N.Y. Comp. Codes R. & Regs. tit. 12 § 316.1

Current through Register Vol. 46, No. 39, September 25, 2024

Section 316.1 - The minimum exposure deposit required

The self-insurer shall deposit securities, and/or cash, with the chair, Workers' Compensation Board, and/or file an acceptable surety bond and/or irrevocable letters of credit, in an aggregate amount and/or penal sum determined by the chair, but not less than the lesser of either:

(a) the product of the statutory maximum weekly compensation rate for total disability multiplied by 52, multiplied by 30; or

(b) one and one-half times the self-insurer's retention as specified on the certification of excess reinsurance contracts filed with the chair, but in no event less than $200,000.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 316.1