§ 420-H — Premiums on insurance

New York § 420-H

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10-A: State Savings and Loan Insurance Fund

Text

§ 420-h. Premiums on insurance. 1. Each savings and loan association\nwhose application for insurance is approved by the fund shall pay\nrequired advance premiums to the fund, as well as a premium charge for\nsuch insurance equal to one-twelfth of one per centum of the total\namount of all savings accounts of such institution plus any creditor\nobligations of such institution. Such premiums shall be paid at the time\nthe certificate is issued by the fund under section four hundred\ntwenty-g of this article, and thereafter annually until the reserves of\nthe fund equal two and one-half per centum of all savings accounts of\nall members; except that under regulations prescribed by the fund such\npremium charge may be paid semiannually. If at any time such reserves\nfall below such two and one-half per centum, the payment of such annual\npremium charge for insurance shall be resumed and shall be continued\nuntil the reserves are brought back to such two and one-half per centum.\nFor the purposes of this subdivision, the amount in all accounts of\ninsured members and the amount of creditor obligations of any\ninstitution may be determined from adjusted statements made within one\nyear prior to the approval of the application of such savings and loan\nassociation for insurance, or in such other manner as the fund may by\nrules and regulations prescribe.\n 2. The fund is further authorized to assess against each insured\nsavings and loan association additional premiums for insurance until the\namount of such premiums equals the amount of all losses and expenses of\nthe fund; except that the total amount so assessed in any one year\nagainst any such savings and loan association shall not exceed\none-eighth of one per centum of the total amount of its savings accounts\nand its creditor obligations.\n