§ 87-i. New York state insurance fund MWBE asset management and
financial institution strategy. 1. Within the discretion of the
commissioners of the state insurance fund and in accordance with and
subject to their fiduciary duty and obligations as trustees of the state
insurance fund and to the beneficiaries of such fund and such other
investment limitations as may be prescribed by this chapter, the
commissioners are authorized to establish an MWBE asset management and
financial institution strategy including reasonable goals for
utilization of MWBE asset managers, MWBE financial institutions and MWBE
financial and professional service firms, which strategy shall include,
but shall not be limited to, the following objectives:

(a) investing assets of the state insurance fund with MWBE asset
managers;

(b) subject to best execution, (1) conducting trades of public equity
securities with MWBE financial institutions; and (2) conducting trades
of fixed-income securities through MWBE financial institutions;

(c) allocating investments of assets of the state insurance fund
either through (1) direct investments in the equities and debt
securities of MWBEs; or (2) indirectly through special programs
involving MWBE asset managers; and

(d) awarding contracts for accounting, banking, financial advisory,
insurance, legal, research, valuation and other financial and
professional services to MWBE financial institutions and other MWBE
professional service firms.

As used in this section, the terms "MWBE asset manager", "MWBE
financial institutions", "MWBE", "fiduciary-controlled entities" and
"best execution" shall have the meanings specified in section one
hundred seventy-six of the retirement and social security law and shall
be certified in a manner consistent with the provisions of subdivision
three of section four hundred twenty-three-c of the retirement and
social security law.

2. The commissioners are also authorized to:

(a) periodically advertise the existence of such strategy so that MWBE
asset managers, MWBE financial institutions and other MWBE professional
service firms are made aware of the opportunities made available
pursuant to this strategy;

(b) within sixty days of the end of each fiscal year following the
effective date of this section, the commissioners shall report to the
governor, the legislature and the chief diversity officer of the state
of New York on the participation of MWBE asset managers, MWBE financial
institutions and MWBE professional service providers in investment and
brokerage transactions with or as providers of services for the state
insurance fund, including a comparative analysis of such activity
relative to such activity with all asset managers, financial
institutions and professional service providers for the relevant period
and on the progress and success of the efforts undertaken during such
period to achieve the goals of such strategy. Each report shall be
simultaneously published on the website of the state insurance fund for
not less than sixty days following its release to the governor and the
other recipients named above;

(c) work with the other fiduciary-controlled entities to create a
database of such MWBE entities; and

(d) periodically, but not less than annually, hold a conference to
promote such strategy in conjunction with the other fiduciary-controlled
entities.