deposit of other state funds by him. Interest earned by such portion of the state insurance fund deposited by him, shall be collected by him and placed to the credit of the fund.
N.Y. Workers' Comp. Law § 86
NYS Open Legislation, revision of 2014-09-22.
§ 86. Catastrophe surplus and reserves for workers' compensation. Ten per centum of the premiums collected from employers insured in the fund for workers' compensation shall be set aside for the creation of a surplus until such surplus shall amount to the sum of one hundred thousand dollars, and thereafter five per centum of such premiums, until such time as in the judgment of the commissioners such surplus shall be sufficiently large to cover the catastrophe hazard. Thereafter the contribution to such surplus may be reduced or discontinued conditional upon constant maintenance of a sufficient surplus to cover the catastrophe hazard. Reserves shall be set up and maintained adequate to meet anticipated losses and carry all claims and policies to maturity, which reserves shall be computed to reflect the present values, at five percent interest per annum, of the determined and estimated unpaid losses, and other requirements computed in accordance with such rules as shall be approved by the superintendent of financial services.
N.Y. Workers' Comp. Law § 86-A
NYS Open Legislation, revision of 2014-09-22.
§ 86-a. Catastrophe surplus and reserves for disability benefits. Subject to such rules as shall be approved by the superintendent of financial services, there shall be set aside out of the premiums paid into the disability benefits fund an amount sufficient to provide against catastrophe and epidemics and reserves to meet anticipated losses and carry all claims to maturity.
N.Y. Workers' Comp. Law § 87
NYS Open Legislation, revision of 2014-09-22.
§ 87. Investment of surplus or reserve. 1. Any of the reserve funds belonging to the state insurance fund, by order of the commissioners, approved by the superintendent of financial services, may be invested in the types of securities described in subdivisions one, two, three, four, five, six, eleven, twelve, twelve-a, thirteen, fourteen, fifteen, nineteen, twenty, twenty-one, twenty-one-a, twenty-four, twenty-four-a, twenty-four-b, twenty-four-c and twenty-five of section two hundred thirty-five of the banking law or in paragraph two of subsection (a) of section one thousand four hundred four of the insurance law except that up to five percent of such reserve funds may be invested in the securities of any solvent American institution as described in such paragraph irrespective of the rating of such institution's obligations or other similar qualitative standards described therein.
Any of the surplus funds belonging to the state insurance fund, by order of the commissioners, approved by the superintendent of financial services, may be invested in the types of securities described in subdivisions one, two, three, four, five, six, eleven, twelve, twelve-a, thirteen, fourteen, fifteen, nineteen, twenty, twenty-one, twenty-one-a, twenty-four, twenty-four-a, twenty-four-b, twenty-four-c and twenty-five of section two hundred thirty-five of the banking law or, up to fifty percent of surplus funds, in the types of securities or investments described in paragraphs two, three, eight and ten of subsection (a) of section one thousand four hundred four of the insurance law, except that up to ten percent of surplus funds may be invested in the securities of any solvent American institution as described in such paragraphs irrespective of the rating of such institution's obligations or other similar qualitative standards described therein, and up to fifteen percent of surplus funds in securities or investments which do not otherwise qualify for investment under this section as shall be made with the care, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims as provided for the state insurance fund under this article, but shall not include any direct derivative instrument or derivative transaction except for hedging purposes. Notwithstanding any other provision in this subdivision, the aggregate amount that the state insurance fund may invest in the types of securities or investments described in paragraphs three, eight and ten of subsection (a) of section one thousand four hundred four of the insurance law and as a prudent person acting in a like capacity would invest as provided in this subdivision shall not exceed fifty percent of such surplus funds.
Any of the surplus or reserve funds belonging to the state insurance fund, upon like approval of the superintendent of financial services, may be loaned on the pledge of any such securities. The commissioners, upon like approval of the superintendent of financial services, may also sell any of such securities or investments.
(a) Any securities belonging to the state insurance fund may, by order of the commissioners, approved by the superintendent of financial services, be loaned under a security loan agreement, as defined in paragraph (b) of this subdivision, entered into with a registered broker-dealer, or a New York state or national bank or trust company, with the custodial bank of the state insurance fund or another person or entity, approved by the commissioner of taxation and finance, which specializes in security loan transactions acting as the agent in arranging such agreement. The commissioners shall monitor the market value of the loaned securities daily. In no event shall the commissioners allow the value of the collateral posted to fall below the market value of the loaned securities.
(b) For purposes of this section, "security loan agreement" shall mean a written contract, the terms of which have been approved by the commissioner of taxation and finance, whereby the state insurance fund (the lender) agrees to lend securities to a broker-dealer, bank or trust company described in paragraph (a) of this subdivision (the borrower) for a period not to exceed one year. However, such agreement shall be subject to the following limitations: (i) the lender must retain the right to collect from the borrower all dividends, interest, premiums, rights, and any other distributions to which the lender would otherwise have been entitled; (ii) the lender may waive the right to vote the securities during the term of such agreement; (iii) the lender must retain the right to terminate such agreement upon not more than five business days' notice; (iv) the borrower shall provide as collateral to the lender cash or direct obligations of the United States of America or any agency or instrumentality thereof or obligations fully guaranteed by the United States of America that are eligible for investment by the state insurance fund under subdivision one of this section, provided that such obligations may in no event consist of derivative securities; and (v) such agreement shall provide for payment of additional collateral on a daily basis, or at such time as the value of the loaned securities increases to agreed upon ratios.
All such securities or evidences of indebtedness shall be placed in the hands of the commissioner of taxation and finance who shall be the custodian thereof. He or she shall collect the principal and interest thereof, when due, and pay the same into the state insurance fund. The commissioner of taxation and finance shall pay all vouchers drawn on the state insurance fund for the making of such investments when signed by the chair of the commissioners, the executive director or a deputy executive director of the state insurance fund upon delivery of such securities or evidences of indebtedness to him or her, when there is attached to such vouchers the approval of the state superintendent of financial services.
For the purposes of this section, the term "reserves" does not include the estimated value of future discretionary payments that may be made by the state insurance fund under section ninety of this article.
Notwithstanding any provision in this section, the surplus and reserve funds of the state insurance fund shall not be invested in any investment that has been found by the superintendent of financial services to be against public policy or in any investment prohibited by the provisions of paragraph six of subsection (a) of section one thousand four hundred four of the insurance law or by the provisions of paragraph one, two, three, four, six, eight, nine or ten of subsection (a) of section one thousand four hundred seven of the insurance law.
N.Y. Workers' Comp. Law § 87-A
NYS Open Legislation, revision of 2014-09-22.
§ 87-a. Investment in obligations of the municipal assistance corporation for the city of New York; indemnification. 1. The state insurance fund, and all state officers with responsibility for the custody or investment thereof, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to make purchases as soon as possible, in accordance with a schedule to be established by the New York state emergency financial control board, but in no event later than December first, nineteen hundred seventy-five, of bonds of the municipal assistance corporation for the city of New York in the aggregate principal amount of one hundred million dollars, provided, however, that at the date of any such purchase the city of New York has not defaulted in the payment of any of its outstanding bonds or notes. The terms and conditions of such bonds, including the rates of interest thereon, shall be determined by the municipal assistance corporation for the city of New York, after consultation with the commissioners of the fund, provided such terms and conditions are found to be fair and reasonable by the New York state emergency financial control board.
