N.Y. Comp. Codes R. & Regs. tit. 17 § 508.5

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

Section 508.5 - Self-insurance order

A self-insurance order shall include any reasonable conditions deemed appropriate and shall also include:

(a) a termination date not to exceed five years from the date of issuance;

(b) a statement as to the amount of the self-insurance fund an d the number of deposits to be made to establish such fund;

(c) if no fund is required a statement as to the manner in which claims will be paid;

(d) a requirement that the bank or trust company accepting such a fund shall agree, in writing, not to allow a withdrawal of all or any part of the fund without first obtaining the consent of the commissioner, based on the financial viability of the fund;

(e) a requirement that the bank wherein the fund is deposited agrees to hold the fund in trust for insurance claimants and that the fund is not to be considered as part of the assets of the depositor subject to other categories of creditors;

(f) a requirement that appropriate proof of insurance up to t he limits prescribed be filed if a self-insurance retention is less than that required by sections 750 and 855 of this Title; and

(g) a statement that the authority to become a self-insurer may be revoked upon 30 days' notice by reason of the failure of the carrier to comply with any of the conditions of the order.

N.Y. Comp. Codes R. & Regs. Tit. 17 § 508.5

Adopted New York State Register February 1, 2017/Volume XXXIX, Issue 05, eff. 2/1/2017