2013 New York Consolidated Laws
ISC - Insurance
Article 3 - (301 - 341) ADMINISTRATIVE AND PROCEDURAL PROVISIONS
333 - Assessments to defray expenses of Committee on Valuation of Securities of the National Association of Insurance Commissioners.

 
    §  333.  Assessments  to  defray expenses of Committee on Valuation of
  Securities of the National Association of Insurance  Commissioners.  (a)
  The  purpose  of  this  section  is  to  provide a means of making funds
  available, not in excess of two hundred fifty thousand  dollars  in  any
  one  year,  to  the Committee on Valuation of Securities of the National
  Association of Insurance Commissioners to defray the  expenses  of  such
  committee,  in  the  investigation, analyses and valuation of securities
  and the determination of the amortizability of bonds, owned by insurers,
  for the purpose of furnishing to the several states on a  uniform  basis
  information  needed  in the supervision of insurers licensed to transact
  business in the several states.
    (b) The superintendent shall have  authority  to  contract  with  such
  committee  to make available to the department the analyses, reports and
  information  developed  by  the  committee  and,   after   taking   into
  consideration  similar  payments  which may be made by other states, for
  the department  to  make  payment  to  such  committee,  to  the  extent
  authorized  in  subsection  (a) hereof on account of the expenses of the
  committee, from funds obtained  through  assessments  for  such  purpose
  under this section.
    (c)  The superintendent shall periodically obtain from the committee a
  verified budget estimate of receipts and expenses to be incurred by  the
  committee  for a stated period, not exceeding one year, with appropriate
  explanations of the estimates therein contained.
    (d)  (1)  If  the  superintendent  shall  be  satisfied  as   to   the
  reasonableness  of  such budget estimate, he shall determine the portion
  of the funds required by the estimate, to  be  assessed  as  hereinafter
  provided,  by deducting from the estimate or from the sum of two hundred
  fifty thousand dollars, whichever  is  less,  any  amounts  received  or
  receivable  by  the  committee  from  other  states  whose  laws  do not
  substantially conform to the method of assessment  herein  provided  and
  applying  to the remainder the proportion which the total investments in
  securities of domestic life insurers bear to the  total  investments  in
  securities  of  life  insurers  domiciled in this and other states whose
  laws authorize and require assessments on substantially the  same  bases
  as herein provided.
    (2)  The  superintendent  shall  thereafter  as soon as convenient, by
  notice stating the method of computation thereof, assess the  amount  to
  be  paid  on  account  of such expenses, pro rata upon all domestic life
  insurers in the proportion which the total investments in securities  of
  each  domestic  life  insurer  shall  bear  to  the total investments in
  securities of all such insurers. The total investments in securities  of
  any  life  insurer  for  purposes  of  this  section  shall be the total
  admitted value of stocks and  bonds  reported  as  such  in  its  annual
  statement  last  filed  prior  to such assessment with the department of
  financial services or with the supervisory  official  of  its  state  of
  domicile.  Upon  receipt  of  such notice each such insurer shall within
  thirty days pay said assessment to the superintendent.
    (3) The superintendent shall  deposit  all  moneys  collected  by  him
  pursuant  to  this  section  in  an  account entitled "Superintendent of
  Financial Services, Security Valuation Expense Account", in  a  bank  or
  trust  company in the city of Albany designated by the comptroller. Such
  moneys shall be paid by the superintendent to the Committee on Valuation
  of Securities of the National  Association  of  Insurance  Commissioners
  after audit by the comptroller.
    (e)  The  superintendent shall annually require of such committee, and
  at such other times as he may deem it necessary  or  advisable,  a  duly
  certified  audit  of  receipts and disbursements and statement of assets
  and liabilities, showing the details of its financial operations.