New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter B - Self-insurers
Part 316 - Rules
Section 316.1 - The minimum exposure deposit required
Universal Citation: 12 NY Comp Codes Rules and Regs ยง 316.1
Current through Register Vol. 46, No. 12, March 20, 2024
The self-insurer shall deposit securities, and/or cash, with the chair, Workers' Compensation Board, and/or file an acceptable surety bond and/or irrevocable letters of credit, in an aggregate amount and/or penal sum determined by the chair, but not less than the lesser of either:
(a) the product of the statutory maximum weekly compensation rate for total disability multiplied by 52, multiplied by 30; or
(b) one and one-half times the self-insurer's retention as specified on the certification of excess reinsurance contracts filed with the chair, but in no event less than $200,000.
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