N.Y. Comp. Codes R. & Regs. tit. 12 § 451.8

Current through Register Vol. 46, No. 50, December 11, 2024

Section 451.8 - Discontinuance of safety groups

(a) A safety group may be discontinued or terminated upon the adoption of a resolution to such effect by the majority vote of the active members of the group. The discontinuance or termination shall be effective as of the group anniversary date immediately following the adoption of the resolution, provided the State Fund is notified in writing and a copy of the resolution is given to the State Fund prior to such group anniversary date and not later than 30 days after the resolution is adopted.

(b) A safety group may be discontinued or terminated by the State Fund as of any anniversary date if, in the opinion of the State Fund management, continued operation will not serve the basic objectives for which the group was formed.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 451.8