What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to labor
- Delivered to assembly
- Passed senateVote 60–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.95
- Referred to labor
- Returned to senate
- Died in assembly
- Referred to labor
- Delivered to assembly
- Passed senateVote 63–0
Show 2 earlier actions
- Ordered to third reading cal.1741
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the investment of surplus funds of the state insurance fund
In Assembly Committee · Labor · Sponsor Steven Otis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5880
Title of bill
An act to amend the workers' compensation law, in relation to the investment of surplus funds of the state insurance fund
Purpose or general idea of bill
To authorize the New York State Insurance Fund (NYSIF) to better diversify its investment portfolio for surplus funds so they may reduce risk while increasing dividends earned by the fund. NYSIF estimates the potential financial benefit to the fund could be as high as $25 million.
Summary of specific provisions
Section one of the bill will allow NYSIF to diversify its investment of surplus funds, including allowing up to twenty-five percent of surplus funds to be invested in obligations rated investment grade by a nationally recognized securities sating organization.
Section two of the bill contains the effective date.
Justification
NYSIF is one of the New York State's largest insurers, as well as the insurer of last resort for providing vital workers' compensation policies, which are prerequisites to doing business in New York. This bill would allow NYSIF to secure a more stable financial future, by achieving better investment returns - an outcome that will enhance NYSIF's solvency and contribute to the stabilization of insurance premiums for businesses in New York State. These changes, though vital, are conservative; after the adoption of these provisions which would only affect investment of surplus funds, NYSIF will still be more restricted and conservative in its investment authority than commercial workers' compensation insurance carriers.
Legislative history
This is a new bill.
Fiscal implication
This legislation will have a positive outcome on the health of the fund.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.