2013 New York Consolidated Laws
ISC - Insurance
Article 76 - (7601 - 7614) PROPERTY/CASUALTY SECURITY FUNDS
7606 - Determination of net value of funds; limits.

 
    §  7606.  Determination  of  net  value  of  funds;  limits.  (a)  The
  superintendent shall annually, on or before March first,  ascertain  and
  determine  the  net value of each fund as of the next preceding December
  thirty-first by deducting from the value of the  assets  of  each  fund,
  ascertained pursuant to this article, the aggregate actual and estimated
  liabilities  of  each fund as determined by the superintendent. When the
  net value of a fund, as thus determined,  reaches  an  amount  equal  to
  fifteen  percent  of  the  outstanding  claim reserves of all authorized
  insurers,  incurred  under  policies  or  bonds  providing  benefits  as
  specified  in subsection (a) of section seven thousand six hundred three
  or subsection (a) of section seven thousand six  hundred  four  of  this
  article, as the case may be, no further contributions to such fund shall
  be required to be made.
    (b)  Whenever,  thereafter, the amount of a fund is reduced below such
  fifteen percent, by reason of payments from,  and  known  and  estimated
  liabilities  of,  that  fund,  then  contributions to such fund shall be
  resumed and continued until that fund, over  and  above  its  known  and
  estimated liabilities, reaches such amount.