New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter VI - State Insurance Fund
Part 451 - Basic Rules For Safety Groups
Section 451.3 - Qualifications required for safety groups
Universal Citation: 12 NY Comp Codes Rules and Regs ยง 451.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(1) A
safety trade group is available to a group of employers engaged in the same
industry and who have become associated for the purpose of pooling their
compensation insurance interest in a State Fund safety trade group. A safety
trade group may be authorized whenever it has complied with the conditions
requiring a minimum of 12 risks of whom seven are to be new policyholders to
the State Fund and the writing of a minimum of $500,000 in annual premium at
State Fund rates actually charged, of which not less than $300,000 shall be new
business to the State Fund.
(2) A
safety trade group may be established to cover all the employers conducting
operations on a single job for the duration of such job provided the aggregate
annual group premium amounts to not less than $500,000 at State Fund rates
actually charged. The general contractor shall agree in writing with the State
Fund to pay and be responsible for the payment of premium for himself or
herself and each subcontractor who is a member of the group.
(b)
(1) A safety trade association group is
available to employers engaged in the same industry and who are regular bona
fide dues-paying members of a duly established industrial trade association,
primarily organized for trade service purposes for their particular trade and
not solely for insurance group purposes.
(2) A safety trade association group need not
necessarily include all members of the industrial trade association for which
the safety group is established, but membership in the safety trade association
group is limited to employers who are, and continue to be, regular bona fide
and dues-paying members of the trade association.
(3) A safety trade association group may be
established for an industrial trade association whenever it has complied with
the conditions requiring a minimum of 12 risks of whom seven are to be new
policyholders to the State Fund and the premium volume of risks, who have
submitted authorizations to become identified with the group, amounts to a
minimum of $500,000 annual premiums at State Fund rates actually charged, of
which not less than $300,000 shall be new business to the State Fund.
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