N.Y. Comp. Codes R. & Regs. tit. 12 § 318.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 318.3 - Expenses covered by rate

The assessment rate when applied to the base of standard premium as defined at section 318.4 of this Part shall produce assessment receipts at least sufficient to:

(a) fund all expenses necessary for the board to administer:

(1) the WCL;

(2) the Disability Benefits Law;

(3) the Volunteer Ambulance Workers' Benefit Law;

(4) the Volunteer Firefighters' Benefit Law;

(5) the Workers' Compensation Act for Civil Defense Volunteers; and

(6) inter-departmental programs at the Departments of Health and Labor; and

(b) fund maintenance by the board of all required special fund balances including:

(1) special disability fund balance as defined in subparagraph four of paragraph (e) of subdivision eight of section 15 of the WCL;

(2) the balance in the fund for reopened cases as defined in subdivision three of section 25-a of the WCL; and

(3) the amount described in section 214 of the WCL for the special fund for disability benefits; and

(c) fund the amounts required by each then applicable financing agreement including those described in WCL section 50-c related to self-insured bonds and those described in WCL section 15(8) related to special disability fund bonds.

Such expenses as described in subdivisions (a), (b) and (c) of this section are collectively referred to in this Part as total estimated annual expenses.

In order to safeguard against fluctuations in the projected base of standard premium, the rate may be adjusted, as necessary in accordance with section 318.6 of this Part, to reflect an overall contingency of at least 10 percent of the projected annual assessment revenue.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 318.3

Adopted, New York State Register January 7, 2015/Volume XXXVII, Issue 01, eff.1/7/2015