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This entry was published on 2014-09-22
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SECTION 73
Abandonment of plan
Workers' Compensation (WKC) CHAPTER 67, ARTICLE 5
§ 73. Abandonment of plan. The board of supervisors of a county may by
local law provide for the abandonment of a plan, effective as of the
close of the calendar year then in progress. Such plan, however, shall
continue to operate thereafter until all liabilities of the plan
incurred prior to such effective date shall have been satisfied and all
advances to the county self-insurance fund shall have been repaid. Such
local law shall provide a method for the distribution of any assets of
the plan remaining after all such liabilities have been satisfied. The
provisions of this section shall not apply to any plan abandoned
pursuant to section sixty-one of this chapter. At the discretion of the
chair, the board of supervisors of a county may execute an assumption of
workers' compensation liability insurance policy securing such further
and future contingent liability as may arise from prior injuries to
workers and be incurred by reason of any change in the condition of such
workers warranting the board making subsequent awards for payment of
additional compensation. Such policy shall be in a form approved by the
superintendent of financial services and shall be issued by the state
fund or any insurance company licensed to issue this class of insurance
in this state. In the event that such policy is issued by an insurance
company other than the state fund, then said policy shall be deemed to
be of the kind specified in paragraph fifteen of subsection (a) of
section one thousand one hundred thirteen of the insurance law and
covered by the workers' compensation security fund as created and
governed by article six-A of this chapter. It shall only be issued for a
single complete premium payment in advance by the county, city, village,
town, school district, fire district or other political subdivision of
state and in an amount deemed acceptable by the chair and the
superintendent of financial services. In lieu of the applicable premium
charge ordinarily required to be imposed by a carrier, said premium
shall include a surcharge in an amount to be determined by the chair to
satisfy all assessment liability due and owing to the board and/or the
chair under this chapter. Said surcharge shall be payable to the board
simultaneous to the execution of the assumption of workers' compensation
liability insurance policy. However, the payment of said surcharge does
not relieve the carrier from any other liability, including liability
owed to the superintendent of financial services pursuant to article
six-A of this chapter. When issued such policy shall be non-cancellable
without recourse for any cause during the continuance of the liability
secured and so covered.