2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7712 - Credits for assessments paid.

 
    §  7712.  Credits  for  assessments paid. (a) The superintendent shall
  annually, within six months following the close of each  calendar  year,
  furnish  to the commissioner of taxation and finance and the director of
  the division of the budget  a  statement  of  operations  for  the  life
  insurance  guaranty  corporation and the life insurance company guaranty
  corporation of New York. Such statement shall show the assessments, less
  any refunds or reimbursements thereof, paid by  each  insurance  company
  pursuant  to  the  provisions  of  article seventy-five or section seven
  thousand seven hundred nine of this article, for the purposes of meeting
  the requirements of this chapter.  Each  statement,  starting  with  the
  statement  furnished  in the year nineteen hundred eighty-six and ending
  with the statement furnished in the year two thousand,  shall  show  the
  annual   activity  for  every  year  commencing  from  nineteen  hundred
  eighty-five through the most recently  completed  year.  Each  statement
  furnished  in  each  year after the year two thousand shall reflect such
  assessments paid  during  the  preceding  fifteen  calendar  years.  The
  superintendent  shall also furnish a copy of such statement to each such
  insurance company.
    (b) The maximum authorized credit for each company in respect  of  the
  assessments  paid  during  the most recent calendar year covered by such
  statement shall be as follows:
    (1) if the sum of the net assessments paid by  all  companies  in  the
  period  reported  on  in  the  statement  of  operations  required to be
  furnished by the superintendent pursuant to the provisions of subsection
  (a) of this section is less than one hundred million  dollars,  no  such
  credits shall be authorized;
    (2) (A) if the sum of such net assessments exceeds one hundred million
  dollars,  the maximum authorized credit for each company with respect to
  net assessments paid by such company in any year shall be the excess, if
  any, of (i) over (ii), where (i) is the sum of such company's  tentative
  cross-over  year  credit and its tentative credits for subsequent years,
  both as determined  pursuant  to  subparagraphs  (B)  and  (C)  of  this
  paragraph,  and  (ii)  is  the  sum  of  the maximum credits theretofore
  authorized for the years covered by such statement, to and including the
  most recently completed year, determined with reference to  the  periods
  covered by all prior such statements.
    (B)  Such  company's  tentative cross-over year credit shall be eighty
  per centum of the product of (i) and (ii),  where  (i)  is  the  sum  of
  assessments paid by such company during the cross-over year, and (ii) is
  a  fraction,  the  numerator  of  which  is  the excess over one hundred
  million dollars of the sum of net  assessments  paid  by  all  companies
  during  such  period  and  the  denominator  of  which is the sum of net
  assessments paid by such  companies  during  the  cross-over  year.  For
  purposes of this paragraph, the cross-over year is the first year during
  the  period  covered by such statement in which the net assessments paid
  by all companies during such period exceeded one hundred million dollars
  in whole or in part.
    (C) Such company's tentative credit for each year  subsequent  to  the
  cross-over  year  shall be eighty per centum of the net assessments paid
  by such company during such year.
    (3) For the purposes of this  section,  net  assessments  means  gross
  assessments,  less  any  recoveries  or  reimbursements, paid during the
  period covered by the most recent statement of operations  furnished  by
  the  superintendent pursuant to the provisions of subsection (a) of this
  section.