New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter B - Self-insurers
Part 317 - Group Self-insurance
Section 317.3 - Qualification to operate as a group self-insurer
Current through Register Vol. 46, No. 12, March 20, 2024
To qualify as a group self-insurer and to maintain authorization to operate as a group self-insurer, the following requirements must be satisfied.
(a) The group must include two or more employers that perform related activities in a given industry and that have been in business for a period of time which is acceptable to the chair. With the exception of groups consisting of municipal corporations, a group self-insurer must demonstrate the related nature of the group members' business activities, to the satisfaction of the chair, by one or more of the following methods:
(b) With the exception of groups consisting of municipal corporations, the group must have and maintain an aggregate net worth of members which is at least $1,000,000, unless otherwise authorized by the chair. The net worth of any related or subsidiary companies which are not signatories to the trust agreement shall not be included in the calculation of aggregate net worth.
(c) With the exception of groups consisting of municipal corporations, the group must have and maintain a combined annual payroll of group members which, when multiplied by the current manual rates promulgated by the New York compensation insurance rating board, is at least $500,000, unless otherwise authorized by the chair. Such payroll shall only include amounts paid to workers in New York State who are covered by the self-insured group.
(d) With the exception of groups consisting of municipal corporations, the group must demonstrate:
(e) A group self-insurer that fails to satisfy the requirements set forth in this Subpart to maintain authorization to operate as a group may be subject to dissolution at the direction of the chair.