STATE OF NEW YORK
________________________________________________________________________
2603
2015-2016 Regular Sessions
IN ASSEMBLY
January 20, 2015
___________
Introduced by M. of A. WEPRIN -- read once and referred to the Committee
on Labor
AN ACT to amend the workers' compensation law, in relation to directing
the state insurance fund to offer title insurance or certificates of
clear title
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 76 of the workers' compensation law is amended by
2 adding a new subdivision 6 to read as follows:
3 6. The purposes of the state insurance fund created in this section
4 are hereby enlarged to permit it to furnish title insurance policies, as
5 defined in subsection (b) of section six thousand four hundred one of
6 the insurance law, and/or certificates of clear title. A separate fund
7 is hereby created within the state insurance fund, which shall be known
8 as the "title insurance fund", and which shall consist of all premiums
9 received and paid into said fund on account of such insurance, all secu-
10 rities acquired by and through the use of moneys belonging to said fund
11 and of interest earned upon moneys belonging to said fund and deposited
12 or invested as herein provided. Said title insurance fund shall be
13 applicable to the payments, expenses and assessments on account of title
14 insurance policies written pursuant to the rules and regulations estab-
15 lished by the superintendent of financial services.
16 § 2. The superintendent of financial services is hereby:
17 1. directed to create, within the insurance department, a title insur-
18 ance bureau which shall implement the title insurance program estab-
19 lished by this act; and
20 2. authorized to prescribe, amend and withdraw rules and regulations
21 implementing the provisions of subdivision 6 of section 76 of the work-
22 ers' compensation law, as added by section one of this act.
23 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07310-01-5
