New York Revocation of Election of Corporation To Exclude Sole Shareholder Or Executive Officers From WC Coverage is a form that employers in New York State must complete in order to revoke the election to exclude sole shareholders and executive officers from workers' compensation coverage. This form must be completed when the sole shareholder or executive officer ceases to be an employee of the company, or if the employer wishes to revoke the election for any other reason. There are two types of New York Revocation of Election of Corporation To Exclude Sole Shareholder Or Executive Officers From WC Coverage forms: one for an individual sole shareholder, and one for multiple sole shareholders or executive officers. Both forms must be notarized and submitted to the New York Workers’ Compensation Board in order to be approved.
New York Revocation of Election of Corporation To Exclude Sole Shareholder Or Executive Officers From WC Coverage
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FAQ
In order to be excluded, the executive officer must execute a written waiver of his or her rights under the Labor Code stating under penalty of perjury that the person is a qualifying officer or director and is desirous of opting out of workers' compensation.
Workers' Comp Exemptions in New York Corporate officers who are not excluded from coverage must also utilize a minimum payroll of $45,500 in order to calculate the cost of workers' comp insurance.
OFFICERS-SHAREHOLDERS OF THE CORPORATION FROM SUCH COVERAGE (A two-person corporation may elect to exclude one or both executive officers, provided that between them they own all the stock in the corporation, and that each officer owns at least one share of stock.)
Executive officers of a corporation are mandatorily covered under the New York Workers' Compensation Law and have the same status as employees under the policy.
As defined in the standard commercial general liability (CGL) policy, an executive officer is a person holding any of the officer positions created by the named insured organization's governing document.
Example: Your employer is not allowed to fire you because you have filed a workers' compensation claim. However, the Workers' Compensation Law does not require your employer to hold your job for you if you are not able to work because of an injury, and your employer needs to fill your position for business reasons.
Section 11 of the New York Workers' Compensation Law also bars third parties from suing an injured worker's employer for contribution or contractual indemnification unless the employee has sustained a ?grave injury? as defined by law.