Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 03, 2016 |
reported and committed to finance |
Apr 22, 2016 |
referred to labor |
Senate Bill S7379
2015-2016 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- 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
Actions
Votes
2015-S7379 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Workers' Compensation Law
- Laws Affected:
- Add §101, Work Comp L
2015-S7379 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7379 TITLE OF BILL : An act to amend the workers' compensation law, in relation to prohibiting the transfer of state insurance fund balances to the general fund SUMMARY OF PROVISIONS : Section 1. Adds a new section 101 to the worker's compensation law prohibiting the diversion of funds dedicated to the state insurance fund to the general fund. Section 2. Establishes procedures and action on requests for diversions of funds during certain periods and circumstances by legislative action. Section 3. Establishes the effective date. JUSTIFICATION : Virtually all employers in New York State must provide workers' compensation coverage for their employees. The state insurance fund was, therefore, created in 1914 to act as an insurer of last resort for the purpose of insuring employers against liability for personal injuries or death sustained by their employees. However, since its inception over one billion dollars have been diverted from the state
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
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.