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
- Reported and committed to finance
- Referred to labor
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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; and to repeal section 87-f of such law relating thereto
Summary of provisions
Section 1. Repeals and amends section 87-f of the worker's compensation law.
Sub-section 1: Prohibits the diversion of funds dedicated to the state insurance fund to the general fund.
Sub-section 2. Establishes executive, legislative, and administrative appropriation procedures for the purposes of establishing a repayment schedule of funds previously diverted from the state insurance fund and to the general fund.
Sub-section 3. Requires state officers responsible for the state insurance fund to return a portion of the moneys repaid to the insurance fund to policyholders in the form of rebates and/or reduced premiums.
Section 2. 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 insurance fund to the general fund. Therefore, instead of using reserve or surplus funds to rebate policyholders against unproven claims, or to lower premiums for policyholders, and thereby decrease the cost of doing business in New York, the state has used the insurance fund as a source of ready cash from which to fund other governmental purposes. Accordingly, legislation is needed to prohibit such diversions from the insurance fund and to relief businesses in New York of an unnecessarily costly workers' compensation insurance scheme.
Legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.