§ 2999-i. Custody and administration of the fund. 1. (a) The
commissioner of taxation and finance shall be the custodian of the fund
and the special account established pursuant to section ninety-nine-t of
the state finance law. All payments from the fund shall be made by the
commissioner of taxation and finance upon certificates signed by the
commissioner, or his or her designee, as hereinafter provided. The fund
shall be separate and apart from any other fund and from all other state
monies; provided, however, that monies of the fund may be invested as
set forth in paragraph (b) of this subdivision. No monies from the fund
shall be transferred to any other fund, nor shall any such monies be
applied to the making of any payment for any purpose other than the
purpose set forth in this title.

(b) Any monies of the fund not required for immediate use may, at the
discretion of the commissioner in consultation with the director of the
budget, be invested by the commissioner of taxation and finance in
obligations of the United States or the state or obligations the
principal and interest of which are guaranteed by the United States or
the state. The proceeds of any such investment shall be retained by the
fund as assets to be used for the purposes of the fund.

2. (a) The fund shall be administered by the commissioner or his or
her designee in accordance with the provisions of this article.

(b) The commissioner shall have all powers necessary and proper to
carry out the purposes of the fund.

(c) Notwithstanding any contrary provision of this section, sections
one hundred twelve and one hundred sixty-three of the state finance law
or any other contrary provision of law, the superintendent of financial
services is authorized to assign and the commissioner is authorized to
receive assignment of any and all contracts entered into by the
superintendent of financial services to administer the fund for periods
prior to October first, two thousand nineteen.

(d) The department shall post on its website information about the
fund and the process for enrollment in the fund.

3. The expense of administering the fund shall be paid from the fund.

4. Monies for the fund will be provided pursuant to this chapter.

5. For the state fiscal year beginning April first, two thousand
eleven and ending March thirty-first, two thousand twelve, the state
fiscal year beginning April first, two thousand twelve and ending March
thirty-first, two thousand thirteen, and the state fiscal year beginning
April first, two thousand thirteen and ending March thirty-first, two
thousand fourteen, the superintendent of financial services shall cause
to be deposited into the fund for each such fiscal year the amount
appropriated for such purpose. Beginning April first, two thousand
fourteen and annually thereafter, the superintendent of financial
services or the commissioner, whoever is administering the fund for the
applicable period shall cause to be deposited into the fund, subject to
available appropriations, an amount equal to the difference between the
amount appropriated to the fund in the preceding fiscal year, as
increased by the adjustment factor defined in subdivision seven of this
section, and the assets of the fund at the conclusion of that fiscal
year.

6. (a) Following the deposit referenced in subdivision five of this
section, the commissioner shall conduct an actuarial calculation of the
estimated liabilities of the fund for the coming year resulting from the
qualified plaintiffs enrolled in the fund. The administrator shall from
time to time adjust such calculation in accordance with subdivision
seven of this section. If the total of all estimates of current
liabilities equals or exceeds eighty percent of the fund's assets, then
the fund shall not accept any new enrollments until a new deposit has
been made pursuant to subdivision five of this section. When, as a
result of such new deposit, the fund's liabilities no longer exceed
eighty percent of the fund's assets, the fund administrator shall enroll
new qualified plaintiffs in the order that an application for enrollment
has been submitted in accordance with subdivision seven of section
twenty-nine hundred ninety-nine-j of this title.

(b) Whenever enrollment is suspended pursuant to paragraph (a) of this
subdivision and until such time as enrollment resumes pursuant to such
paragraph: (i) notice of such suspension shall be promptly posted on the
department's website; (ii) the fund administrator shall deny each
application for enrollment that had been received but not accepted prior
to the date of suspension and each application for enrollment received
after the date of such suspension; and (iii) notification of each such
denial shall be made to the plaintiff or claimant or persons authorized
to act on behalf of such plaintiff or claimant and all defendants in
regard to such plaintiff or claimant, to the extent they are known to
the fund administrator. Judgments and settlements for plaintiffs or
claimants for whom applications are denied under this paragraph or who
are not eligible for enrollment due to suspension pursuant to paragraph
(a) of this subdivision shall be satisfied as if this title had not been
enacted.

(c) Following a suspension, whenever enrollment resumes pursuant to
paragraph (a) of this subdivision, notice that enrollment has resumed
shall be promptly posted on the department's website.

(d) The suspension of enrollment pursuant to paragraph (a) of this
subdivision shall not impact payment under the fund for any qualified
plaintiffs already enrolled in the fund.

7. For purposes of this section, the adjustment factor referenced in
this section shall be the ten year rolling average medical component of
the consumer price index as published by the United States department of
labor, bureau of labor statistics, for the preceding ten years.