New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter B - Self-insurers
Part 315 - Regulations
Section 315.3 - Securities, cash, surety bond and/or letters of credit
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The applicant shall deposit with the chairman securities of the kind specified in subdivisions 1, 2, 3, 4, 5, and paragraph (a) of subdivision 7 of section 235 of the New York State Banking Law. Such securities shall be registered in the name of "Chairman, Workers' Compensation Board, State of New York." Interest paid on securities on deposit will be regularly remitted to the self-insurer for whose account they are deposited, so long as such self-insurer complies with this Subchapter and the provisions of the Workers' Compensation Law, and is not in default in the payment of compensation or other obligation under the Workers' Compensation Law.
(b) A cash deposit may be deposited in lieu of securities, surety bond or letters of credit. Such cash deposit will be deposited in an interest-bearing account in the name of "Chair, Workers' Compensation Board, State of New York" and shall be in an account authorized by the Comptroller of the State of New York. Such cash deposit is to be by certified check. Interest paid on the cash deposit will be regularly remitted to the self-insurer for whose account it is deposited so long as such self-insurer complies with the provisions of the Workers' Compensation Law and is not in default in the payment of compensation or other obligation under the Workers' Compensation Law.
(c) Surety bonds accepted in lieu of securities, cash, or letters of credit shall be undertaken and enforced in the name of the "Chair, Workers' Compensation Board, State of New York" and shall be in form approved by the chair and issued by a company authorized by the Superintendent of Insurance to write business as a surety in the State of New York.
(d) To be acceptable, a letter of credit must comply with all requirements set forth in Regulation 133 of the New York State Insurance Department, codified as Part 79 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York, except that: