§ 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.