N.Y. Comp. Codes R. & Regs. tit. 12 § 315.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 315.2 - Agreement

The employer shall execute and file with the chairman an agreement, in prescribed form:

(a) to pay to injured employees and to the dependents of deceased employees, from time to time, all compensation as required by the provisions of the Workers' Compensation Law;

(b) to deposit with the chair securities, and/or cash, and/or a surety bond, and/or irrevocable letters of credit, in form approved by the chair, in amounts or penal sum as hereinafter provided;

(c) to pay annually such share of the expense of administration and other expense or assessment as provided by the Workers' Compensation Law;

(d) to permit the chairman's authorized representatives access to the premises of the employer for the purpose of examining operations and records pertaining to the employer's financial condition and status as a self-insurer under the Workers' Compensation Law;

(e) that the chair may sell any part of the securities deposited, draw on the letters of credit or require the surety to pay forthwith to the chair all or any part of the penal sum of the bond, and from the proceeds of the securities, from such penal sum, from the amount drawn, or from the employer's deposit of cash pay any compensation obligations, expense, or assessments imposed by law when such employer may neglect or refuse to pay such obligations, expense, or assessments or within 30 days prior to the expiration date of any letters of credit when the employer shall have failed to renew or replace such letters or have substituted cash, securities or a surety bond; and

(f) if the chairman shall so require, to pay any awards commuted under section 27 of the Workers' Compensation Law into the aggregate trust fund.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 315.2