Each applicant shall submit proof satisfactory to the chair that adequate provision has been made by the applicant to comply with the obligation to pay benefits, and upon request, shall satisfy the Chair that such provision is kept effective. The use of third-party administrators is restricted to those third-party administrators that are licensed by the Workers' Compensation Board.
N.Y. Comp. Codes R. & Regs. Tit. 12 § 361.5