New York § 7606 Determination of net value of funds; limits

New York Statutes

§ 7606 — Determination of net value of funds; limits

New York § 7606

Law ISCInsurance

Art. 76Property/casualty Security Funds

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Bluebook

N.Y. Insurance § 7606 (2026).

Text

§ 7606. Determination of net value of funds; limits.

(a)The\nsuperintendent shall annually, on or before March first, ascertain and\ndetermine the net value of each fund as of the next preceding December\nthirty-first by deducting from the value of the assets of each fund,\nascertained pursuant to this article, the aggregate actual and estimated\nliabilities of each fund as determined by the superintendent. When the\nnet value of a fund, as thus determined, reaches an amount equal to\nfifteen percent of the outstanding claim reserves of all authorized\ninsurers, incurred under policies or bonds providing benefits as\nspecified in subsection (a) of section seven thousand six hundred three\nor subsection (a) of section seven thousand six hundred four of this\narticle, as the case may be,

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§ 7606. Determination of net value of funds; limits. (a) The\nsuperintendent shall annually, on or before March first, ascertain and\ndetermine the net value of each fund as of the next preceding December\nthirty-first by deducting from the value of the assets of each fund,\nascertained pursuant to this article, the aggregate actual and estimated\nliabilities of each fund as determined by the superintendent. When the\nnet value of a fund, as thus determined, reaches an amount equal to\nfifteen percent of the outstanding claim reserves of all authorized\ninsurers, incurred under policies or bonds providing benefits as\nspecified in subsection (a) of section seven thousand six hundred three\nor subsection (a) of section seven thousand six hundred four of this\narticle, as the case may be, no further contributions to such fund shall\nbe required to be made.\n (b) Whenever, thereafter, the amount of a fund is reduced below such\nfifteen percent, by reason of payments from, and known and estimated\nliabilities of, that fund, then contributions to such fund shall be\nresumed and continued until that fund, over and above its known and\nestimated liabilities, reaches such amount.\n