It is hereby found and declared that obligations of the municipal assistance corporation for the city of New York are reasonable, prudent, proper and legal investments for the state insurance fund or for any state officer with custody or responsibility for the investment of the assets thereof.
Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, no state officer with custody or responsibility for the investment of the assets thereof shall incur or suffer any liability whatsoever to any person beneficially interested in such system by reason of actions taken pursuant to the authorization and direction of subdivision one and such fund shall save harmless and indemnify all such officers and any investment advisors from financial loss arising out of any claim, demand, suit, action or judgment for alleged negligence, waste or breach of fiduciary duty by reason of any investment of any monies of the state insurance fund in obligations of the municipal assistance corporation for the city of New York provided that such person shall, within five days after the date on which he is served with any summons, complaint, process, notice, demand, claim or pleading, deliver the original or a true copy thereof to the legal advisor of such system. Upon such delivery the legal advisor of the state insurance fund may assume control of the representation of such person in connection with such claim, demand, suit, action or proceeding. Such person shall cooperate fully with the legal advisor of the system or any other person designated to assume such defense in respect of such representation or defense.
In order to obtain the funds necessary to purchase the bonds required by this chapter, the commissioners of the state insurance fund in accordance with rules and regulations adopted by such commissioners shall have the right to borrow an amount not exceeding the obligation incurred by such fund pursuant to this chapter and to pledge as collateral therefor such assets as they may deem advisable.
N.Y. Workers' Comp. Law § 87-B
NYS Open Legislation, revision of 2014-09-22.
§ 87-b. Investments in obligations of the city of Yonkers; indemnification. 1. The state insurance fund, and all state officers with responsibility for the custody or investment thereof, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to make purchases as soon as possible, but in no event later than December first, nineteen hundred seventy-five, of obligations of the city of Yonkers in the aggregate principal amount of fifteen million dollars, provided, however, that at the date of any such purchase the city of Yonkers has not defaulted in the payment of any of its outstanding bonds or notes. The terms and conditions of such obligations, including the rates of interest thereon, shall be determined by the city of Yonkers, after consultation with the commissioners of the fund, provided such terms and conditions are found to be fair and reasonable by the state comptroller.
It is hereby found and declared that obligations of the city of Yonkers are reasonable, prudent, proper and legal investments for the state insurance fund or for any state officer with custody or responsibility for the investment of the assets thereof.
Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, no state officer with custody or responsibility for the investment of the assets thereof shall incur or suffer any liability whatsoever to any person beneficially interested in such system by reason of actions taken pursuant to the authorization and direction of subdivision one and such fund shall save harmless and indemnify all such officers and any investment advisors from financial loss arising out of any claim, demand, suit, action or judgment for alleged negligence, waste or breach of fiduciary duty by reason of any investment of any monies of the state insurance fund in obligations of the city of Yonkers provided that such person shall, within five days after the date on which he is served with any summons, complaint, process, notice, demand, claim or pleading, deliver the original or a true copy thereof to the legal advisor of such system. Upon such delivery the legal advisor of the state insurance fund may assume control of the representation of such person in connection with such claim, demand, suit, action or proceeding. Such person shall cooperate fully with the legal advisor of the system or any other person designated to assume such defense in respect of such representation or defense.
In order to obtain the funds necessary to purchase the bonds required by this chapter, the commissioners of the state insurance fund in accordance with rules and regulations adopted by such commissioners shall have the right to borrow an amount not exceeding the obligation incurred by such fund pursuant to this chapter and to pledge as collateral therefor such assets as they may deem advisable.
N.Y. Workers' Comp. Law § 87-BB
NYS Open Legislation, revision of 2014-09-22.
§ 87-bb. Investments in obligations of the city of Yonkers; indemnification (1984). 1. The state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to make purchases as soon as possible, but in no event later than September first, nineteen hundred eighty-eight, of obligations of the city of Yonkers or renewals or refundings of obligations previously purchased by such fund, in the aggregate principal amount of ten million dollars, provided, however, that at the date of any such purchase the city of Yonkers has not defaulted in the payment of any of its outstanding bonds or notes. Notwithstanding any limitations on the private sale of bonds provided by law, such city may sell bonds to such fund by private sale. The terms and conditions of such obligations, including the terms of purchase and maturities thereof, and the rates of interest thereon, shall be determined by the city of Yonkers, provided such terms and conditions are found to be fair and reasonable by the New York state emergency financial control board for the city of Yonkers and the superintendent of financial services.
It is hereby found and declared that any and all obligations of the city of Yonkers are reasonable, prudent, proper and legal investments for the state insurance fund and for all state officers with responsibility for the custody or investment of such fund or of its assets.
In order to obtain the funds necessary to make the purchases required by subdivision one of this section, the state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to sell securities owned by the fund or to borrow an amount not exceeding the obligation incurred by such fund pursuant to this section and to pledge as collateral therefor such assets, on such terms and conditions as are found to be fair and reasonable by the state superintendent of financial services.
Notwithstanding any other provision of law, no state officer with responsibility for the custody or investment of the state insurance fund or of its assets, or for the approval of the sale or investment of such assets, nor any investment advisor, attorney, accountant or actuary who shall have been employed by or shall have advised such officer, shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to the authorization and direction of subdivision one or three of this section. Any action which could have been brought against any aforementioned state officer, investment advisor, attorney, accountant or actuary, except for the provisions of this subdivision, may be brought against the state insurance fund.
a. Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, the state insurance fund and the state, jointly and severally, shall save harmless and indemnify each and every state officer with responsibility for the custody or investment of such fund or of its assets or for the approval of the sale or investment of such assets, and any investment advisor, attorney, accountant or actuary who shall have been employed by or who shall have advised such officer, and the state shall save harmless and indemnify the state insurance fund, from any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment for alleged negligence, gross negligence, waste or breach of fiduciary duty, or incapacity of any kind by reason of any transaction pursuant to the authorization and direction of subdivision one or three of this section, provided that such officer, investment advisor, attorney, accountant or actuary shall, within fifteen days after the date on which he is personally served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to such fund or the attorney general. Upon such notice the state insurance fund and the attorney general shall, if so requested, assume control of the representation of such officer or investment advisor, attorney, accountant or actuary, in connection with such claim, demand, suit, action or proceeding. Each person so represented shall cooperate fully with the fund and the attorney general or any other person designated to assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to the contrary, the state shall also save harmless and indemnify the state insurance fund for any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment rendered thereupon against such fund pursuant to subdivision four hereof or by reason of any transaction pursuant to the authorization and direction of subdivision one or three of this section, provided that such fund shall, within fifteen days after the date on which it is served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to the attorney general. Upon such notice the attorney general shall assume control of the representation of such fund in connection with such claim, demand, suit, action or proceeding. The fund shall cooperate fully with the attorney general or any other person designated to assume such defense in respect of such representation or defense.
