§ 211. Provision for payment of benefits. A covered employer shall, with his or her own contributions and the contributions of his employees, provide disability and after January first, two thousand eighteen, family leave benefits to his or her employees in one or more of the following ways:

1. by insuring and keeping insured the payment of such benefits in the state fund, or

2. by insuring and keeping insured the payment of such benefits with any stock or mutual corporation or reciprocal insurer authorized to transact the business of accident and health insurance in this state, or

3. by furnishing satisfactory proof to the chair of the employers financial ability to pay such benefits, in which case the chair shall require the deposit of such securities as the chair may deem necessary consistent with the provisions of subdivision three of section fifty of this chapter. An association of employers or employees authorized to pay benefits under this article or the trustee or trustees paying benefits under a plan or agreement authorized under subdivisions four and five of this section, may with the approval of the chair furnish such proof and otherwise comply with the provisions of this section to provide disability and family leave benefits to employees under such plan or agreement.

4. by a plan in existence on the effective date of this article. If on the effective date of this article the employees of a covered employer or any class or classes of such employees are entitled to receive disability and family leave benefits under a plan or agreement which remains in effect on July first, nineteen hundred fifty, the employer, subject to the requirements of this section, shall be relieved of responsibility for making provision for benefit payments required under this article until the earliest date, determined by the chair for the purposes of this article, upon which the employer shall have the right to discontinue the provisions thereof or to discontinue his contributions towards the cost. Any such plan or agreement may be extended, with or without modification, by agreement or collective bargaining between an employer or employers or association of employers and an association of employees, in which event the period for which the employer is relieved of such responsibility shall include such period of extension. Any other plan or agreement in existence on the effective date of this article which the employer may, by his or her sole act, terminate at any time, or with respect to which he or she is not obligated to continue for any period to make contributions, may be accepted by the chair as satisfying the obligation to provide for the payment of benefits under this article if such plan or agreement provides benefits at least as favorable as the disability and family leave benefits provided by this article and does not require contributions of any employee or of any class or classes of employees in excess of the statutory amount provided in subdivision three of section two hundred nine of this article, subdivision three, except by agreement and provided the contribution is reasonably related to the value of the benefits as determined by the chair. The chair may require that the employer shall enter into an agreement in writing with the chair that he or she will pay the assessments set forth in sections two hundred fourteen and two hundred twenty-eight and that until he or she shall have filed written notice with the chair of his or her election to terminate such plan or agreement or to discontinue making necessary contributions to its cost, he or she will continue to provide for the payment of the disability and family leave benefits under such plan or agreement.

During any period in which any plan or agreement or extension thereof authorized under this subdivision provides for payment of benefits under this article, the responsibility of the employer and the obligations and benefits of the employees shall be as provided in said plan or agreement rather than as provided under this article, other than the benefits provided in section two hundred seven, and provided the employer or carrier has agreed to pay the assessments described in sections two hundred fourteen and two hundred twenty-eight.

Any such plan or agreement may be extended with or without modification, provided the benefits under such plan or agreement, as extended or modified, shall be found by the chair to be at least as favorable as the benefits provided by this article.

5. by a new plan or agreement. After the effective date of this article, a new plan or agreement with a carrier may be accepted by the chair as satisfying the obligation to provide for the payment of benefits under this article if such plan or agreement shall provide benefits at least as favorable as the disability and family leave benefits provided by this article and does not require contributions of any employee or of any class or classes of employees in excess of the statutory amount provided in section two hundred nine, subdivision three, except by agreement and provided the contribution is reasonably related to the value of the benefits as determined by the chair. Any such plan or agreement shall continue until written notice filed with the chair of intention to terminate such plan or agreement, and any modification of such plan or agreement shall be subject to the written approval of the chair.

During any period in which any plan or agreement or extension thereof authorized under this subdivision provides for payment of benefits under this article, the responsibility of the employer and the obligations and benefits of the employees shall be as provided in said plan or agreement rather than as provided under this article, other than the benefits provided in section two hundred seven, and provided the employer or carrier has agreed to pay the assessments described in sections two hundred fourteen and two hundred twenty-eight.

6. if any plan or agreement authorized under subdivisions four and five of this section covers less than all of the employees of a covered employer, the provisions of this article shall apply with respect to his remaining employees not covered under such plan or agreement.

7. Premiums for policies providing disability or family leave benefits in accordance with this article shall be calculated in accordance with applicable provisions of the insurance law, including subsection (n) of section four thousand two hundred and thirty-five of such law.

8. An employer providing disability benefits coverage pursuant to subdivision three of this section may obtain coverage for family leave benefits separately pursuant to subdivision one or subdivision two of this section.

The chairman may make reasonable regulations for the filing under subdivisions four and five of this section of plans and agreements to provide for the payment of benefits under this article.