New York State Insurance Fund Actuarial Division Aggregate Trust Fund (ATF) Deposit Lists A0030

New York State Insurance Fund Actuarial Division Aggregate Trust Fund (ATF) Deposit Lists

Some content may contain outdated and offensive terminology. See: New York State Archives Statement on Language in Descriptive Resources

Overview of the Records

Repository:

New York State Archives
New York State Education Department
Cultural Education Center
Albany, NY 12230

Summary:

The Workmen's Compensation Commission (later Workmen's Compensation Board) has the discretion to require insurance carriers or employers to deposit into the State Insurance Funds future payments owed to beneficiaries in workmen's compensation settlements. This series lists workers' compensation cases in which deposits were made into the Aggregate Trust Fund. Entries include employee name, deposit amount, type of case, dates money deposited/removed from fund, and percentages and financial calculations pertaining to deposit.

Creator:

New York (State). State Insurance Fund. Actuarial Division

Title:

New York State Insurance Fund Actuarial Division Aggregate Trust Fund (ATF) deposit lists

Quantity:

0.3 cubic feet

(5 volumes)

Inclusive Dates:

1948-1965

Series Number:

A0030

Administrative History

The Workmen's Compensation Act of 1913 (Chapter 816) granted the Workmen's Compensation Commission (later Workmen's Compensation Board) the discretion to require insurance carriers or employers to deposit into the State Insurance Fund, future payments owed to beneficiaries in workmen's compensation settlements. The board could require an insurance carrier or employer to pay into the fund, "an amount equal to the present value of all unpaid death benefits or other compensation in cases in which awards are made for total permanent or permanent partial disability" based on employer liability. The intended effect of this provision (Workers' Compensation Law, Section 27) was to protect injured workers or their beneficiaries from loss of financial compensation in the event of carrier or employer insolvency.

In 1939 (Chapter 937), Section 27 of the Workers' Compensation Law was amended and the first reference was made to the "Aggregate Trust Fund." Although the new fund was discrete, the State Insurance Fund remained its custodian and administrator. The purpose of the fund and the powers allocated to the Workmen's Compensation Commission remained the same.

Scope and Content Note

The volumes in this series list workers' compensation cases in which deposits were made into the Aggregate Trust Fund. Entries include employee name, amount of deposit, type of case (death, total permanent disability, or permanent partial disability), dates money deposited/removed from fund, and percentages and financial calculations pertaining to deposit.