Senate Bill S5979

Signed By Governor
2015-2016 Legislative Session

Relates to an interim assessment on members of a defaulted group self-insurer

download bill text pdf

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Archive: Last Bill Status Via A8259 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S5979 (ACTIVE) - Details

See Assembly Version of this Bill:
A8259
Law Section:
Workers' Compensation Law
Laws Affected:
Amd ยง50, Work Comp L

2015-S5979 (ACTIVE) - Summary

Relates to interim assessments on the members of a defaulted group self-insurer or members of any other terminated group self-insurer; authorizes the chair to levy an interim assessment within 120 days of default; establishes that such time limitations do not apply to the imposition of any subsequent and further deficit assessments.

2015-S5979 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5979

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              June 15, 2015
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the workers' compensation law, in relation to an interim
  assessment on members of a defaulted group self-insurer

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.    Subparagraph  (b)  of paragraph 7 of subdivision 3-a of
section 50 of the workers' compensation law, as amended by section 4  of
part R of chapter 56 of the laws of 2010, is amended to read as follows:
  (b)  The  chair  shall  levy an INTERIM assessment on the members of a
defaulted group self-insurer within one  hundred  twenty  days  of  such
default or of the effective date of the chapter of the laws of two thou-
sand  eight  which  amended  this  subdivision,  whichever is later, and
against the members of any  other  terminated  group  self-insurer  when
necessary, for such an amount as he or she determines to be necessary to
discharge  all  liabilities  of  the  group  self-insurer, including the
reasonable cost of liquidation  such  as  claims  administration  costs,
actuarial  and  accounting services, and the value of future assessments
on members of such group self-insurer AS THEY ARE KNOWN AT THE  TIME  OF
THE  ASSESSMENT.    The  chair may impose subsequent AND FURTHER deficit
assessments, or return funds to members, to adjust the moneys  collected
to  reflect the time of participation, and percent of group self-insurer
liabilities for such time.  THE TIME LIMITATIONS INCLUDED IN  THE  FIRST
SENTENCE  OF  THIS  SUBPARAGRAPH  DO  NOT APPLY TO THE IMPOSITION OF ANY
SUBSEQUENT AND FURTHER  DEFICIT  ASSESSMENTS  THAT  EXCEED  THE  INTERIM
ASSESSMENT MADE BY THE CHAIR AGAINST MEMBERS OF A DEFAULTED GROUP INSUR-
ER  OR MEMBERS OF ANY OTHER TERMINATED GROUP SELF-INSURER. Notwithstand-
ing any such action by the chair, each member of the group  self-insurer
shall  remain  jointly  and  severally  responsible  for all liabilities
provided by this chapter including but not limited  to  outstanding  and
estimated  future  liabilities  and  assessments.  Further, separate and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11635-02-5
              

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