N.Y. ISC Law § 333 — New York Code / Act ISC / Article 3 / Section 333
Assessments to defray expenses of Committee on Valuation of Securities of the National Association of Insurance Commissioners
Status: in_force

§ 333. Assessments to defray expenses of Committee on Valuation of\nSecurities of the National Association of Insurance Commissioners. (a)\nThe purpose of this section is to provide a means of making funds\navailable, not in excess of two hundred fifty thousand dollars in any\none year, to the Committee on Valuation of Securities of the National\nAssociation of Insurance Commissioners to defray the expenses of such\ncommittee, in the investigation, analyses and valuation of securities\nand the determination of the amortizability of bonds, owned by insurers,\nfor the purpose of furnishing to the several states on a uniform basis\ninformation needed in the supervision of insurers licensed to transact\nbusiness in the several states.\n  (b) The superintendent shall have authority to contract with such\ncommittee to make available to the department the analyses, reports and\ninformation developed by the committee and, after taking into\nconsideration similar payments which may be made by other states, for\nthe department to make payment to such committee, to the extent\nauthorized in subsection (a) hereof on account of the expenses of the\ncommittee, from funds obtained through assessments for such purpose\nunder this section.\n  (c) The superintendent shall periodically obtain from the committee a\nverified budget estimate of receipts and expenses to be incurred by the\ncommittee for a stated period, not exceeding one year, with appropriate\nexplanations of the estimates therein contained.\n  (d) (1) If the superintendent shall be satisfied as to the\nreasonableness of such budget estimate, he shall determine the portion\nof the funds required by the estimate, to be assessed as hereinafter\nprovided, by deducting from the estimate or from the sum of two hundred\nfifty thousand dollars, whichever is less, any amounts received or\nreceivable by the committee from other states whose laws do not\nsubstantially conform to the method of assessment herein provided and\napplying to the remainder the proportion which the total investments in\nsecurities of domestic life insurers bear to the total investments in\nsecurities of life insurers domiciled in this and other states whose\nlaws authorize and require assessments on substantially the same bases\nas herein provided.\n  (2) The superintendent shall thereafter as soon as convenient, by\nnotice stating the method of computation thereof, assess the amount to\nbe paid on account of such expenses, pro rata upon all domestic life\ninsurers in the proportion which the total investments in securities of\neach domestic life insurer shall bear to the total investments in\nsecurities of all such insurers. The total investments in securities of\nany life insurer for purposes of this section shall be the total\nadmitted value of stocks and bonds reported as such in its annual\nstatement last filed prior to such assessment with the department of\nfinancial services or with the supervisory official of its state of\ndomicile. Upon receipt of such notice each such insurer shall within\nthirty days pay said assessment to the superintendent.\n  (3) The superintendent shall deposit all moneys collected by him\npursuant to this section in an account entitled "Superintendent of\nFinancial Services, Security Valuation Expense Account", in a bank or\ntrust company in the city of Albany designated by the comptroller. Such\nmoneys shall be paid by the superintendent to the Committee on Valuation\nof Securities of the National Association of Insurance Commissioners\nafter audit by the comptroller.\n  (e) The superintendent shall annually require of such committee, and\nat such other times as he may deem it necessary or advisable, a duly\ncertified audit of receipts and disbursements and statement of assets\nand liabilities, showing the details of its financial operations.\n