N.Y. Comp. Codes R. & Regs. tit. 12 § 320.2

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

Section 320.2 - Application to Self-Insure

(a) In order for the Fund to self-insure pursuant to subdivision three of section 50 of the workers' compensation law and paragraph b of subdivision six of section 221 of the racing, pari-mutuel wagering and breeding law, the Fund shall furnish satisfactory proof to the chair of its financial ability to pay workers' compensation. Such proof shall consist of a notice of intent to self-insure and satisfactory proof of the financial ability to self-insure.

(b) Satisfactory proof of the financial ability to self-insure shall consist of the following:

(1) the posting of a security deposit with the Board, as determined and calculated by the Board using full annual payroll by class code; and (2) proof of excess insurance coverage in an amount determined by the Board.

(c) The proof provided to the chair shall also contain audited financial statements as prescribed by the Board.

(d) The chair may determine that the proof of financial ability to pay workers compensation is insufficient for good cause shown, in that the Fund has failed to tender satisfactory proof of its financial ability to self-insure.

(e) Upon the chair's approval to self-insure, the Fund shall also obtain approval to self-insure from the gaming commission, pursuant to paragraph b of subdivision six of section 221 of the racing, pari-mutuel wagering and breeding law.

(f) The Fund will be deemed to be self-insured pursuant to subdivision three of section 50 of the workers' compensation law as of the date the gaming commission grants approval to self-insure.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 320.2

Adopted New York State Register April 4, 2018/Volume XL, Issue 14, eff. 4/4/2018