Section 160-CCC. Contributions to the fund

Each independent livery base
  shall be assessed an annual payment to the fund, to be set by the  board
  of  directors  no later than January first of each calendar year or such
  other date as the board of directors may set  consistent  with,  and  as
  necessary  to  effectuate, this article. The total amount of the payment
  shall be determined by the fund as sufficient to provide it  with  total
  assets  equal  to  one hundred fifty percent of the cost of an insurance
  policy issued under section one hundred sixty-ddd of this  article,  and
  to  provide for any administrative expense of the fund. Each independent
  livery base's own share of  such  payments  shall  be  determined  by  a
  formula  set  by  the  board  of directors, to be based on the number of
  liveries affiliated with each livery base at the time the  payments  are
  calculated,  or  such  other  measure  set  by the chair of the workers'
  compensation board. Each independent livery base shall make the payments
  assessed against it annually within thirty days of assessment. If it  is
  determined  by  the board of directors that there may be an insufficient
  amount of money in the fund to purchase the requisite coverage or to pay
  administrative expenses in a given year,  the  board  of  directors  may
  require  each  independent  livery base to make an additional payment to
  the fund based on the amount of its affiliated drivers on an  annualized
  basis or such other criteria as shall be established by the chair of the
  workers'  compensation  board,  except  that  no  such payments shall be
  assessed, such that the fund will have funds greater than  necessary  to
  provide  compensation under the workers' compensation law, to the extent
  set forth in section one hundred sixty-ddd of this article for  eighteen
  months.