Aggregated by Superinsight from public-domain sources, as of 2026-09-02.
N.Y. Workers' Comp. Law § 106
NYS Open Legislation, revision of 2014-09-22.
§ 106. Consolidation of funds; definitions. On and after March first, nineteen hundred ninety, the stock workers' compensation security fund and the mutual workers' compensation security fund heretofore created are hereby consolidated into a single fund to be known as the "workers' compensation security fund". All assets, liabilities, rights and obligations of the stock workers' compensation security fund and the mutual workers' compensation security fund are hereby transferred and assigned to and assumed by and devolved upon the workers' compensation security fund and shall continue to be assets, liabilities, rights and obligations of such fund without diminution or impairment. As used in this article, unless the context or subject matter otherwise require;
"Fund" means the workers' compensation security fund.
"Fund year" means the calendar year.
"Stock carrier" means any stock corporation other than an insolvent carrier, authorized to transact the business of workmen's compensation insurance in this state.
"Mutual carrier" means any mutual corporation or reciprocal insurer, other than an insolvent carrier, authorized to transact the business of workmen's compensation insurance in this state.
"Nonprofit property/casualty insurance company" means a nonprofit property/casualty insurance company as defined in paragraph fifty-three of subsection (a) of section one hundred seven of the insurance law.
"Reciprocal insurer" means any reciprocal insurer authorized to transact the business of workmen's compensation insurance in this state and such reciprocal insurer shall be deemed to be a mutual carrier within the intent of the several provisions of this article.
"Carrier" means a stock or mutual corporation or a reciprocal insurer or a nonprofit property/casualty insurance company, if such corporation or insurer is authorized to transact the business of workers' compensation insurance in this state, including but not limited to the issuance of an assumption of workers' compensation liability insurance policy, but not including any such corporation or insurer which is insolvent.
"Insolvent carrier" means a carrier as to which an order of rehabilitation or of liquidation, or, if such carrier be a foreign insurer, as to which an order for conservation of its assets within the state, shall have been made after the effective date of this article pursuant to article seventy-four of the insurance law, or a foreign carrier which withdraws from or discontinues operation in this state and fails to meet payments due on awards made, but not including a carrier, whether a domestic or foreign insurer, which shall have become rehabilitated and allowed to resume business after any such rehabilitation or conservation of assets and meets its obligations as they mature.
"Employer" includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law.
"Employment" includes the service of a volunteer firefighter for which a political subdivision is liable for benefits pursuant to the volunteer firefighters' benefit law.
"Workers' compensation" and "compensation" include the benefits in relation to volunteer firefighters and volunteer ambulance workers pursuant to the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law and benefits in relation to longshore and harbor workers pursuant to the longshore and harbor workers' compensation act, United States Code, Title 33, Sections 901 through 950.
"This chapter" includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law; and the longshore and harbor workers' compensation act, United States Code, Title 33, Sections 901 through 950; except when such a meaning is inconsistent with this article.
N.Y. Workers' Comp. Law § 107
NYS Open Legislation, revision of 2014-09-22.
§ 107. Workers' compensation security fund. The purpose of the fund is to assure to persons and funds entitled thereto the compensation and benefits provided by this chapter for employments insured in insolvent carriers, including the return of unearned premiums. Such fund shall be applicable to the payment of awards for compensation or death benefits and to the payment of benefits into the special funds created under the provisions of subdivisions eight and nine of section fifteen and section twenty-five-a of this chapter heretofore or hereafter made pursuant to this chapter, and remaining unpaid, in whole or in part, by reason of the default, after the effective date of this article, of an insolvent carrier including the return of unearned premiums, but such fund shall not be applicable to the payment of any amounts due under any policy of reinsurance issued to an insurance carrier. The fund shall also be applicable to the payment of liability claims against an employer under the employer's liability insurance portion of the standard New York workers' compensation and employer's liability insurance policy, but no payment from the fund for such liability claim shall exceed the lesser of the policy limit or one million dollars on any one claim. Expenses of administration also shall be paid from the fund as herein provided. Such fund shall consist of all contributions received and paid into the fund by carriers, as herein defined, of property and securities acquired by and through the use of moneys belonging to the fund and of interest earned upon moneys deposited or invested as herein provided. The payment of the return of unearned premiums and the payment of liability claims provided for pursuant to the provisions of this section shall be made only if the fund is determined by the superintendent of financial services to be sufficient to satisfy all claims for compensation or death benefits and to the payment of benefits into the special funds created under the provisions of subdivisions eight and nine of section fifteen and section twenty-five-a of this chapter and, provided further, that the superintendent of financial services shall designate sufficient assets from this fund for the payment of such claims which shall not at any time be diverted to any other use or purpose. The fund shall be administered by the superintendent of financial services in accordance with the provisions of this article.
