New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter H - Disability Benefits
Article 1 - Regulations Under Disability Benefits Law
Part 360 - The Insurance Contract
Current through Register Vol. 46, No. 12, March 20, 2024
a. Every contract of insurance, including any amendment, endorsement, or rider thereto, which provides for employee benefits under Workers' Compensation Law, Article 9, whether such benefits are statutory benefits or benefits under a plan, shall meet the requirements of the Superintendent of Financial Services.
b. To make effective a contract of insurance to provide benefits pursuant to section 211 of the Workers' Compensation Law , each insurance carrier shall either:
c. Subject to acceptance of the underlying plan, if any, acceptance of each insurance contract shall be effective as follows:
d. If an insurance contract is intended to insure the obligations of an employer who desires to provide benefits by a plan under subdivision four or five of section 211, the insurance contract will not be acceptable, either under paragraph (b)(1) or (2) of this section, as of a date prior to the effective date of acceptance of the plan, the benefits of which the insurance contract is intended to insure.
e. The Chair shall, by rule, prescribe the procedure for applications under paragraphs (b)(1)-(2) of this section and the forms or format to be used.
Statutory authority: Workers' Compensation Law, §§ 117, 141, 241