N.Y. Workers' Comp. Law § 87-C
NYS Open Legislation, revision of 2014-09-22.
§ 87-c. Investments in obligations of designated public benefit corporations; indemnifications. 1. The state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to make purchases, in accordance with a schedule to be established, subject to amendment from time to time, by the state director of the budget in the aggregate principal amount of two hundred eighty-three million dollars, of obligations of any one or more of the following public benefit corporations: the New York state housing finance agency, the New York state medical care facilities finance agency, the dormitory authority and the New York state environmental facilities corporation. Such schedule may be amended from time to time to provide for the renewal, refunding, redemption or repayment of notes purchased by the state insurance fund in accordance with the schedule, or for the conversion of such notes into bonds, provided that at no time shall the total aggregate amount of obligations held by the state insurance fund pursuant to the provisions of this section exceed two hundred eighty-three million dollars. The terms and conditions of such obligations, including the times of purchase and maturities thereof and the rates of interest thereon, shall be determined by the public benefit corporation issuing the obligations, provided such terms and obligations are found to be fair and reasonable by the state superintendent of financial services.
In order to obtain the funds necessary to make the purchases required by subdivision one of this section, the state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to sell all United States government securities and all United States government agency and instrumentality securities owned by the fund, on such terms and conditions as are found to be fair and reasonable by the state superintendent of financial services.
It is hereby found and declared that any and all obligations of the New York state housing finance agency, the New York state medical care facilities finance agency, the dormitory authority and the New York state environmental facilities corporation, are reasonable, prudent, proper and legal investments for the state insurance fund and for all state officers with responsibility for the custody or investment of such fund or of its assets.
Notwithstanding any other provision of law, no state officer with responsibility for the custody or investment of the state insurance fund or of its assets, or for the approval of the sale or investment of such assets, nor any investment advisor, attorney, accountant or actuary who shall have been employed by or shall have advised such officer, shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to the authorization and direction of subdivisions one or two of this section. Any action which could have been brought against any aforementioned state officer, investment advisor, attorney, accountant or actuary, except for the provisions of this subdivision, may be brought against the state insurance fund.
a. Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, the state insurance fund and the state, jointly and severally, shall save harmless and indemnify each and every state officer with responsibility for the custody or investment of such fund or of its assets or for the approval of the sale or investment of such assets, and any investment advisor, attorney, accountant or actuary who shall have been employed by or who shall have advised such officer, and the state shall save harmless and indemnify the state insurance fund, from any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment for alleged negligence, gross negligence, waste or breach of fiduciary duty, or incapacity of any kind by reason of any transaction pursuant to the authorization and direction of subdivisions one or two of this section, provided that such officer, investment advisor, attorney, accountant or actuary shall, within five days after the date on which he is personally served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to such fund or the attorney general. Upon such notice the state insurance fund and the attorney general shall, if so requested, assume control of the representation of such officer or investment advisor, attorney, accountant or actuary, in connection with such claim, demand, suit, action or proceeding. Each person so represented shall cooperate fully with the fund and the attorney general or any other person designated to assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to the contrary, the state shall also save harmless and indemnify the state insurance fund for any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment rendered thereupon against such fund pursuant to subdivision four hereof, provided that such fund shall, within five days after the date on which it is served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to the attorney general. Upon such notice the attorney general shall assume control of the representation of such fund in connection with such claim, demand, suit, action or proceeding. The fund shall cooperate fully with the attorney general or any other person designated to assume such defense in respect of such representation or defense.
N.Y. Workers' Comp. Law § 87-D
NYS Open Legislation, revision of 2014-09-22.
§ 87-d. Contractual obligations as evidence of indebtedness upon reimbursement of reserves. 1. a. Notwithstanding any other provision of law the contrary, the state insurance fund, hereafter referred to as the fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to enter into an agreement, renewable on an annual basis, with the department of civil service whereunder the state shall make advance periodic payments to the fund for the payment to maturity of all obligations under this chapter of the state as employer and the fund as insurer with respect to injuries or deaths resulting from accidents arising out of and in the course of employment occurring prior to April first, nineteen hundred eighty-one.
b. The agreement shall provide that the fund shall segregate on an actuarially sound basis any and all monies and assets held by it as reserves for the payment of such obligations of the state under this chapter, and pay to the state the aggregate amount thereof.
c. The agreement shall further provide that if at any time prior to July first, nineteen hundred eighty-two, and at any time prior to the termination of any twelve month period immediately succeeding such date during which the agreement, or any renewal, is in effect, an amount equal to the total amount in the aggregate determined by the fund to be required to pay to maturity the obligations referred to in paragraph a of this subdivision, has not been appropriated by the state for the state fiscal year commencing April first, nineteen hundred eighty-two, or any subsequent fiscal year during which the agreement provided for in this subdivision, or any renewal thereof, is in existence, the unliquidated amount of the agreement or the renewal, as computed on an actuarially sound basis by the fund, required to pay in the aggregate the remainder of such incurred obligations to maturity, shall be immediately payable by the state to the fund from the funds appropriated by the state and encumbered by the agreement or renewal.
It is hereby found and declared that the agreement provided for in subdivision one of this section is an evidence of indebtedness, and as such, it shall be deemed an asset of the state insurance fund, and a proper and prudent legal undertaking for any state officer with the responsibility for the custody or the investment of the assets of the fund, notwithstanding any other provision of law to the contrary.
Notwithstanding any other provision of law, no state officer with responsibility for the custody or investment of the state insurance fund or of its assets, or for the execution of and the entering into the agreement or any renewals, as required by subdivision one of this section, nor any attorney, accountant or actuary who shall have been employed by or shall have advised such officer, shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to the authorization and direction of subdivision one of this section. Any action which could have been brought against any aforementioned state officer, attorney, accountant or actuary, except for the provisions of this subdivision, may be brought against the state of New York.
a. Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, the state insurance fund and the state, jointly and severally, shall save harmless and indemnify each and every state officer with responsibility for the custody or investment of such fund or of its assets or for the execution of and the entering into the agreement as required by subdivision one of this section, and any attorney, accountant or actuary who shall have been employed by or who shall have advised such officer, and the state shall save harmless and indemnify the state insurance fund, from any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment for alleged negligence, gross negligence, waste or breach of fiduciary duty, or incapacity of any kind by reason of any transaction pursuant to the authorization and direction of subdivision one or two of this section, provided that such officer, attorney, accountant or actuary shall, within five days after the date on which he is personally served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to such fund or the attorney general. Upon such notice the state insurance fund and the attorney general shall, if so requested, assume control of the representation of such officer or attorney, accountant or actuary in connection with such claim, demand, suit, action or proceeding. Each person so represented shall cooperate fully with the fund and the attorney general or any other person designated to assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to the contrary, the state shall also save harmless and indemnify the state insurance fund for any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment rendered thereupon against such fund pursuant to subdivision four hereof, provided that such fund shall, within five days after the date on which it is served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to the attorney general. Upon such notice the attorney general shall assume control of the representation of such fund in connection with such claim, demand, suit, action or proceeding. The fund shall cooperate fully with the attorney general or any other person designated to assume such defense in respect of such representation or defense.
