§ 76. Creation of state fund. 1. There is hereby continued in the\ndepartment of labor a fund known as "the state insurance fund", for the\npurpose of insuring employers against liability for personal injuries or\ndeath sustained by their employees, including liability other than\nliability assumed by contract imposed upon employers by reason of a suit\nor claim brought against the employer by another to recover the amount\nof damages obtained from such other by an employee of the employer for\ninjuries or in case of death by his dependents for death sustained by\nsuch employee arising out of and in the course of his employment and to\npay such damages, and of assuring to the persons entitled thereto the\ncompensation and benefits provided by this chapter or by any act\nproviding for compensation now or hereafter enacted by the congress of\nthe United States of America if such liability is incident to an\nemployment carried on in this state, and every such payment shall\nconstitute an element of loss for the purpose of establishing premium\nrates. Such fund shall consist of all premiums received and paid into\nthe fund, of property and securities acquired by and through the use of\nmoneys belonging to the fund and of interest earned upon moneys\nbelonging to the fund and deposited or invested as herein provided. Such\nfund shall be applicable to the payment of losses sustained on account\nof insurance, to the payment of expenses in the manner provided in this\nchapter and to the payment of premiums for reinsurance in any insurance\ncorporation of the whole or any part of any policy obligations.\n 1-a. a. The purposes of the state insurance fund are hereby enlarged\nto permit it to enter agreements with insurers licensed to write\nworkers' compensation insurance in states outside New York to issue\npolicies to state insurance fund policyholders covering those\npolicyholders' obligations to secure the payment of workers'\ncompensation benefits under the laws of states other than New York. The\nstate insurance fund shall also be authorized to receive premiums into\nits workers' compensation fund for policies written under such\nagreements and to pay from such fund: (i) reimbursement of all losses\nand loss adjustment expenses under such policies; and (ii) fees and\nother costs, including but not limited to those for claims services,\nrelating to such agreements. An agreement under this subdivision shall\nnot include the provision of claims services for any claim under this\nchapter.\n b. For a policyholder to be eligible for insurance in states other\nthan New York provided through agreements entered into under this\nsubdivision, either: (i) the policyholder's workers' compensation\npremiums with the state insurance fund covering its employees under this\nchapter must be greater than the premiums charged to cover the\npolicyholder's obligations to pay workers' compensation benefits in all\nstates, in the aggregate, other than New York when covered under such\nagreements; or (ii) the payroll for the policyholder's operations in New\nYork must be greater than the policyholder's payroll in all states, in\nthe aggregate, other than New York when covered under such agreements\nfor the prior policy period. For determining eligibility, "premiums"\nmean estimated premiums as determined by the state insurance fund at the\nbeginning of the policy period. In addition, for a policyholder to be\neligible for insurance in states other than New York through the state\ninsurance fund, the policyholder must meet the state insurance fund's\nunderwriting criteria for other states coverage as specified by rules of\nthe commissioners.\n 2. The purposes of the state insurance fund herein created are hereby\nenlarged to provide insurance for the payment of the benefits required\nby section two hundred four of this chapter including benefits for\nfamily leave. A separate fund is hereby created within the state\ninsurance fund, which shall be known as
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