2006 New York Code - Further Transfer Of Association Funds.

 
    * § 5516-e. Further transfer of association funds. (a) Notwithstanding
  any  other  provision  of  law,  the  association  and  all officers and
  directors  with  responsibility  for  custody  or  investment   of   the
  association's  assets are authorized and directed to further transfer up
  to four hundred eighty-one million dollars to  the  general  fund.  Such
  transfers shall be made pursuant to a schedule or schedules submitted to
  the  association  by  the  director  of the division of the budget. Such
  schedules may be amended from time to time as the budget director  deems
  necessary,  provided,  however,  that  such schedules shall not call for
  transfers to be made from the association to the general fund during the
  period from and including February first of any year  to  and  including
  March  thirty-first  of  such  year.  Copies  of such schedules and such
  amendments shall be filed  with  the  chairman  of  the  senate  finance
  committee  and  the chairman of the assembly ways and means committee at
  the time they are transmitted to the association.
    (b) Notwithstanding any other provision of law, no  director,  officer
  or  employee  of  the  association,  nor the association, nor any public
  officer or employee, nor  any  actuary,  attorney,  or  advisor  to  the
  association or to the superintendent shall incur or suffer any liability
  whatsoever  to  any  person  by  reason  of  actions  taken  pursuant to
  authorizations or directions of the provisions of subsection (a) of this
  section pursuant to which any of  the  moneys  of  the  association  are
  transferred  to  the  general  fund.  Any  action  which could have been
  brought against such director, officer  or  employee,  or  against  such
  public  officer  or  employee,  or  against  such  actuary,  attorney or
  advisor, or against the association shall be brought against the state.
    (c) Notwithstanding any other provision of law to  the  contrary,  the
  superintendent  shall,  no  later  than November first, nineteen hundred
  ninety-six and annually thereafter, submit to the director of the budget
  a request for an appropriation of such portion of such principal  amount
  of  four hundred eighty-one million dollars as either has or is expected
  to be, pursuant to the schedules submitted by the director of the budget
  pursuant to subsection (a) of this section, transferred to  the  general
  fund,  plus aggregate imputed earnings on such portion of such principal
  amount, less any moneys returned to the  association  from  the  general
  fund.   Aggregate   imputed   earnings   shall   be  calculated  by  the
  superintendent at the end of each calendar year at the average net  rate
  of  return  earned by the association on its remaining assets during the
  calendar year. The governor shall annually include such amount plus  any
  amount  necessary  to  reflect actual transfers to the general fund that
  exceed those included in the superintendent's request in a  budget  bill
  for the next state fiscal year. Of the amount so appropriated, the state
  comptroller  shall  encumber  an amount equal to the cumulative value of
  actual transfers made to the general fund pursuant to this section  plus
  the  amount  of  aggregate  imputed earnings attributable to such amount
  before the end of the fiscal year for which any  such  appropriation  is
  made.  If  for  any  fiscal  year  commencing  on  or after April first,
  nineteen hundred ninety-seven, the governor fails  to  submit  a  budget
  bill  containing  an  appropriation  in  the  amount  requested  by  the
  superintendent or the legislature fails to appropriate the amount  in  a
  budget  bill  submitted by the governor for such fiscal year, the amount
  of any appropriation encumbered during the preceding fiscal  year  shall
  be  payable  forthwith to the association on July first of such year. In
  no case shall the liability of the state to the association  exceed  the
  amount appropriated and encumbered therefor.
    (d)   The   encumbered  portion  of  any  appropriation  made  to  the
  association pursuant to subsection (c) of this section shall  be  deemed
  to  be  an  admitted asset of the association under section one thousand
  three hundred one of this chapter and shall be included as an  asset  of
  the association in its annual statement.
    (e)  The  superintendent,  on  an  actuarial basis, shall determine at
  least annually the surplus of the association.  From  such  surplus  the
  superintendent shall deduct the encumbered amount required by subsection
  (c)  of this section and the appropriated and encumbered amount required
  by subsection (c) of section five thousand five hundred sixteen  and  by
  subsection  (c) of section five thousand five hundred sixteen-b, both of
  this chapter. If the resulting surplus is less than the minimum  surplus
  to  policyholders  that  a  stock  property/casualty  insurance  company
  licensed to write personal injury liability insurance, as  specified  in
  paragraph thirteen of subsection (a) of section one thousand one hundred
  thirteen  of  this  chapter, is required to maintain pursuant to section
  four thousand one hundred three of this chapter, then  that  portion  of
  such   appropriated   and  encumbered  amount  that  the  superintendent
  determines is necessary to comply with such minimum requirement shall be
  paid  to  the  association  no  later  than  sixty   days   after   such
  determination.
    (f)  No  surcharge  on  excess  medical malpractice insurance premiums
  authorized by section forty of chapter two hundred sixty-six of the laws
  of nineteen hundred eighty-six, as amended, shall be imposed  until  all
  of  the  encumbered  amounts  required by subsection (c) of this section
  have been repaid to the association.
    (g)  No  contribution  from  members  of  the  association  which   is
  authorized  pursuant to section five thousand five hundred seven of this
  article shall be required until all of the encumbered  amounts  required
  by subsection (c) of this section have been repaid to the association.
    * NB  Repealed  pursuant to ch. 407/99 Pt. JJ § 2 (see par. (2) of sb§
  (c) of §  5502);  T11NYCRR  Pt.  430  not  fully  implemented,  requires
  certification from superintendent