N.Y. Workers' Comp. Law § 87-E
NYS Open Legislation, revision of 2014-09-22.
§ 87-e. Amortization of gains or losses. Gains or losses realized by the state insurance fund as a result of sales or dispositions pursuant to the authorization and direction of section eighty-seven-a, eighty-seven-b, eighty-seven-bb, eighty-seven-c, or eighty-seven-f of this chapter shall be transferred to a special asset account to be known as the deferred charge on account of security exchanges and shall be amortized within such account on a basis which matches as nearly as possible all gains or losses so realized against any increase or decrease in income resulting from the reinvestment of the proceeds of such sales or dispositions, provided that the period of amortization of the gain or loss resulting from the sale or disposition of each investment shall not be longer than the unexpired period from the date of such sale or disposition to the maturity of the investment so sold or disposed of, or on such other basis as the superintendent of financial services may authorize in his discretion.
N.Y. Workers' Comp. Law § 87-F
NYS Open Legislation, revision of 2014-09-22.
§ 87-f. Appropriations to the state insurance fund. 1. Notwithstanding any other provision of law, the state insurance fund, hereinafter referred to as the fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, shall annually, no later than November first in each year, submit to the director of the budget the fund's request for an appropriation of one billion sixty-five million dollars. The governor shall include such amount in a budget bill for the next state fiscal year. The state comptroller shall encumber the amount so appropriated before the end of the fiscal year for which any such appropriation is made. If for any fiscal year commencing on or after April first, nineteen hundred eighty-three, the governor fails to submit a budget bill containing an appropriation in the amount requested by the fund or the legislature fails to appropriate the amount in a budget bill submitted by the governor for such fiscal year, the amount appropriated for and encumbered during the preceding fiscal year shall be payable forthwith to the fund on the first day of July of such year in the manner prescribed by law, provided, however, that such amount shall not exceed the amount of moneys transferred to the general fund, the note repayment account or the capital projects fund by the fund pursuant to the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two, chapter twenty-eight of the laws of nineteen hundred eighty-six, chapter forty-seven of the laws of nineteen hundred eighty-seven and chapter seven of the laws of nineteen hundred eighty-nine.
Notwithstanding any other provision of law, the fund and all state officers with responsibility for the custody or investment of such fund or of its assets shall annually, no later than November first in each year, submit to the director of the budget the fund's additional request for an appropriation of two hundred thirty million dollars and the governor shall include such additional amount in a budget bill for the next state fiscal year. The state comptroller shall encumber the amount so appropriated before the end of the fiscal year for which any such appropriation is made. If for any fiscal year commencing on or after April first, nineteen hundred ninety the governor fails to submit a budget bill containing an appropriation in the amount requested by the fund or the legislature fails to appropriate the amount in a budget bill submitted by the governor for such fiscal year, the amount appropriated for and encumbered during the preceding fiscal year shall be payable forthwith to the fund on the first day of July of such year in the manner prescribed by law, provided, however, that such amount shall not exceed the amount of moneys transferred to the general fund or the note repayment account by the fund pursuant to the provisions of a chapter of the laws of nineteen hundred ninety entitled "AN ACT to authorize and direct the transfer of hazardous waste remedial fund industry fee transfer account balances and receipts to the general fund; to amend the state finance law, in relation to industry fee surcharges and the calculations relating thereto, to authorize the transfer of state insurance fund balances to the general fund; to amend the workers' compensation law, in relation to the provision of appropriations by the state for the maintenance of reserves of the state insurance fund; and making appropriations relating thereto".
It is hereby found and declared that any appropriations made as provided for in subdivision one or two of this section shall be deemed admitted assets of the state insurance fund, and that any transfer of moneys by the fund to the general fund, the note repayment account or the capital projects fund in accordance with the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two, chapter twenty-eight of the laws of nineteen hundred eighty-six, chapter forty-seven of the laws of nineteen hundred eighty-seven, chapter seven of the laws of nineteen hundred eighty-nine or a chapter of the laws of nineteen hundred ninety entitled "AN ACT to authorize and direct the transfer of hazardous waste remedial fund industry fee transfer account balances and receipts to the general fund; to amend the state finance law, in relation to industry fee surcharges and the calculations relating thereto, to authorize the transfer of state insurance fund balances to the general fund; to amend the workers' compensation law, in relation to the provision of appropriations by the state for the maintenance of reserves of the state insurance fund; and making appropriations relating thereto" is deemed a proper and prudent legal undertaking for any state officer with the responsibility for the custody or the investment of the assets of the fund, notwithstanding any other provision of law to the contrary.
N.Y. Workers' Comp. Law § 87-G
NYS Open Legislation, revision of 2014-09-22.
§ 87-g. Advances to the urban development corporation. 1. The state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to advance thirty million dollars to the urban development corporation as soon as possible, but in no event later than March thirty-first, nineteen hundred ninety-one, in return for repayment of the aforesaid advance to the state insurance fund over a maximum of thirty years with interest from the date of advance at the rate of ten per centum per annum calculated quarterly using actual days and payable quarterly; said payment with accrued interest to be derived solely and exclusively from moneys pledged to be repaid by the urban development corporation to the state of New York out of payments on loans or leases which the urban development corporation has made or will make pursuant to appropriations and reappropriations through fiscal year nineteen hundred eighty-nine--ninety and any subsequent reappropriations thereof under the following legislative initiatives and any amendments thereof, excluding, however, any moneys appropriated for the minority and women revolving loan fund and the Buffalo minority and women enterprise center: Economic Development Purpose:
Chapter 776, section 3, of the laws of 1978, as amended by chapter 54, section 3, of the laws of 1988 and reappropriated by chapter 54, section 3, of the laws of 1989 ($30,000,000); chapter 54, section 1, of the laws of 1978, as amended by chapter 54, section 3, of the laws of 1988 and reappropriated by chapter 54, section 3, of the laws of 1989 ($24,000,000). High Risk Targeted Investment Purpose:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 361, section 1, of the laws of 1989 ($4,150,000); chapter 54, section 1, of the laws of 1988, as amended by chapter 391, section 2 of the laws of 1989 ($7,500,000); chapter 54, section 1, of the laws of 1987, as amended by chapter 391, section 2, of the laws of 1989 ($7,000,000); chapter 54, section 1, of the laws of 1986, as amended by chapter 391, section 2, of the laws of 1989 ($7,000,000); chapter 54, section 1, of the laws of 1985, as amended by chapter 54, section 3, of the laws of 1988 and reappropriated by chapter 54, section 3, of the laws of 1989 ($9,500,000); chapter 54, section 1, of the laws of 1984, as amended by chapter 54, section 3, of the laws of 1988 and reappropriated by chapter 54, section 3, of the laws of 1989 ($9,500,000); chapter 54, section 1, of the laws of 1983, as last reappropriated pursuant to chapter 54, section 3, of the laws of 1984 ($9,500,000); chapter 50, section 1, of the laws of 1982 ($9,500,000); chapter 50, section 1, of the laws of 1981, as last reappropriated by chapter 54, section 3, of the laws of 1984 ($7,000,000). Industrial Building Recycling Program:
Chapter 50, section 1, of the laws of 1981, as amended and last reappropriated pursuant to chapter 54, section 3, of the laws of 1988 ($1,500,000). Industrial Innovation Program:
Chapter 54, section 1, of the laws of 1984, as amended and reappropriated by chapter 54, section 3, of the laws of 1989 ($10,000,000). Small and Medium-sized Business Assistance Program:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 391, section 1, of the laws of 1989 ($2,000,000); chapter 54, section 1, of the laws of 1988 ($2,000,000); chapter 54, section 1, of the laws of 1987, as amended by chapter 391, section 2, of the laws of 1989 ($4,200,000); chapter 54, section 1, of the laws of 1986, as amended by chapter 54, section 3, of the laws of 1988 ($8,000,000). Strategic Resurgence Fund:
Chapter 54, section 1, of the laws of 1989, as amended by chapter 391, section 1, of the laws of 1989 ($6,850,000); chapter 54, section 1, of the laws of 1988, as amended by chapter 54, section 3, of the laws of 1989 ($10,000,000); chapter 54, section 1, of the laws of 1987, as amended by chapter 839, section 29, of the laws of 1987, and reappropriated by chapter 54, section 3, of the laws of 1989 ($10,500,000). Regional Economic Development Program:
Chapter 54, section 1, of the laws of 1985, as amended by chapter 54, section 3, of the laws of 1987 ($5,000,000).
