Assembly Bill A7505

2021-2022 Legislative Session

Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund

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Archive: Last Bill Status - In Assembly 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

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2021-A7505 (ACTIVE) - Details

See Senate Version of this Bill:
S6266
Current Committee:
Assembly Labor
Law Section:
Workers' Compensation Law
Laws Affected:
Amd §§27 & 86, Work Comp L; amd §§1108 & 4117, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A1996, A8936, S6115

2021-A7505 (ACTIVE) - Summary

Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund; provides that all computations made or directed by the workers' compensation board shall be on the basis of the survivorship annuitants table of mortality, the remarriage tables of the Dutch Royal Insurance Institution applicable to claims for accidents occurring on or before December 31, 2021, and beginning January 1, 2022 and on January 1 of each tenth year thereafter, the United States life table for the total population published by the department of health and human services and the remarriage table published by the department of health and human services and the remarriage table published by the United States railroad retirement board applicable to claims for accidents occurring on or after January first of the year following the adoption of any revision of such tables; makes related provisions.

2021-A7505 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7505
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 12, 2021
                                ___________
 
 Introduced by M. of A. JOYNER -- read once and referred to the Committee
   on Labor
 
 AN  ACT to amend the workers' compensation law and the insurance law, in
   relation to specifying methods of calculating  deposits  and  reserves
   for the aggregate trust fund and reserves of the state insurance fund

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 5 of section 27 of  the  workers'  compensation
 law,  as amended by chapter 6 of the laws of 2007, is amended to read as
 follows:
   5. All computations made OR DIRECTED by the board shall  be  upon  the
 basis  of (I) the survivorship annuitants table of mortality, the remar-
 riage tables of the Dutch  Royal  Insurance  Institution  APPLICABLE  TO
 CLAIMS  FOR  ACCIDENTS OCCURRING ON OR BEFORE DECEMBER THIRTY-FIRST, TWO
 THOUSAND TWENTY-ONE, AND (II)  BEGINNING  JANUARY  FIRST,  TWO  THOUSAND
 TWENTY-TWO,  AND  ON  JANUARY  FIRST  OF EACH TENTH YEAR THEREAFTER, THE
 UNITED STATES LIFE TABLE FOR  THE  TOTAL  POPULATION  PUBLISHED  BY  THE
 DEPARTMENT  OF  HEALTH  AND  HUMAN  SERVICES  AND  THE  REMARRIAGE TABLE
 PUBLISHED BY THE UNITED STATES RAILROAD RETIREMENT BOARD  APPLICABLE  TO
 CLAIMS  FOR  ACCIDENTS  OCCURRING  ON OR AFTER JANUARY FIRST OF THE YEAR
 FOLLOWING THE ADOPTION OF ANY REVISION OF SUCH  TABLES  AS  PROVIDED  IN
 THIS SUBDIVISION and interest at three and one-half per centum per annum
 on  claims based on accidents occurring up to and including June thirti-
 eth, nineteen hundred thirty-nine, at three  per  centum  per  annum  on
 claims  based  on  accidents occurring from July first, nineteen hundred
 thirty-nine up to and including August  thirty-first,  nineteen  hundred
 eighty-three,  at  six per centum per annum on claims based on accidents
 occurring from September first, nineteen hundred eighty-three up to  and
 including December thirty-first, two thousand and at the industry stand-
 ard  rate  on claims based on accidents occurring thereafter, except (a)
 that computations of present values of death  benefits  required  to  be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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