S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5540
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     June 1, 2011
                                      ___________
       Introduced  by  Sen.  SEWARD -- (at request of the State Comptroller) --
         read twice and ordered printed, and when printed to  be  committed  to
         the Committee on Labor
       AN  ACT to amend the workers' compensation law, in relation to requiring
         the state insurance fund to file annual audited  financial  statements
         with the office of the state comptroller
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Section 99 of the workers' compensation law, as amended by
    2  chapter 805 of the laws of 1984, is amended to read as follows:
    3    S 99. Reports of  state  insurance  fund[;  examination  by  insurance
    4  department].  1.  The  commissioners  shall make separate reports to the
    5  superintendent of insurance concerning the state insurance fund  at  the
    6  same  time  and in the same manner as is required from mutual employer's
    7  liability  and  workers'  compensation  corporations  by  section  three
    8  hundred  seven of the insurance law, and the superintendent of insurance
    9  may examine into the condition of such state insurance fund at any time,
   10  either personally or by any duly authorized examiner  appointed  by  him
   11  for  the purpose of determining the condition of the investments and the
   12  adequacy of the reserves of such fund and such other matters as shall be
   13  in the jurisdiction of the superintendent of insurance.
   14    2. THE COMMISSIONERS SHALL FILE ANNUALLY WITH THE  STATE  COMPTROLLER,
   15  ON  OR  BEFORE JUNE FIFTEENTH, FINANCIAL STATEMENTS FOR THE STATE INSUR-
   16  ANCE FUND AUDITED BY AN INDEPENDENT AUDITOR. SUCH  STATEMENTS  SHALL  BE
   17  PREPARED  IN THE SAME MANNER AS REPORTS FILED WITH THE SUPERINTENDENT OF
   18  INSURANCE UNDER SUBDIVISION ONE OF THIS SECTION. A COPY OF THE INDEPEND-
   19  ENT AUDITOR'S REPORT SHALL ACCOMPANY ANY FINANCIAL STATEMENTS  SUBMITTED
   20  PURSUANT TO THIS SUBDIVISION.
   21    S  2. This act shall take effect on the first of January next succeed-
   22  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11123-01-1