Notwithstanding any other provision of law, to the extent of the moneys to be so repaid with accrued interest to the state insurance fund, any obligations of the urban development corporation to the state of New York under the appropriations and reappropriations enumerated above are replaced by and become obligations of the urban development corporation to the state insurance fund until such time as the aforesaid advance, with interest, is fully repaid; and all payments received by the urban development corporation from the loans and leases made pursuant to appropriations and reappropriations enumerated above, and from such other loans and leases then held by the urban development corporation and in which the state is not a leasee or subleasee as the director of the budget may approve, shall be remitted to the state insurance fund, and to no other person or entity, including the state of New York, until there is repayment in full of the advance and all accrued interest to the state insurance fund, such remittals to be credited first against any unpaid accrued interest and then to the principal of the advance.
It is hereby found and declared that any and all such advances to the urban development corporation are reasonable, prudent, proper and legal investments for the state insurance fund and for all state officers with responsibility for the custody or investment of such fund or of its assets.
In order to obtain the funds necessary to make the advances required by subdivision one of this section, the state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized and directed to take any and all actions necessary or appropriate to cause such fund to sell securities owned by the fund or to borrow an amount not exceeding the obligation incurred by such fund pursuant to this section and to pledge as collateral therefor such assets, on such terms and conditions as are found to be fair and reasonable by the state superintendent of financial services.
Notwithstanding any other provision of law, no state officer with responsibility for the custody or investment of the state insurance fund or of its assets, or for the approval of the sale or investment of such assets, nor any investment advisor, attorney, accountant or actuary who shall have been employed by or shall have advised such officer, shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to the authorization and direction of subdivision one or three of this section. Any action which could have been brought against any aforementioned state officer, investment advisor, attorney, accountant or actuary, except for the provisions of this subdivision, may be brought against the state insurance fund.
a. Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, the state insurance fund and the state, jointly and severally, shall save harmless and indemnify each and every state officer with responsibility for the custody or investment of such fund or of its assets or for the approval of the sale or investment of such assets, and any investment advisor, attorney, accountant or actuary who shall have been employed by or who shall have advised such officer, and the state shall save harmless and indemnify the state insurance fund, from any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment for alleged negligence, gross negligence, waste or breach of fiduciary duty, or incapacity of any kind by reason of any transaction pursuant to the authorization and direction of subdivision one or three of this section, provided that such officer, investment advisor, attorney, accountant or actuary shall, within fifteen days after the date on which he is personally served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to such fund or the attorney general. Upon such notice the state insurance fund and the attorney general shall, if so requested, assume control of the representation of such officer or investment advisor, attorney, accountant or actuary, in connection with such claim, demand, suit, action or proceeding. Each person so represented shall cooperate fully with the fund and the attorney general or any other person designated to assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to the contrary, the state shall also save harmless and indemnify the state insurance fund for any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment rendered thereupon against such fund pursuant to subdivision four hereof or by reason of any transaction pursuant to the authorization and direction of subdivision one or three of this section, provided that such fund shall, within fifteen days after the date on which it is served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to the attorney general. Upon such notice the attorney general shall assume control of the representation of such fund in connection with such claim, demand, suit, action or proceeding. The fund shall cooperate fully with the attorney general or any other person designated to assume such defense in respect of such representation or defense.
N.Y. Workers' Comp. Law § 87-H
NYS Open Legislation, revision of 2014-09-22.
§ 87-h. Investments of the state insurance fund. 1. The state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized to take any and all actions necessary or appropriate to cause such fund to make purchases of the interest of the New York state urban development corporation in certain securities or moneys as described in section three hundred thirty of the chapter of the laws of nineteen hundred ninety which added this section or its interest in such portion of such securities or moneys as shall be specified by the director of the budget, for a price equal to the reasonable value of the securities or moneys so purchased; provided that all payments which the fund shall be entitled to as buyer of such interest of the New York state urban development corporation in such moneys or securities as provided in such chapter shall be secured through credit enhancement provided by an enhancer whose credit rating at the time the enhancement arrangement is entered into is at least "Aa" or "AA", as the case might be, by a nationally recognized rating agency. Such fund is further authorized to enter into such transactions with respect to such securities as are necessary to effectuate the purposes of such chapter.
It is hereby found and declared that any and all such purchases of such interest in such securities or moneys are reasonable, prudent, proper and legal investments for the state insurance fund and for all state officers with responsibility for the custody or investment of such fund or of its assets.
In order to obtain the funds necessary to make the purchases authorized by subdivision one of this section, the state insurance fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, are authorized to take any and all actions necessary or appropriate to cause such fund to sell securities owned by the fund or to borrow an amount not exceeding the obligation incurred by such fund pursuant to this section and to pledge as collateral therefor such assets, on such terms and conditions as are found to be fair and reasonable by the state superintendent of financial services.
