Bill Text: NY S05250 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the requirement for policyholders to provide 30 days notice to withdraw from the state insurance fund.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2016-06-17 - COMMITTED TO RULES [S05250 Detail]
Download: New_York-2015-S05250-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5250--A Cal. No. 620 2015-2016 Regular Sessions IN SENATE May 11, 2015 ___________ Introduced by Sens. SEWARD, GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Labor -- recom- mitted to the Committee on Labor in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the workers' compensation law, in relation to the requirement for policyholders to provide 30-days notice to withdraw from the state insurance fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision a of section 94 of the workers' compensation 2 law, as amended by chapter 635 of the laws of 1996, is amended to read 3 as follows: 4 a. Any employer may, upon complying with subdivision two or three of 5 section fifty of this chapter, withdraw from the fund by turning in his 6 insurance contract for cancellation, provided he has given written 7 notice to the fund of his intention to withdraw not less than thirty 8 days before the effective date of such cancellation. Upon receipt of 9 such notice the fund shall, at least ten days prior to the effective 10 date file in the office of the chairman a notice of such cancellation 11 date. In the event that an employer intends to withdraw from the fund 12 and has secured insurance with another insurance carrier, the employer 13 shall provide written notice to the fund which shall include their 14 intention to withdraw, demonstration that the employer has secured a new 15 insurance policy and the effective date of cancellation which shall be 16 the date of when such other coverage becomes effective. 17 [In no event shall the insurance contract be deemed cancelled until at18least ten days after the date of such filing, any earlier date mentioned19in the notice to the contrary notwithstanding.] EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10972-03-6S. 5250--A 2 1 If an employer withdraws from the fund upon complying with subdivision 2 two of section fifty of this chapter, the new insurance contract with 3 the stock corporation, mutual corporation or reciprocal insurer shall be 4 deemed not to take effect until the cancellation of such employer's 5 contract with the state insurance fund has become effective. 6 § 2. This act shall take effect on the ninetieth day after it shall 7 have become a law.