N.Y. Comp. Codes R. & Regs. Tit. 22 § 202.66 - Workers' compensation settlements
(a) Applications for approval of
compromises of third-party actions pursuant to subdivision 5 of section
29 of
the Workers' Compensation Law must include all papers described therein, and a
proposed order providing that the appropriate insuring body file an affidavit
within a specified time consenting to or opposing the application. A copy of
all such application papers shall be served on the insurance carrier that is
liable for the payment of claims under the Workers' Compensation Law.
(b) If, prior to the return of
the application, the court directs that the parties place their stipulation on
the record, the transcript shall be filed as part of the papers. In such cases,
the matter shall be marked settled subject to written consent of the insuring
body, or the entry of an order pursuant to subdivision 5 of section
29 of
the Workers' Compensation Law.
(c) On the return of the application, the
court may hear the matter forthwith or schedule the matter for later hearing if
affidavits in opposition to the compromise show that the amount is grossly
inadequate in view of the injuries involved, the potential monetary recovery
against the third party and the possible exposure of the insuring body to
future claims by the plaintiff-petitioner arising out of the same
accident.
(d) Nothing
in this section shall preclude the insuring body from consenting to a reduction
of its lien.
Notes
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