Assessment of Public Comment The attorney for the petitioners in Held, et. al. v. Workers’ Compensation Board, et.al. (Albany County Supreme Court, Index No.2957-08) submitted a comment letter objecting to the proposed regulation. This proceeding is discussed in the Regulatory Impact Statement filed with the Notice of Proposed Rule Making. These were the only comments received. In his comment letter, the attorney makes three arguments to support the objection: 1) The Board’s definition of insolvent is inconsistent with other definitions of insolvency under New York State Law and Generally Accepted Accounting Principles (GAAP); 2) The Board’s definition of insolvent does not take into account substantial asset classes of group self-insured trusts (GSITs); and 3) The Board overstepped its authority in amending its regulations to include the proposed definition and the Board’s definition of insolvent lacks a statutory basis. With respect to the first argument, the attorney claims that the proposed definition of insolvent “rejects all definitions previously adopted by New York State’s Legislature” and that the proposed definition does not “comply with GAAP”. In crafting the proposed definition, the chair reviewed the definitions of insolvency or insolvent according to GAAP, Department of Taxation and Finance regulations and Debtor and Creditor Law §271(1). Pursuant to these sources insolvency is when an entity's liabilities exceed its assets. ...