Notwithstanding any other provision of law, no state officer with responsibility for the custody or investment of the state insurance fund or of its assets, or for the approval of the sale or investment of such assets, nor any investment advisor, attorney, accountant or actuary who shall have been employed by or shall have advised such officer, shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to the authorization of subdivision one or three of this section. Any action which could have been brought against any aforementioned state officer, investment advisor, attorney, accountant or actuary, except for the provisions of this subdivision, may be brought against the state insurance fund.
a. Notwithstanding any other provision of law, including the provisions of section seventeen of the public officers law, the state insurance fund and the state, jointly and severally, shall save harmless and indemnify each and every state officer with responsibility for the custody or investment of such fund or of its assets or for the approval of the sale or investment of such assets, and any investment advisor, attorney, accountant or actuary who shall have been employed by or who shall have advised such officer, and the state shall save harmless and indemnify the state insurance fund, from any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment for alleged negligence, gross negligence, waste or breach of fiduciary duty, or incapacity of any kind by reason of any transaction pursuant to the authorization of subdivision one or three of this section, provided that such officer, investment advisor, attorney, accountant or actuary shall, within fifteen days after the date on which he is personally served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to such fund or the attorney general. Upon such notice the state insurance fund and the attorney general shall, if so requested, assume control of the representation of such officer or investment advisor, attorney, accountant or actuary, in connection with such claim, demand, suit, action or proceeding. Each person so represented shall cooperate fully with the fund and the attorney general or any other person designated to assume such defense in respect of such representation or defense.
b. Notwithstanding any provision of law to the contrary, the state shall also save harmless and indemnify the state insurance fund for any and all financial loss and expense arising out of or in connection with any claim, demand, suit, action, proceeding or judgment rendered thereupon against such fund pursuant to subdivision four hereof or by reason of any transaction pursuant to the authorization of subdivision one or three of this section, provided that such fund shall, within fifteen days after the date on which it is served with, or receives actual notice of, any summons, complaint, process, notice, demand, claim or pleading, give notice thereof to the attorney general. Upon such notice the attorney general shall assume control of the representation of such fund in connection with such claim, demand, suit, action or proceeding. The fund shall cooperate fully with the attorney general or any other person designated to assume such defense in respect of such representation or defense.
N.Y. Workers' Comp. Law § 87-I
NYS Open Legislation, revision of 2014-09-22.
§ 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.
(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.
N.Y. Workers' Comp. Law § 88
NYS Open Legislation, revision of 2014-09-22.
§ 88. Administration expenses. The entire expense of administering the state insurance fund shall be paid out of such fund. The portion of such expenses applicable and chargeable to the disability benefits fund and the medical and hospital malpractice fund shall be determined on an equitable basis with due allowance for the division of overhead expenses. Not later than the first day of November there shall be submitted to the director of the budget for his approval an estimated budget of expenditures for the succeeding calendar year having due regard to the business interests and contract obligations of the fund. There may not be expended for the state insurance fund for purposes of administration more than the amounts specified in such budget for each item of expenditure, except as authorized by the director of the budget. In no case shall the amount of expenditures so authorized for an entire year for workers' compensation insurance exceed twenty-five per centum of the earned premiums for such insurance for that year. In no case shall the amount of expenditures authorized for the disability benefits fund for an entire year exceed twenty-five per centum of the premiums earned by that fund. In no case shall the amount of expenditures authorized for the medical and hospital malpractice fund for an entire year exceed twenty-five per centum of the premiums earned by that fund. If there be officers or employees of the department whose duties relate partly to the general work of the department and partly to the work of the state insurance fund, and in case there is other expense which is incurred jointly on behalf of the general work of the department and the state insurance fund, an equitable apportionment of the expense shall be made and the part thereof which is applicable to the state insurance fund shall be chargeable thereto. The expenses of the department of audit and control incurred in connection with the pre-audit of expenditures of the state insurance fund, as required by section one hundred eleven of the state finance law, shall be a charge against and be paid out of the moneys of the state insurance fund and there shall be included in the annual estimate submitted pursuant to this section an amount sufficient to pay such expenses for the period covered by such estimate. Notwithstanding section four of the state finance law, the state comptroller is authorized to process or approve payments related to business taxes, various workers' compensation board assessments and assessments related to the workers' compensation rating board directly from the fund's accounts without explicit appropriation authority. The commissioner of labor shall include in his annual report to the legislature a statement of the commissioners showing the expense of administering the state fund for the preceding year. All appointments to positions in the state insurance fund shall be made subject to civil service requirements.
NB There are 2 § 88's
N.Y. Workers' Comp. Law § 88*2
NYS Open Legislation, revision of 2014-09-22.
§ 88. Administration expenses. The entire expense of administering the state insurance fund shall be paid out of such fund which shall not be considered an agency or a fund of the state for the purposes of section four of the state finance law. The portion of such expenses applicable and chargeable to the disability benefits fund shall be determined on an equitable basis with due allowance for the division of overhead expenses. There shall be submitted to the director of the budget quarterly financial statements on a calendar year basis. In no case shall the amount of administrative expenditures so authorized for an entire year from the workers' compensation fund exceed twenty-five per centum of the earned premiums for such insurance for that year. In no case shall the amount of administrative expenditures authorized for the disability benefits fund for an entire year exceed twenty-five per centum of the premiums earned by that fund for such insurance for that year. No payment, expenditure or refund out of the state insurance fund shall be subject to pre-audit by the department of audit and control as provided by section one hundred eleven of the state finance law. All appointments to positions in the state insurance fund shall be made subject to civil service requirements.
NB There are 2 § 88
N.Y. Workers' Comp. Law § 88-A
NYS Open Legislation, revision of 2014-09-22.
§ 88-a. Payments from special or administrative funds. Whenever the compensation of any employees of the state insured in the state insurance fund is paid from a special or administrative fund provided for by law, all payments to the state insurance fund for insurance premiums on account of such employees including a proportionate share of the administrative expense of the state insurance fund on account thereof, which otherwise would be payable from the general fund of the state treasury, shall, with the approval of the director of the budget, be paid from such special or administrative fund.
N.Y. Workers' Comp. Law § 88-B
NYS Open Legislation, revision of 2014-09-22.
§ 88-b. Coverage of employees in state-supported educational institutions. Compensations payable under this chapter to employees of state colleges, schools and experiment stations, administered by Cornell university, Syracuse university and Alfred university shall be paid from the state insurance fund, and all payments to the state insurance fund for insurance premiums on account of such employees including a proportionate share of the administrative expense of the state insurance fund on account thereof shall be paid out of the general fund of the state treasury from moneys deposited to the credit of the public services fund therein.
The payroll records of the employees so covered shall be established and segregated with the approval of the director of the budget.
N.Y. Workers' Comp. Law § 88-C
NYS Open Legislation, revision of 2016-04-08.
