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the New York Laws
2019 New York Laws
ISC - Insurance
Article 76 - Property/casualty Security Funds
7606 - Determination of Net Value of Funds; Limits.
Universal Citation: NY Ins L § 7606 (2019)
§ 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.
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