2021 New York Laws
ISC - Insurance
Article 77 - 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.