Section 107. Workers' compensation security fund

The purpose of the fund is
  to  assure  to  persons  and funds entitled thereto the compensation and
  benefits provided by this chapter for employments insured  in  insolvent
  carriers,  including the return of unearned premiums. Such fund shall be
  applicable to the payment of awards for compensation or  death  benefits
  and  to the payment of benefits into the special funds created under the
  provisions of subdivisions eight and nine of section fifteen and section
  twenty-five-a of this chapter heretofore or hereafter made  pursuant  to
  this  chapter,  and  remaining unpaid, in whole or in part, by reason of
  the default, after the effective date of this article, of  an  insolvent
  carrier  including  the return of unearned premiums, but such fund shall
  not be applicable to the payment of any amounts due under any policy  of
  reinsurance  issued  to  an  insurance  carrier.  The fund shall also be
  applicable to the payment of liability claims against an employer  under
  the  employer's  liability  insurance  portion  of the standard New York
  workers' compensation and employer's liability insurance policy, but  no
  payment  from  the fund for such liability claim shall exceed the lesser
  of the policy limit or one million dollars on any one claim. Expenses of
  administration also shall be paid from the fund as herein provided. Such
  fund shall consist of all contributions received and paid into the  fund
  by  carriers,  as herein defined, of property and securities acquired by
  and through the use of moneys belonging to  the  fund  and  of  interest
  earned upon moneys deposited or invested as herein provided. The payment
  of  the  return of unearned premiums and the payment of liability claims
  provided for pursuant to the provisions of this section  shall  be  made
  only  if the fund is determined by the superintendent of insurance to be
  sufficient to satisfy all claims for compensation or death benefits  and
  to  the  payment  of  benefits  into the special funds created under the
  provisions of subdivisions eight and nine of section fifteen and section
  twenty-five-a  of  this  chapter  and,  provided   further,   that   the
  superintendent  of insurance shall designate sufficient assets from this
  fund for the payment of such claims which  shall  not  at  any  time  be
  diverted  to any other use or purpose. The fund shall be administered by
  the superintendent of insurance in accordance  with  the  provisions  of
  this article.