N.Y. Workers' Compensation Law Section 86
Catastrophe surplus and reserves for workers’ compensation

Ten per centum of the premiums collected from employers insured in the fund for workers’ compensation shall be set aside for the creation of a surplus until such surplus shall amount to the sum of one hundred thousand dollars, and thereafter five per centum of such premiums, until such time as in the judgment of the commissioners such surplus shall be sufficiently large to cover the catastrophe hazard. Thereafter the contribution to such surplus may be reduced or discontinued conditional upon constant maintenance of a sufficient surplus to cover the catastrophe hazard. Reserves shall be set up and maintained adequate to meet anticipated losses and carry all claims and policies to maturity, which reserves shall be computed to reflect the present values, at five percent interest per annum, of the determined and estimated unpaid losses, and other requirements computed in accordance with such rules as shall be approved by the superintendent of financial services.

Source: Section 86 — Catastrophe surplus and reserves for workers' compensation, https://www.­nysenate.­gov/legislation/laws/WKC/86 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

76
Creation of state fund 77
Administration 78
Salaries and expenses 79
Meetings 80
Seal 81
Offices, lands, leaseholds and buildings 82
Powers and duties 83
Rules 84
General attorney 85
Commissioner of taxation and finance custodian of fund 86
Catastrophe surplus and reserves for workers’ compensation 86‑A
Catastrophe surplus and reserves for disability benefits 87
Investment of surplus or reserve 87‑A
Investment in obligations of the municipal assistance corporation for the city of New York 87‑B
Investments in obligations of the city of Yonkers 87‑BB
Investments in obligations of the city of Yonkers 87‑C
Investments in obligations of designated public benefit corporations 87‑D
Contractual obligations as evidence of indebtedness upon reimbursement of reserves 87‑E
Amortization of gains or losses 87‑F
Appropriations to the state insurance fund 87‑G
Advances to the urban development corporation 87‑H
Investments of the state insurance fund 87‑I
New York state insurance fund MWBE asset management and financial institution strategy 88
Administration expenses 88*2
Administration expenses 88‑A
Payments from special or administrative funds 88‑B
Coverage of employees in state-supported educational institutions 88‑C
Coverage of state employees 89
Rates for workers’ compensation 90
Dividends 91
Groups for accident prevention 92
Payment of premiums 93
Collection of premium in case of default 94
Withdrawal from fund 95
Record and audit of payrolls 96
Penalties for fraudulent practices 97
Inspections 98
Disclosures prohibited 99
Reports of state insurance fund 100
Insurance against liability to volunteer firefighters and ambulance workers
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 86’s source at nysenate​.gov

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