The State Insurance Fund was established under the Workmen's Compensation Act of 1913 (Chapter 816) requiring employers to compensate employees disabled by industrial accidents or occupational diseases. Employers subject to the provisions of the Workmen's Compensation Act were required to establish a self-insurance program, to provide disability insurance through a commercial carrier, or to contribute to the State Insurance Fund. The Fund was administered by the Workmen's Compensation Commission also established by the 1913 Act. The Workmen's Compensation Commission was abolished in 1915 and the five-member Industrial Commission, which began heading the newly reorganized Department of Labor, assumed its responsibilities. When the Department was again reorganized in 1921, the Industrial Commission was replaced by an Industrial Commissioner who became responsible for administration of the State Insurance Fund, and a three-member Industrial Board reviewed all compensation cases. Upon enactment of the Disability Benefits Law in 1959, the State Insurance Fund was authorized to insure benefits to employees for nonoccupational disabilities. In 1957, under the Volunteer Firemen's Benefits law, the Fund was authorized to insure benefits to volunteer firemen. The State Insurance Fund, comprised of eight gubernatorial appointees and the Commissioner of Labor ex officio, is subject to examination by the State Insurance Department. The Commissioner of Taxation and Finance is the custodian of the Fund.
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Current Functions: The State Insurance Fund operates as an insurance carrier for New York's employees and volunteer firemen. It provides public and private employers with workers' compensation and disability benefits coverage. The Fund is self-supporting from premiums and investment income.
