New York S 5327: Relates to the requirement for policyholders to provide 30 days notice to withdraw from the state insurance fund

Bill Text

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S05327 Summary:

BILL NOS05327 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBAILEY

&nbsp

COSPNSRGALLIVAN, MATTERA, MAYER

&nbsp

MLTSPNSR

&nbsp

Amd §94, Work Comp L

&nbsp

Relates to the requirement for policyholders to provide notice to withdraw from the state insurance fund.

Go to top S05327 Actions:

BILL NOS05327 

&nbsp

02/20/2025REFERRED TO LABOR

01/07/2026REFERRED TO LABOR

Go to topS05327 Committee&nbspVotes:

Go to topS05327 Floor&nbspVotes:

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

Go to topS05327 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5327

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sens. BAILEY, GALLIVAN, MATTERA, MAYER -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Labor

 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
 6 [his] their insurance contract for cancellation, provided [he has] they
 7 have given written notice to the fund of [his] their intention to with-
 8 draw not less than thirty days before the effective date of such cancel-
 9 lation. Upon receipt of such notice the fund shall, at least ten days
 10 prior to the effective date file in the office of the [chairman] chair a
 11 notice of such cancellation date.
 12 In no event shall the insurance contract be deemed cancelled until at
 13 least ten days after the date of such filing, any earlier date mentioned
 14 in the notice to the contrary notwithstanding.
 15 If an employer withdraws from the fund upon complying with subdivision
 16 two of section fifty of this chapter, the new insurance contract with
 17 the stock corporation, mutual corporation or reciprocal insurer shall be
 18 deemed not to take effect until the cancellation of such employer's
 19 contract with the state insurance fund has become effective.
 20 The requirements of this subdivision shall not apply when an employer
 21 has given written notice to the fund of their intention to withdraw,
 22 which shall include the effective date of such cancellation and proof
 23 that the employer has complied with subdivision two of section fifty of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09816-01-5

 S. 5327 2

 1 this chapter. The effective date of cancellation of such employer's
 2 contract with the state insurance fund shall be the date that the new
 3 insurance contract with the stock corporation, mutual corporation or
 4 reciprocal insurer takes effect.
 5 § 2. This act shall take effect on the ninetieth day after it shall
 6 have become a law.

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