NY | Surety Bond Blog | JW Surety Bonds

November 8, 2009 by Eric Weisbrot

There are multiple new laws that were enacted in the state of New York. The laws require a surety bond in connection with review procedures for tax assessments made by local authorities. Any individual who argues the tax or inquires about a refund is required to deposit a quantity equivalent to the tax and any penalties due, including a surety bond from a state-licensed surety company to cover the costs of the proceeding. The petitioner has the ability to post a bond equal to the amount of the taxes, including interest and penalties. Anybody disputing a denied reimbursement claim is subject to the same bond requirements stated above. The new laws for 2008 include AB 8831, which is for local real estate transfer taxes (Town of Northeast); and SB 7050 which is concerning local hotel and motel taxes (Clinton County).

New York Workers’ Compensation Plan Bonds

October 27, 2009 by Eric Weisbrot

The state of New York has a new law referred to as SB 8708. The new law is regarding Self-Insurer Group Trusts for Workers’ Compensation Plans and was presented and passed in both houses after 11 hours of the session. SB 8708 implements stricter financial regulations on group self-insurers for workers’ compensation plans by requiring audited financial statements on a yearly basis at the very least. The group trust is also asked to hire an administrator that must acquire a license and a surety bond in the amount of $500,000 for each group self-insurer administered. The Chair of the Workers’ Compensation Board can set the amount of the bond originating from its cost and availability in lieu of a $500,000 bond for each group administered. SB 8708 allows the chair to recover any penalties for intrusions that are considered opposing the administrator according to the law’s stipulations. The new law also grants a default offset fund and a task force on group self-insurance plans for workers’ compensation.

New York Tax Assessment Surety Bond

New York Workers’ Compensation Plan Bonds