N.Y. Comp. Codes R. & Regs. tit. 12 § 451.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 451.3 - Qualifications required for safety groups

(a)

(1) A safety trade group is available to a group of employers engaged in the same industry and who have become associated for the purpose of pooling their compensation insurance interest in a State Fund safety trade group. A safety trade group may be authorized whenever it has complied with the conditions requiring a minimum of 12 risks of whom seven are to be new policyholders to the State Fund and the writing of a minimum of $500,000 in annual premium at State Fund rates actually charged, of which not less than $300,000 shall be new business to the State Fund.

(2) A safety trade group may be established to cover all the employers conducting operations on a single job for the duration of such job provided the aggregate annual group premium amounts to not less than $500,000 at State Fund rates actually charged. The general contractor shall agree in writing with the State Fund to pay and be responsible for the payment of premium for himself or herself and each subcontractor who is a member of the group.

(b)

(1) A safety trade association group is available to employers engaged in the same industry and who are regular bona fide dues-paying members of a duly established industrial trade association, primarily organized for trade service purposes for their particular trade and not solely for insurance group purposes.

(2) A safety trade association group need not necessarily include all members of the industrial trade association for which the safety group is established, but membership in the safety trade association group is limited to employers who are, and continue to be, regular bona fide and dues-paying members of the trade association.

(3) A safety trade association group may be established for an industrial trade association whenever it has complied with the conditions requiring a minimum of 12 risks of whom seven are to be new policyholders to the State Fund and the premium volume of risks, who have submitted authorizations to become identified with the group, amounts to a minimum of $500,000 annual premiums at State Fund rates actually charged, of which not less than $300,000 shall be new business to the State Fund.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 451.3