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Senate Bill S7379

2015-2016 Legislative Session

Prohibits the transfer of state insurance fund balances

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2015-S7379 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Workers' Compensation Law
Laws Affected:
Add ยง101, Work Comp L

2015-S7379 (ACTIVE) - Summary

Prohibits the transfer of state insurance fund balances to the general fund; provides for a diversion impact statement should the legislature divert fund assets.

2015-S7379 (ACTIVE) - Sponsor Memo

2015-S7379 (ACTIVE) - Bill Text download pdf 

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

                                  7379

                            I N  S E N A T E

                             April 22, 2016
                               ___________

Introduced  by  Sen. MARTINS -- 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  prohibit-
  ing the transfer of state insurance fund balances to the general fund

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

  Section 1. The workers' compensation law is amended by  adding  a  new
section 101 to read as follows:
  S  101.  PROHIBITING  THE  TRANSFER  OF STATE INSURANCE FUND BALANCES.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, DIVERSION OF FUNDS DEDICATED
TO THE STATE INSURANCE FUND, HEREINAFTER REFERRED TO  AS  THE  FUND,  IS
PROHIBITED.
  1.  ALL  STATE OFFICERS WITH RESPONSIBILITY FOR THE CUSTODY OR INVEST-
MENT OF THE FUND OR OF ITS ASSETS SHALL  BE  PROHIBITED  FROM  DIVERTING
FUND  ASSETS  INTO  THE GENERAL FUND OF THE STATE OR INTO ANY OTHER FUND
MAINTAINED FOR THE SUPPORT OF ANOTHER GOVERNMENTAL PURPOSE. NO DIVERSION
OF FUNDS CAN OCCUR CONTRARY TO THIS SECTION BY AN ADMINISTRATIVE ACT  OF
THE  STATE OFFICERS WITH RESPONSIBILITY FOR THE CUSTODY OR INVESTMENT OF
THE FUND, OR ANY OTHER PERSON IN THE EXECUTIVE BRANCH UNLESS  A  STATUTE
IS  ENACTED  INTO  LAW  AUTHORIZING  A DIVERSION THAT WOULD OTHERWISE BE
PROHIBITED BY THIS SECTION.
  2. IF ANY DIVERSION OF FUND ASSETS OCCURS BY  PASSAGE  OF  LEGISLATION
DURING  A  REGULAR  OR  EXTRAORDINARY  SESSION OF THE LEGISLATURE OR THE
BUDGET, DIVERTING FUNDS SHALL INCLUDE A DIVERSION IMPACT STATEMENT WHICH
INCLUDES THE FOLLOWING INFORMATION:
  (A) THE AMOUNT OF THE DIVERSION FROM THE FUND;
  (B) THE AMOUNT DIVERTED EXPRESSED AS CURRENT POLICY PREMIUMS;
  (C) THE CUMULATIVE AMOUNT OF DIVERSION FROM THE FUND SINCE INCEPTION;
  (D) THE DATE OR DATES WHEN THE DIVERSION IS TO OCCUR; AND
  (E) A DETAILED ESTIMATE OF THE IMPACT OF DIVERSION THE FUND WILL  HAVE
ON THE PREMIUMS OF POLICYHOLDERS.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15097-01-6

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