New York S 3947: Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund

Bill Text

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S03947 Summary:

BILL NOS03947 

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SAME ASSAME AS A04969

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SPONSORRAMOS

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COSPNSR

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MLTSPNSR

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Amd §§27 & 86, Work Comp L; amd §§1108 & 4117, Ins L

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Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund; provides that all computations made or directed by the workers' compensation board shall be on the basis of the survivorship annuitants table of mortality, the remarriage tables of the Dutch Royal Insurance Institution applicable to claims for accidents occurring on or before December 31, 2025, and beginning January 1, 2026 and on January 1 of each tenth year thereafter, the United States life table for the total population published by the department of health and human services and the remarriage table published by the department of health and human services and the remarriage table published by the United States railroad retirement board applicable to claims for accidents occurring on or after January first of the year following the adoption of any revision of such tables; makes related provisions.

Go to top S03947 Actions:

BILL NOS03947 

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01/30/2025REFERRED TO LABOR

01/07/2026REFERRED TO LABOR

Go to topS03947 Committee&nbspVotes:

Go to topS03947 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03947 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3947

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

 Introduced by Sen. RAMOS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Labor

 AN ACT to amend the workers' compensation law and the insurance law, in
 relation to specifying methods of calculating deposits and reserves
 for the aggregate trust fund and reserves of 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 5 of section 27 of the workers' compensation
 2 law, as amended by chapter 6 of the laws of 2007, is amended to read as
 3 follows:
 4 5. All computations made or directed by the board shall be upon the
 5 basis of (i) the survivorship annuitants table of mortality, the remar-
 6 riage tables of the Dutch Royal Insurance Institution applicable to
 7 claims for accidents occurring on or before December thirty-first, two
 8 thousand twenty-five, and (ii) beginning January first, two thousand
 9 twenty-six, and on January first of each tenth year thereafter, the
 10 United States life table for the total population published by the
 11 department of health and human services and the remarriage table
 12 published by the United States railroad retirement board applicable to
 13 claims for accidents occurring on or after January first of the year
 14 following the adoption of any revision of such tables as provided in
 15 this subdivision and interest at three and one-half per centum per annum
 16 on claims based on accidents occurring up to and including June thirti-
 17 eth, nineteen hundred thirty-nine, at three per centum per annum on
 18 claims based on accidents occurring from July first, nineteen hundred
 19 thirty-nine up to and including August thirty-first, nineteen hundred
 20 eighty-three, at six per centum per annum on claims based on accidents
 21 occurring from September first, nineteen hundred eighty-three up to and
 22 including December thirty-first, two thousand and at the industry stand-
 23 ard rate on claims based on accidents occurring thereafter, except (a)
 24 that computations of present values of death benefits required to be

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08517-01-5

 S. 3947 2

 1 paid into the aggregate trust fund by an insurance carrier which is a
 2 stock corporation or a mutual association shall be based, in the case of
 3 a dependent parent, grandparent, blind or physically disabled child or
 4 spouse, upon said table of mortality disregarding possible change in or
 5 termination of dependency, with interest at three and one-half per
 6 centum per annum on claims based on accidents occurring up to and
 7 including June thirtieth, nineteen hundred thi