§ 88-c. Coverage of state employees. Notwithstanding any other provisions of law to the contrary and except as set forth in section two hundred and twelve-a of this chapter, the liability of the state for the payment of compensation under this chapter heretofore existing or hereinafter arising shall be secured by an insuring agreement to be entered into between the department of civil service and the state insurance fund wherein the state, from moneys appropriated therefor, shall pay in advance to the fund on a periodic basis the actual costs to the fund for the meeting and paying, as the same become due and payable, all obligations incurred under this chapter by the state as an employer. Notwithstanding any law to the contrary, the fund may on an actuarially sound basis provide to the state insurance for any portion of the obligations of the state as employer under this chapter with respect to injuries or deaths resulting from accidents arising out of and in the course of employment on or after April first, nineteen hundred eighty-one. All such payments made by the state and paid into the state fund shall constitute a separate account in the fund to be used solely for the purpose of discharging all compensation obligations of the state pursuant to the provisions of this chapter and in accordance with the insuring agreement as provided in this section. Any portion of the account may be invested in the same manner as the assets of the fund as provided in section eighty-seven of this article. The liability of the fund for the payment of any claims or the meeting of any obligations of the state as an employer as provided in this chapter shall not exceed the moneys paid into such separate account and any increments or diminutions thereof. The agreement shall further provide that the fund shall render all services and make all reasonable expenditures necessary or required for the processing, defense and payment of all claims under this chapter, including the protection of liens, subrogation, credit and other rights of the state as an employer or the fund as an insurer, in situations where the employees' injuries or deaths were caused by culpability of third parties. Except to the extent that the state obtains insurance on an actuarially sound basis pursuant to the provisions of this section, the provisions of section eighty-six of this chapter with respect to the maintenance of reserves for the purpose of meeting anticipated compensation losses, shall not in any manner be applicable to claims of employees of the state with respect to injuries or deaths resulting from accidents arising out of and in the course of employment prior to April first, nineteen hundred eighty-one, or to an insuring agreement entered into between the state insurance fund and the department of civil service in accordance with the provisions of this section.
N.Y. Workers' Comp. Law § 89
NYS Open Legislation, revision of 2014-09-22.
§ 89. Rates for workers' compensation. 1. Employments and employees in the state fund shall be divided into such groups and classes as shall be equitable based upon differences of industry or hazard for the purpose of establishing premium rates for workers' compensation insurance, and for such purpose a system of merit rating may be employed which shall take account of the peculiar hazard of each individual risk. Such premiums in the state fund shall be fixed at the lowest possible rates consistent with the maintenance of a solvent fund and of reasonable reserves and surplus.
(a) For policies with rating anniversary dates after September thirtieth, nineteen hundred ninety-nine and before October first, two thousand, an employer's payroll for premium computation purposes in the affected construction classifications shall be the actual weekly payroll per employee for the number of weeks employed subject to a maximum of nine hundred dollars per week per employee plus one-half of the difference between the employer's total payroll and the limited payroll.
(b) For policies with rating anniversary dates after September thirtieth, two thousand and before October first, two thousand one, an employer's payroll for premium computation purposes in the affected construction classifications shall be the actual weekly payroll per employee for the number of weeks employed subject to a maximum of nine hundred dollars per week per employee.
(c) For policies with rating anniversary dates after September thirtieth, two thousand one and before October first, two thousand two, an employer's payroll for premium computation purposes in the affected construction classifications shall be the actual weekly payroll per employee for the number of weeks employed subject to a maximum of eight hundred dollars per week per employee.
(d) For policies with rating anniversary dates after September thirtieth, two thousand two, an employer's payroll for premium computation purposes in the affected construction classifications shall be the actual weekly payroll per employee for the number of weeks employed subject to a maximum of the greater of seven hundred fifty dollars per week or the weekly payroll amount upon which the maximum weekly benefit is based, per employee.
(a) Territory 1 comprising the counties of the Bronx, Kings, New York, Queens, and Richmond;
(b) Territory 2 comprising the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester; and
(c) Territory 3 comprising all other counties within the state.
N.Y. Workers' Comp. Law § 90
NYS Open Legislation, revision of 2014-09-22.
§ 90. Dividends. Policyholders insured in the state insurance fund may be divided into such groups as shall be equitable for the purpose of accounting and declaration of dividends but for the purpose of paying compensation the state fund shall be deemed one and indivisible. Separate accounts shall be kept of income and of losses and expenses incurred, including contributions to catastrophe surplus and reserves adequate to meet anticipated losses and carry all claims to maturity, for each such group. If such accounting shows a balance remaining to the credit of the group at the close of any policy period, which shall be deemed to be safely and properly so applied, there may be credited or paid to each individual member of such group such proportion of such balance as the amount of his earned premium sustains to the total earned premium of the group for the period for which the accounting is made. If any member who has withdrawn from the group would otherwise have been entitled to such a dividend, the same may be credited or paid to him.
N.Y. Workers' Comp. Law § 91
NYS Open Legislation, revision of 2014-09-22.
§ 91. Groups for accident prevention. For any group established under the provisions of section ninety membership in the group of any employer otherwise entitled to be admitted thereto may be conditional upon acceptance and maintenance of special rules as to administration and as to accident prevention and medical care of employees. Such limitation of membership in the group may be established only upon proper evidence that a majority of the members of the group have approved such rules and only when such rules have been approved by the commissioners as sufficient to constitute a proper basis of differentiation as to membership in the group.
N.Y. Workers' Comp. Law § 92
NYS Open Legislation, revision of 2014-09-22.
§ 92. Payment of premiums. 1. Workers' compensation insurance premiums for any policy period shall be paid into the state insurance fund at the beginning of the period when the amount of such premium is less than one thousand dollars according to the estimated expenditure of wages for the period except to the extent that rules of the commissioners permit such amount to be paid by installments. For all other policyholders, workers' compensation insurance premiums for any policy period based on an estimated expenditure of wages for the period may, at the policyholders' option, be paid into the state insurance fund by installments in accordance with rules promulgated by the commissioners.
Disability benefits insurance premiums for any period shall be paid into the state insurance fund at the beginning of the period according to the estimated expenditure of wages for the period except to the extent that rules of the commissioners permit such amount to be paid by installments.
At the end of the period an adjustment of the premium shall be made according to the actual expenditure of wages. If such adjusted premium is more than the premium paid at the beginning of the period, the policyholder shall pay the difference immediately upon notification of the amount due except to the extent that rules promulgated by the commissioners permit such amount to be paid by installments. If such adjusted premium is less than the premium paid in advance, the state insurance fund shall, at the policyholder's option, either refund the difference or credit the amount thereof to the policyholder's account with the state insurance fund.
N.Y. Workers' Comp. Law § 93
NYS Open Legislation, revision of 2022-07-08.
§ 93. Collection of premium in case of default. a. If a policyholder shall default in any payment required to be made by him to the state insurance fund after due notice, his insurance in the state fund may be cancelled and the amount due from him shall be collected by civil action brought against him in any county wherein the state insurance fund maintains an office in the name of the commissioners of the state insurance fund and the same when collected, shall be paid into the state insurance fund, and such policyholder's compliance with the provisions of this chapter requiring payments to be made to the state insurance fund shall date from the time of the payment of said money to the state insurance fund.
b. An employer, whose policy of insurance has been cancelled by the state insurance fund for non-payment of premium and assessments or withdraws pursuant to section ninety-four of this article, is ineligible to contract for a subsequent policy of insurance with the state insurance fund while the billed premium on the cancelled policy remains uncollected. However, the state insurance fund shall have discretion to issue a new policy to such employer by consenting to a payment plan for the employer to pay off the balance on the prior policy provided that (1) any required payroll audit or self-audit has been completed at the time the new policy is issued, (2) the employer's prior payment and policy history meet the state insurance fund's underwriting standards, (3) the employer has demonstrated the ability to pay the deposit premium on the new policy and the first installment of the balance due on the prior cancelled policy prior to issuance of the new policy, and (4) the employer has demonstrated the ability to pay the overdue balance from the prior cancelled policy by installments as determined by the state insurance fund together with payments on the new policy within twelve months from the date the new policy is issued. If an employer is issued a new policy pursuant to this subdivision, such employer shall be required to make the final payment on such overdue balance within twelve months from the date the new policy is issued. If the employer defaults on payment for either the new policy or the balance due from the prior cancelled policy, the employer's new policy is subject to cancellation for non-payment of premium as provided under this chapter. If the new policy issued pursuant to this subdivision is cancelled, the employer shall be ineligible for an additional policy until all amounts due from all prior cancelled policies have been paid.
