Section 214. Special fund for disability benefits

There is hereby created a
  fund which shall be known as the special fund for disability benefits to
  provide  for  the  payment  of  disability  benefits  under sections two
  hundred  seven,  two  hundred  thirteen  and   attendance   fees   under
  subdivision two of section two hundred thirty-two of this article.
    1.  For  the  purpose of accumulating funds for payment of benefits to
  the disabled unemployed, there is hereby assessed a contribution at  the
  rate of two-tenths of one per centum of the wages paid during the period
  from  January  first, nineteen hundred fifty to June thirtieth, nineteen
  hundred fifty inclusive, to  employees  in  the  employment  of  covered
  employers  on or after January first, nineteen hundred fifty, but not in
  excess of twelve cents per week as to each such employee, of  which  the
  employee  shall  contribute one-tenth of one per centum of his wages but
  not in excess of six cents per week, and  the  employer  shall  make  an
  equal  contribution. The contributions of the employee shall be deducted
  from his wages in the same manner as provided  in  section  two  hundred
  nine. On or before April thirtieth, nineteen hundred fifty, the employer
  shall  pay  to the chairman the contributions with respect to wages paid
  during the quarterly period ending March thirty-first, nineteen  hundred
  fifty,  and  on or before July thirty-first, nineteen hundred fifty, the
  employer shall pay to the chairman the  contributions  with  respect  to
  wages  paid  during the quarterly period ending June thirtieth, nineteen
  hundred fifty.
    2. As promptly as practicable  after  April  first,  nineteen  hundred
  fifty-eight  and  thereafter annually as soon as practicable after April
  first in each year, the chairman shall ascertain the  condition  of  the
  fund, and if as of any such date the net assets of the fund shall be one
  million  dollars  or  more  below the sum of twelve million dollars, the
  chairman  shall  assess  and  collect  from  all  carriers   hereinafter
  specified an amount sufficient to restore the fund to an amount equal to
  twelve  million  dollars.  Carriers  subject to this assessment shall be
  such carriers as shall have covered employees in employment  during  the
  preceding  three calendar years or any portion or portions thereof.  The
  proportion of the total assessment to be  assessed  upon  and  collected
  from each carrier shall be that proportion thereof that the total of the
  payrolls  covered by such carrier during said three calendar years bears
  to the total of all such payrolls covered by all  such  carriers  during
  said  three  calendar  years,  except  that  the term "payrolls" as used
  herein shall be deemed limited to the first seven  thousand  dollars  of
  earnings of each employee during any calendar year and except that there
  shall  be  excluded  the  payroll of employees of a class or classes for
  whom plan benefits  provided  under  this  article  are  payable  during
  unemployment  for  a period not less than the period provided in section
  two hundred  seven  under  an  agreement  between  the  employer  or  an
  association  of  employers and an association of the employees which has
  been accepted as a plan under section two hundred eleven. The  chairman,
  before  making  an assessment as herein provided, shall give thirty days
  notice to all such carriers, in the same manner provided in section  two
  hundred twenty-eight, that an itemized statement of the condition of the
  fund is open for inspection.
    3.  Whenever  the  net  assets  of  the  fund shall be less than three
  million dollars and the disability claims  currently  being  paid  shall
  indicate  the  necessity  of supplementing the assets of the fund before
  the next annual assessment can be made,  the  chairman  may  assess  and
  collect  for  all such carriers, in the same proportions established for
  the last preceding  annual  assessment,  an  amount  sufficient  in  the
  discretion  of the chairman for the needs of the fund, but not in excess
  of an amount sufficient to restore the fund to twelve  million  dollars.

  Before  making  any  such  emergency  assessment the chairman shall give
  thirty days notice to such carriers in the same manner as provided  with
  respect  to  annual  assessments,  and  an  itemized  statement  of  the
  condition of the fund shall, in like manner, be open for inspection.
    4.  All  contributions  and assessments received by the chairman under
  the provisions of this section shall be  credited  to  the  fund  herein
  established  and  deposited  by  the  chairman  to  the  credit  of  the
  commissioner of taxation and finance for the benefit of  the  fund.  The
  superintendent  of  insurance may examine into the condition of the fund
  at any time on his own initiative or upon the request of the chairman.