NY A07507

Amends the workers' compensation law to expand the types of investments the state insurance fund can make, referencing insurance law provisions instead of banking law securities.

Changes the minimum requirement for reserve fund investments from "up to" five percent to "a minimum of" five percent in specified investment types.

Modifies surplus fund investment rules by removing previous limitations and allowing investments in insurance law paragraphs one through four of subsection (b) of section 1402 and subsection (a) of section 1404 without qualitative standards or quantitative limitations.

Removes the prior ten percent cap on surplus funds invested in securities of solvent American institutions regardless of credit ratings and eliminates the fifteen percent allowance for non-qualifying investments.

Applies prudent person investment standards from section 1410 of the insurance law to the state insurance fund's investment activities.