c. The state insurance fund shall not be required to write a policy of insurance for any employer which is owned or controlled or the majority interest of which is owned or controlled, directly or indirectly, by any person who directly or indirectly owns or controls or owned or controlled at the time of cancellation an employer whose former policy of insurance with the state insurance fund was cancelled for non-payment of premium and assessments or withdraws pursuant to section ninety-four of this article or who is or was at the time of cancellation the president, vice-president, secretary or treasurer of such an employer until the billed premium on the cancelled policy is paid. The state insurance fund shall have discretion to write a policy to such an employer using the same terms as applicable to writing a policy of insurance to a former policyholder that owes a balance on a prior policy as provided under subdivision b of this section.
For purposes of this subdivision, "person" shall include individuals, partnerships, corporations, and other associations.
N.Y. Workers' Comp. Law § 94
NYS Open Legislation, revision of 2014-09-22.
§ 94. Withdrawal from fund. a. Any employer may, upon complying with subdivision two or three of section fifty of this chapter, withdraw from the fund by turning in his insurance contract for cancellation, provided he has given written notice to the fund of his intention to withdraw not less than thirty days before the effective date of such cancellation. Upon receipt of such notice the fund shall, at least ten days prior to the effective date file in the office of the chairman a notice of such cancellation date.
In no event shall the insurance contract be deemed cancelled until at least ten days after the date of such filing, any earlier date mentioned in the notice to the contrary notwithstanding.
If an employer withdraws from the fund upon complying with subdivision two of section fifty of this chapter, the new insurance contract with the stock corporation, mutual corporation or reciprocal insurer shall be deemed not to take effect until the cancellation of such employer's contract with the state insurance fund has become effective.
b. Notwithstanding any of the provisions contained in subdivision five of section fifty-four of this chapter the fund may cancel a contract of insurance at any time during the contract period upon being furnished by an employer with proof satisfactory to the fund that he is no longer required to comply with section fifty of this chapter by reason of his having discontinued, sold, transferred, assigned or otherwise disposed of his business and has ceased employing workmen or operatives; or, where the insurance contract has been issued to cover the operations under a specific contract or at a specified location, that such operations have been completed or discontinued and the employment of workmen or operatives in connection therewith has ceased; provided, however, such cancellation shall not become effective until at least ten days after notice thereof shall have been filed in the office of the chairman.
N.Y. Workers' Comp. Law § 95
NYS Open Legislation, revision of 2014-09-22.
§ 95. Record and audit of payrolls. (1) Every employer who is insured in the state insurance fund shall keep a true and accurate record of the number of his employees and the wages paid by him, and shall furnish, upon demand, a sworn statement of the same. Such record shall be open to inspection at any time and as often as may be necessary to verify the number of employees and the amount of the payroll. Any employer who shall fail to keep such record, who shall willfully fail to furnish such record or who shall willfully falsify any such record, shall be guilty of a misdemeanor.
(2) Employers subject to subdivision (e) of section two thousand three hundred four of the insurance law and subdivision two of section eighty-nine of this article shall keep a true and accurate record of hours worked for all construction classification employees. The willful failure to keep such record, or the knowing falsification of any such record, may be prosecuted as insurance fraud in accordance with the provisions of section 176.05 of the penal law.
N.Y. Workers' Comp. Law § 96
NYS Open Legislation, revision of 2014-09-22.
§ 96. Penalties for fraudulent practices. 1. Any person who knowingly makes a false statement or representation, conceals any material fact, or engages in any other fraudulent scheme or device for the purpose of obtaining, maintaining or renewing insurance in the state insurance fund at less than the proper rate for such insurance, whether for himself or herself or any other person or entity, or for the purpose of evading the requirements of section fifty of this chapter or for the purpose of obtaining any benefit or payment out of such fund, whether for himself or herself or any other person or entity, shall be guilty of a class E felony. If a violation of this subdivision is alleged and such act could also constitute a violation of the penal law or any other law, the prosecuting official may charge such person pursuant to the provisions of this section and charge such person in accordance with such other law or laws. In addition to any other remedy, the state insurance fund shall be entitled to restitution for any amount obtained or withheld as a result of a violation of this subdivision.
N.Y. Workers' Comp. Law § 97
NYS Open Legislation, revision of 2014-09-22.
§ 97. Inspections. The commissioners shall have the right to inspect the plants and establishments of employers insured in the state insurance fund; and the inspectors designated by the commissioners shall have free access to such premises during regular working hours.
N.Y. Workers' Comp. Law § 98
NYS Open Legislation, revision of 2014-09-22.
§ 98. Disclosures prohibited. Information as required by the state fund, or its officers or employees, from employers or employees pursuant to this chapter shall not be opened to public inspection, and any officer or employee who, without authority of the commissioners or pursuant to their regulations, or as otherwise required by law, shall disclose the same shall be guilty of a misdemeanor.
N.Y. Workers' Comp. Law § 99
NYS Open Legislation, revision of 2014-09-22.
§ 99. Reports of state insurance fund. 1. The commissioners shall make separate reports to the superintendent of financial services concerning the state insurance fund at the same time and in the same manner as is required from mutual employer's liability and workers' compensation corporations by section three hundred seven of the insurance law, and the superintendent of financial services may examine into the condition of such state insurance fund at any time, either personally or by any duly authorized examiner appointed by him for the purpose of determining the condition of the investments and the adequacy of the reserves of such fund and such other matters as shall be in the jurisdiction of the superintendent of financial services.
N.Y. Workers' Comp. Law § 100
NYS Open Legislation, revision of 2014-09-22.
§ 100. Insurance against liability to volunteer firefighters and ambulance workers. Insurance contracts issued by the state insurance fund to insure political subdivisions against liability in relation to volunteer firefighters or volunteer ambulance workers under the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law shall be designated "volunteer firefighters' benefit insurance" or "volunteer ambulance workers' benefit insurance". The provisions of this article which are not inconsistent with such laws shall be applicable in relation to such insurance. The following terms used in this article, unless inconsistent with the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law, are hereby enlarged as follows:
"Employer" includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law.
"Employee" includes a volunteer firefighter or volunteer ambulance worker who has been or might be injured in line of duty or who dies or might die from such an injury. When a political subdivision or a district or area thereof is responsible for the payment of benefits pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law, it shall be deemed the "employer" of such "employee."
"Workers' compensation" and "compensation" include the benefits in relation to volunteer firefighters or volunteer ambulance workers pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law.
"This chapter" includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law, except when such a meaning is inconsistent with this article.