N.Y. Workers' Comp. Law § 108
NYS Open Legislation, revision of 2014-09-22.
§ 108. Payments into fund; returns; recoupment. 1. On or before the fifteenth day of February, May, August and November, of each year, every carrier shall file, quarterly, with the superintendent of financial services and with the commissioner of taxation and finance, identical returns, under oath, on a form to be prescribed and furnished by the superintendent of financial services, stating the amount of net written premiums for policies issued or renewed by such carrier, during the three months' periods ending, respectively, on the preceding December thirty-first, March thirty-first, June thirtieth, and September thirtieth, to insure payment of compensation pursuant to this chapter and/or the longshore and harbor workers' compensation act and stating the amount of dividends paid to policyholders during said period. For the purposes of this section "net written premiums" shall mean gross written premiums less return premiums on policies returned "not taken" and on policies cancelled, but shall not mean premiums for reinsurance.
For the privilege of carrying on the business of workers' compensation insurance in this state, every carrier shall pay into the fund for deposit in the workers' compensation security fund payment account established pursuant to section eighty-nine-f of the state finance law, upon filing each quarterly return, a sum equal to one per centum, provided, however, that the superintendent of financial services may require each carrier to pay into the fund not more than two per centum, of its net written premiums, less the amount of dividends paid to policyholders, for the period covered by such return, except when suspended in accordance with section one hundred nine of this article.
The provisions of this section shall not apply with respect to policies containing coverage pursuant to subsection (j) of section three thousand four hundred twenty of the insurance law relating to every policy providing comprehensive personal liability insurance on a one, two, three or four family owner-occupied dwelling.
The superintendent shall adopt a recoupment rate which shall enable each carrier to recoup over a reasonable length of time a sum reasonably calculated to recover the payments by the carrier under this section by way of a surcharge on premiums charged for insurance policies to which this section applies. Amounts recouped shall not be considered taxable for the purposes of article thirty-three of the tax law.
The amount of any surcharge on premiums pursuant to subdivison two of this section shall be separately stated on either a billing or policy declaration sent to an insured. The superintendent shall determine the rate of the surcharge and the collection period and these shall be mandatory for all carriers. Carriers who collect surcharges in excess of payments made pursuant to this section shall remit the excess to the superintendent within one hundred twenty days after the end of the collection period determined by the superintendent. The excess shall first be applied to reimburse, on an equitable basis, those carriers who are unable to collect surcharges equal to their paid assessments, and any excess thereafter shall be retained by the fund to reduce future assessments.
The statement of the amount of surcharge required to be provided by subdivision five of this section shall include a description of, and purpose for, the New York Workers' Compensation Security Fund, as follows:
"Companies writing workers' compensation insurance business in New York are required to participate in the New York Workers' Compensation Security Fund. If a company becomes insolvent, the security fund settles unpaid claims and assesses each insurance company for its fair share.
New York law requires all companies to surcharge policies to recover these assessments. If your policy is surcharged 'NY surcharge', an amount will be displayed on your premium notice."
N.Y. Workers' Comp. Law § 109
NYS Open Legislation, revision of 2014-09-22.
