N.Y. Comp. Codes R. & Regs. tit. 12 § 317.19

Current through Register Vol. 46, No. 45, November 2, 2024

Section 317.19 - Periodic reports to be submitted by group self-insurers

(a) Group self-insurers, with the exception of groups consisting exclusively of municipal corporations, shall file the following reports, evidencing proper capitalization and integrity of trust funds, with the Workers' Compensation Board no later than 120 days after the close of the fiscal year of the group:

(1) a financial summary report in a form prescribed by the chair;

(2) audited financial statements prepared in accordance with GAAP, for the preceding fiscal year, certified by an independent certified public accountant;

(3) an actuarial report certified by an independent qualified actuary verifying claims as defined in section 317.2(c) of this Part, and the method of calculating such claims, based upon accepted actuarial standards of practice; and

(4) a payroll report filed by classification code for each group member and in aggregate for the preceding 12 month period and including the current total number of employers participating in the group as well as the current total number of employees for each employer; such payroll report should be accompanied by the final payroll audit of the group, as submitted to the group's excess insurance carrier.

(b) The chair may engage an attorney, actuary, certified public accountant or other qualified person or organization other than a salaried employee of the board to conduct or assist in an examination of the annual reports submitted herein. In the event that such professional services are utilized, any costs incurred shall be borne and paid by the group self-insurer under examination.

(c) Group self-insurers shall immediately report to the chair, in writing, any information which materially alters any of the facts presented in the periodic reports above or which indicates that the group is no longer in compliance with requirements set forth in these rules, particularly those set forth in section 317.6 of this Part.

(d) Group self-insurers shall promptly file with the chair any amendments or updates to its agreements, contracts, bylaws and any other written documentation which must be submitted in accordance with these rules.

(e) Group members within the construction classification, as defined in subdivision (2) of section 89 of the Workers' Compensation Law, shall be subject to the information submission requirements provided for under paragraph (6) of subdivision (a) of section 674 of the Tax Law and shall file with the Commissioner of Taxation the information described therein.

(f) Group self-insurers shall also be required to file such additional reports as may be deemed necessary by the chair.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 317.19