17 CRR-NY 508.5NY-CRR
17 CRR-NY 508.5
17 CRR-NY 508.5
508.5 Self-insurance order.
A self-insurance order shall include any reasonable conditions deemed appropriate and shall also include:
(a) a termination date not to exceed five years from the date of issuance;
(b) a statement as to the amount of the self-insurance fund and the number of deposits to be made to establish such fund;
(c) if no fund is required a statement as to the manner in which claims will be paid;
(d) a requirement that the bank or trust company accepting such a fund shall agree, in writing, not to allow a withdrawal of all or any part of the fund without first obtaining the consent of the commissioner, based on the financial viability of the fund;
(e) a requirement that the bank wherein the fund is deposited agrees to hold the fund in trust for insurance claimants and that the fund is not to be considered as part of the assets of the depositor subject to other categories of creditors;
(f) a requirement that appropriate proof of insurance up to the limits prescribed be filed if a self-insurance retention is less than that required by Parts 750 and 855 of this Title; and
(g) a statement that the authority to become a self-insurer may be revoked upon 30 days' notice by reason of the failure of the carrier to comply with any of the conditions of the order.
17 CRR-NY 508.5
Current through December 15, 2022
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.