§ 109. Suspension of payments into fund; temporary surcharge authorized. 1. When as of the end of any quarterly period the amount of assets in the fund, as determined by the superintendent of financial services, including any appropriation to such fund from the general fund equals or exceeds seventy-four million dollars, no further contributions to such fund shall be required to be made after that quarterly period, provided, however, that whenever as of any subsequent quarterly period the amount of such assets is less than seventy-four million dollars such contributions shall be resumed at the beginning of the next quarter. Thereafter the suspension or resumption of contributions shall be governed by the foregoing provisions. During the period of time in which any loans to the fund made pursuant to section seven thousand four hundred thirty-three-a of the insurance law are outstanding, any assets available after the payment of awards pursuant to section one hundred nine-c of this article shall be used to repay such loans and not be counted as assets for purposes of this section.
N.Y. Workers' Comp. Law § 109-A
NYS Open Legislation, revision of 2014-09-22.
§ 109-a. Administration of fund. The superintendent of financial services may adopt, amend and enforce all reasonable rules and regulations necessary for the proper administration of said fund. In the event any carrier shall fail to file any return or make any payment required by this article, or in case the superintendent of financial services shall have cause to believe that any return or other statement filed is false or inaccurate in any particular, or that any payment made is incorrect, the superintendent shall have full authority to examine all the books and records of the carrier for the purpose of ascertaining the facts and shall determine the correct amount to be paid and may proceed in any court of competent jurisdiction to recover for the benefit of the fund any sums shown to be due upon such examination and determination. Any carrier which fails to make any statement as required by this article, or to pay any contribution to the fund when due, shall thereby forfeit to said fund a penalty of five per centum of the amount of unpaid contribution determined to be due as provided by this article plus one per centum of such amount for each month of delay, or fraction thereof, after the expiration of the first month of such delay but the superintendent, if satisfied that the delay was excusable, may remit all or any part of such penalty. The superintendent, in his discretion, may revoke the certificate of authority to do business in this state of any foreign carrier which shall fail to comply with this article or to pay any penalty imposed in accordance with this article.
N.Y. Workers' Comp. Law § 109-B
NYS Open Legislation, revision of 2014-09-22.
§ 109-b. Custody and investment of fund. 1. The fund created by this article shall be separate and apart from any other fund so created and from all other state moneys, and the faith and credit of the state of New York is pledged for its safekeeping. The commissioner of taxation and finance shall be the custodian of said fund; and all disbursements from said fund shall be made by the commissioner of taxation and finance upon vouchers signed by the superintendent of financial services, or his deputy, as hereinafter provided. The moneys of said fund may be invested by the commissioner of taxation and finance in the stocks or bonds of the United States or of this state and in interest bearing certificates of deposit of a bank or trust company located and authorized to do business in this state or of a national bank located in this state secured by a pledge of direct obligations of the United States or of the state of New York, or in accordance with the provisions of section ninety-eight-a of the state finance law, in an amount equal to the amount of such certificates of deposit. The commissioner of taxation and finance may sell any of the securities or certificates of deposit in which said fund is invested, if advisable for its proper administration or in the best interests of such fund, and all earnings from the investments of such fund shall be credited to such fund.
(b) It is hereby found and declared that any appropriation made as provided for in paragraph (a) of this subdivision shall be deemed an asset of the fund, and that any transfer of moneys from such fund to the general fund in accordance with the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two 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 § 109-C
NYS Open Legislation, revision of 2014-09-22.
§ 109-c. Payments from fund. 1. The final award for compensation or death benefits, or installments thereof, or of payment of benefits into the special funds created under the provisions of subdivisions eight and nine of section fifteen and section twenty-five-a of this chapter heretofore or hereafter granted pursuant to this chapter, or the payment of a claim made against an insured under the employer's liability insurance portion of the insured's standard New York workers' compensation and employer's liability insurance policy, which has remained or shall remain due and unpaid for thirty days, by reason of default by an insolvent carrier, shall be paid from the fund in the manner provided in this section. Benefits or compensation pursuant to the longshore and harbor workers' compensation act shall be payable only with respect to coverage of risks located or resident in this state; provided further that the insolvency, bankruptcy or dissolution of the insured shall effect a termination of security fund benefits provided hereunder. The chairman or any person in interest may file with the superintendent of financial services an application for payment of compensation or death benefits, special fund benefits or liability claims from the fund on a form to be prescribed and furnished by the superintendent. If there has been an award, final or otherwise, a certified copy thereof shall accompany the application. The superintendent of financial services shall thereupon certify to the commissioner of taxation and finance such award for payment according to the terms of the same.
