NY S05250

Allows employers to withdraw from the state insurance fund by submitting written notice at least 30 days before the effective cancellation date, provided they comply with section 50 requirements.

Requires employers withdrawing from the fund to provide written notice demonstrating they have secured a new insurance policy with another carrier, with the cancellation date aligned to when the new coverage becomes effective.

Mandates the fund file notice of cancellation with the chairman's office at least 10 days prior to the effective cancellation date.

Establishes that when an employer withdraws by obtaining coverage from a stock corporation, mutual corporation, or reciprocal insurer, the new insurance contract does not take effect until the state fund contract cancellation becomes effective.

Takes effect 90 days after becoming law.