N.Y. Comp. Codes R. & Regs. Tit. 10 §§ 69-10.20

Current through Register Vol. 46, No. 45, November 2, 2024

Section 69-10.20 - Suspension of the fund

(a) When the fund's current liabilities equal or exceed 80 percent of the fund's assets, as determined by the actuarial calculation performed under section 69-10.19 of this Subpart, the fund administrator shall suspend enrollment in the fund and new enrollments will no longer be accepted.

(b) When the fund's current liabilities no longer equal or exceed 80 percent of the fund's assets, as determined by the actuarial calculation performed under section 69-10.19 of this Subpart, the fund administrator shall resume enrollment in the fund and new enrollments will be accepted if otherwise eligible.

(c) The fund administrator will provide prompt notice on the fund administrator's website of any suspension or reinstatement of enrollment.

(d) Once enrolled, a qualified plaintiff will remain in the fund for his or her lifetime, and will not be impacted by a suspension in enrollment.

N.Y. Comp. Codes R. & Regs. Tit. 10 §§ 69-10.20

Adopted, New York State Register, Volume XXXVI, Issue 24, effective 6/18/2014

Amended New York State Register November 13, 2019/Volume XLI, Issue 46, eff. 11/13/2019