Payments from the fund shall be made by the commissioner of taxation and finance on the said certificate of the superintendent of financial services, and no payment shall be made by the commissioner of taxation and finance in excess of the amount certified.
Payment of the award from the fund shall not give the fund any right of recovery against the employer.
An employer may pay any such award or part thereof in advance of payment from the fund and shall thereupon be subrogated to the rights of the employee or other party in interest against such fund to the extent of the amount so paid.
The commissioner of taxation and finance as custodian of the fund shall be entitled to recover the sum of all liabilities, including loss adjustment expenses relating to such liabilities, of such insolvent carrier assumed by such fund from such carrier, its receiver, liquidator, rehabilitator or trustee in bankruptcy and may prosecute an action or other proceedings therefor. All moneys recovered in any such action or proceedings shall forthwith be placed to the credit of the fund by the commissioner of taxation and finance to reimburse the fund to the extent of the moneys so recovered and paid.
The provisions of section twenty-six of this chapter shall not apply in the case of a failure to pay any compensation when due by reason of the default, after the effective date of this article, of an insolvent carrier as defined in this article, and the provisions of section thirty-four of this chapter shall not apply to compensation insured by any carrier as defined in this article if the compensation is paid by the fund.
N.Y. Workers' Comp. Law § 109-D
NYS Open Legislation, revision of 2014-09-22.
§ 109-d. Notification of insolvency. Duties of chairman. Forthwith upon any carrier becoming an insolvent carrier, the superintendent of financial services shall so notify the chairman, who shall immediately advise the superintendent (a) of all claims for compensation pending or thereafter made against an employer insured by such insolvent carrier or against such insolvent carrier; (b) of all unpaid or continuing awards and decisions made upon claims prior to or after the date of such notice from the superintendent; and (c) of all appeals from or applications for modification or rescission or review of such awards or decisions.
N.Y. Workers' Comp. Law § 109-E
NYS Open Legislation, revision of 2014-09-22.
§ 109-e. Rights and duties of superintendent of financial services as administrator of the fund. The superintendent of financial services may designate or appoint a duly authorized representative or representatives to appear and defend an insured against a liability claim under the employer's liability portion of the standard New York workers' compensation and employer's liability insurance policy, and to appear and defend before the board any or all claims for compensation or benefits against an employer insured by an insolvent carrier or against such insolvent carrier. The superintendent of financial services shall have, as of the date of the insolvency of any carrier, only all the rights and duties which the insurance carrier would have had with respect to awards made or claims for compensation or benefits filed or pending, or pending liability claims, if it had not become insolvent. For the purposes of this article the superintendent shall have power to employ such counsel, clerks and assistants as may by him be deemed necessary, and to give each of such persons such powers to assist him as he may consider wise.
N.Y. Workers' Comp. Law § 109-F
NYS Open Legislation, revision of 2014-09-22.
§ 109-f. Expenses of administration. The expense of administering the fund shall be paid out of the fund. Prior to the first days of January, April, July and October there shall be submitted to the director of the budget for approval an estimated budget of expenditures for the succeeding three months. There may not be expended for the purpose of administering the fund more than the amounts as authorized by the director of the budget. The superintendent of financial services shall serve as administrator of the fund without additional compensation, but may be allowed and paid from the fund expenses incurred in the performance of his duties in connection with the fund. The compensation of those persons employed by the superintendent of financial services, within the amounts approved by the director of the budget, shall be deemed administration expense payable from the fund. The superintendent of financial services shall include in his annual report to the legislature a statement of the expense of administering the fund for the preceding year.