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Senate Bill S7380

2015-2016 Legislative Session

Prohibits the transfer of state insurance fund balances; repealer

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2015-S7380 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Workers' Compensation Law
Laws Affected:
Rpld & add ยง87-f, Work Comp L

2015-S7380 (ACTIVE) - Summary

Prohibits the transfer of state insurance fund balances to the general fund; requires an appropriation to be payable to the fund on the basis of a repayment schedule.

2015-S7380 (ACTIVE) - Sponsor Memo

2015-S7380 (ACTIVE) - Bill Text download pdf 

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

                                  7380

                            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;
  and to repeal section 87-f of such law relating thereto

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

  Section 1. Section 87-f of the workers' compensation law  is  REPEALED
and a new section 87-f is added to read as follows:
  S 87-F. PROHIBITING THE TRANSFER OF STATE INSURANCE FUND BALANCES.  1.
NOTWITHSTANDING  ANY OTHER PROVISION OF THE LAW, ALL STATE OFFICERS WITH
RESPONSIBILITY FOR CUSTODY OR INVESTMENT OF THE  STATE  INSURANCE  FUND,
HEREINAFTER  REFERRED TO AS THE FUND, OR ITS ASSETS, ARE PROHIBITED FROM
TRANSFERRING MONEYS OR ASSETS OF THE FUND TO THE GENERAL FUND,  OR  INTO
ANY OTHER FUND MAINTAINED FOR SUPPORT OF ANOTHER GOVERNMENTAL PURPOSE.
  2.  NOTWITHSTANDING  ANY OTHER PROVISION OF THE LAW, THE FUND, AND ALL
STATE OFFICERS WITH RESPONSIBILITY FOR  CUSTODY  OR  INVESTMENT  OF  THE
FUND, SHALL SUBMIT TO THE DIRECTOR OF THE BUDGET A REQUEST FOR AN APPRO-
PRIATION  OF  ONE  BILLION  SIXTY-FIVE MILLION DOLLARS, OR FOR THE TOTAL
AMOUNT OF ALL AMOUNTS TRANSFERRED FROM THE FUND TO THE GENERAL  FUND  IN
PRIOR  YEARS,  WHICHEVER  IS  GREATER.  THE  GOVERNOR SHALL INCLUDE SUCH
AMOUNT IN A BUDGET BILL FOR THE NEXT STATE FISCAL YEAR, AND THE LEGISLA-
TURE SHALL APPROPRIATE THE AMOUNT IN THE BUDGET BILL  SUBMITTED  BY  THE
GOVERNOR.  THE  STATE COMPTROLLER SHALL ENCUMBER THE AMOUNT SO APPROPRI-
ATED BEFORE THE END OF THE FISCAL YEAR FOR WHICH  THE  APPROPRIATION  IS
MADE. THE AMOUNT APPROPRIATED AND ENCUMBERED DURING THE PRECEDING FISCAL
YEAR  SHALL  BE PAYABLE TO THE FUND ON THE BASIS OF A REPAYMENT SCHEDULE
AS DETERMINED BY THE STATE OFFICERS WITH RESPONSIBILITY FOR  CUSTODY  OR
INVESTMENT OF THE FUND OR ITS ASSETS.
  3.  THE  STATE OFFICERS WITH RESPONSIBILITY FOR CUSTODY AND INVESTMENT
OF THE FUND OR ITS ASSETS SHALL RETURN A PORTION OF THE MONEYS REPAID TO
THE FUND FROM THE STATE TO THE  FUND'S  POLICYHOLDERS  IN  THE  FORM  OF
REBATES  AND/OR  REDUCED  RATES  FOR WORKERS' COMPENSATION INSURANCE, AS
DETERMINED BY THE FUND'S OFFICERS WITH RESPONSIBILITY  FOR  CUSTODY  AND
INVESTMENT OF THE FUND OR ITS ASSETS.
  S 2. This act shall take effect immediately.

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