§ 135. Premium credits for safety investment. 1. An employer insured\nby a licensed insurer or the state insurance fund for workers'\ncompensation insurance may apply for a credit against the premiums for\nsuch coverage provided such employer is not currently receiving any\nstatutory safety incentive or sanction authorized under this chapter for\namounts invested by such employer in the creation of a safer work\nenvironment which meets the requirements of this section. The credit may\nbe applied for a renewable period not to exceed three years. For any one\nyear, the credit shall equal, if actuarially appropriate, an amount up\nto five percent of the total amount invested as calculated under the\nprovisions of this section but shall not exceed fifteen percent of such\nemployer's annual earned premium for that year in accordance with\nworkers' compensation rating board manual rates. An employer applying\nfor such credit must provide evidence required by rules or regulations\npromulgated by the superintendent of financial services that the\ninvestment would result in a safer work environment, with such evidence\nto include a written opinion by a certified safety professional, a\ncertified industrial hygienist or a licensed professional engineer\ndescribing the items included in the investment and an analysis of how\nthey will substantially enhance the safety of the work environment.\n 2. It shall be the sole responsibility of the superintendent of\nfinancial services, with the assistance of a committee, to determine\nwhether an employer who has made an application is eligible for a\npremium credit and the extent of any such credit, and to otherwise\nassist in the administration of the premium credit program, including\nthe promulgation of department of financial services rules and\nregulations for the implementation of the program.\n In addition to the superintendent of financial services, the committee\nshall consist of:\n (a) a representative from the department of labor;\n (b) a representative from the department of economic development;\n (c) a representative from the state insurance fund;\n (d) an individual with an actuarial background and experience in the\nfield of workers' compensation;\n (e) an individual with a background in safety engineering appointed by\nthe governor upon recommendation by the New York State American\nFederation of Labor-Congress of Industrial Organizations;\n (f) an individual with a background in safety engineering appointed by\nthe governor upon recommendation of the Business Council of the State of\nNew York;\n (g) an individual with a background in safety engineering appointed by\nthe governor upon recommendation of the insurance industry; and\n (h) an additional member of the committee with respect to any given\napplication for a premium credit shall be the current insurer of the\napplicant.\n All departments, divisions, boards, offices, and public corporations\nof the state, and the workers' compensation rating board, shall provide\nsuch data, information or other assistance as the committee may require\nto fulfill its purposes.\n The committee shall serve at the pleasure of the governor and shall\nreceive no compensation except for reasonable and necessary expenses\nincurred in the course of performing the official duties of the\ncommittee. Such expenses shall be paid from application fees paid in\naccordance with rules and regulations promulgated by the superintendent\nof financial services.\n 3. Premium credit calculations with respect to investments for safety\nshall be based only upon tangible personal property and other tangible\nproperty, including buildings and structural components of buildings\nwhich make for a safer work environment, which are depreciable pursuant\nto section one hundred sixty-seven of the internal revenue code, have a\nuseful life of four years or more, are acquired by purchase as defined\nin section one hundred seventy-nine(d) of the internal revenu
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