§ 5207 — Assessments against members

New York § 5207

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 52: Motor Vehicle Accident Indemnification Corporation

Text

§ 5207. Assessments against members. (a) If at any time in the opinion\nof the board, the corporation shall require funds for the operation of\nits business, the board shall levy an assessment against the members of\nthe corporation.\n (b) Each member shall be liable to the corporation for that portion of\nthe assessment which the net direct written premiums written by the\nmember, namely the gross direct written premiums less return premiums on\nsuch direct business, for policies insuring against legal liability\narising out of the ownership, operation or maintenance of motor vehicles\nwhich are principally garaged in this state, shall bear to the total or\naggregate of such net direct premiums written by all members in this\nstate in the last complete calendar year as shown by the records of the\nsuperintendent.\n (c) In this section "member" also includes a former member which has\nwithdrawn from the state or whose license has been revoked or which has\nbeen merged into another corporation or has been placed in liquidation,\nand such member or its successor shall be liable for all assessments\nunder this section based upon premiums written by it in New York prior\nto the liquidation, withdrawal, revocation of license or merger.\n (d) The assessment of self-insurers under sections three hundred\nsixteen and three hundred seventy of the vehicle and traffic law shall\nbe based upon the amount determined by dividing the amount of the annual\nassessment on insurers by the number of insured vehicles for the year\npreceding the determination.\n