N.Y. Workers’ Compensation Law 94 – Withdrawal from fund
§ 94. Withdrawal from fund. a. Any employer may, upon complying with subdivision two or three of section fifty of this chapter, withdraw from the fund by turning in his insurance contract for cancellation, provided he has given written notice to the fund of his intention to withdraw not less than thirty days before the effective date of such cancellation. Upon receipt of such notice the fund shall, at least ten days prior to the effective date file in the office of the chairman a notice of such cancellation date.
Terms Used In N.Y. Workers' Compensation Law 94
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law. See N.Y. Workers' Compensation Law 100
- fund: shall be deemed to include both the workers' compensation fund and the disability benefits fund unless the context otherwise indicates. See N.Y. Workers' Compensation Law 76
- This chapter: includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law, except when such a meaning is inconsistent with this article. See N.Y. Workers' Compensation Law 100
In no event shall the insurance contract be deemed cancelled until at least ten days after the date of such filing, any earlier date mentioned in the notice to the contrary notwithstanding.
If an employer withdraws from the fund upon complying with subdivision two of section fifty of this chapter, the new insurance contract with the stock corporation, mutual corporation or reciprocal insurer shall be deemed not to take effect until the cancellation of such employer's contract with the state insurance fund has become effective.
b. Notwithstanding any of the provisions contained in subdivision five of section fifty-four of this chapter the fund may cancel a contract of insurance at any time during the contract period upon being furnished by an employer with proof satisfactory to the fund that he is no longer required to comply with section fifty of this chapter by reason of his having discontinued, sold, transferred, assigned or otherwise disposed of his business and has ceased employing workmen or operatives; or, where the insurance contract has been issued to cover the operations under a specific contract or at a specified location, that such operations have been completed or discontinued and the employment of workmen or operatives in connection therewith has ceased; provided, however, such cancellation shall not become effective until at least ten days after notice thereof shall have been filed in the office of the chairman.