Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Self-insurer offset fund
Workers' Compensation (WKC) CHAPTER 67, ARTICLE 4
§ 50-a. Self-insurer offset fund. 1. The chair shall maintain a fund
to be known as the self-insurer offset fund and such fund shall be held
in the sole custody of the chair. The chair may transfer the money in
such fund to the administrative account as necessary to effectuate the
purpose of this section. The chair shall use the money in the fund to
pay unmet claims for self-insurers.

2. At any time prior to April first, two thousand eleven, the chair
may withdraw funds from the uninsured employers fund provided for under
section twenty-six-a of this chapter, up to such amount as the chair
determines is sufficient to fund any anticipated additional expenses of
such fund, taking into account anticipated available revenues, but in no
event to exceed seventy-five million dollars in the aggregate. Such
funds shall be deposited into the self-insurer offset fund, and used in
accordance with subdivision one of this section. As consistent with this
section, the chair may set the timing of such withdrawals in its

3. Beginning in two thousand fifteen, and each year thereafter, the
chair shall add to the total of each annual assessment made under
paragraph g of subdivision five of section fifty of this article the sum
of up to three million dollars, to be allocated to private group and
individual self-insurers in accordance with such paragraph. The chair
shall assess additional funds under this paragraph as necessary to
insure that there are sufficient funds in the fund for uninsured
employers to meet its liabilities, or if necessary in accordance with
section one hundred fifty-one of this chapter. Such funds as are
collected pursuant to this subdivision shall be deposited into the
uninsured employer fund until all funds withdrawn therefrom under
subdivision one of this section are returned with interest calculated at
an annual rate equal to the rate of return on funds in the fund for
uninsured employers from the prior year.

4. To the extent provided by the self-insurer bond financing agreement
the chair may request the dormitory authority to transfer bond proceeds
into such account for the purposes outlined in the bond financing

5. At such time as the board is not obligated to pay any unmet claims
of a self-insurer, the fund created under this section shall be closed,
and any money remaining in the fund shall be deposited into the
uninsured employer fund.