NY A03061

Allows employers to withdraw from the state insurance fund by submitting written notice to the fund at least 30 days before the effective cancellation date.

Requires the fund to file a notice of cancellation in the office of the chairman at least 10 days before the effective date, with the contract not deemed cancelled until at least 10 days after filing.

Permits employers to cancel immediately upon providing written notice that includes the effective cancellation date and proof of compliance with section 50(2) of the workers' compensation law.

Allows new insurance contracts with stock corporations, mutual corporations, or reciprocal insurers to take effect on the same date as the state fund cancellation becomes effective when the expedited notice provisions are used.

Effective date is 90 days after the act becomes law.