NY Ins L § 1112 (2021)
2021 New York Laws ISC - Insurance Article 11 - Licensing of Insurers 1112 - Reciprocal Provisions as to Taxes, License Fees, Deposits, and Other Requirements.

§ 1112. Reciprocal provisions as to taxes, license fees, deposits, and other requirements. (a) (1) If, by the laws, or the action of any public official, of any other state, any insurer organized or domiciled in this state,  or  its  duly  authorized  agents, shall be, required to deposit securities in such other state to protect policyholders or for any other purpose, or shall be required to pay taxes, fines, penalties,  fees  for licenses or certificates of authority or any other sum for the privilege of  doing  business  in  such  other state, or shall be subjected to any restrictions, obligations, conditions or  penalties,  imposed  for  such privilege,  and  such  requirements  are  greater than those required of similar insurers organized or domiciled in such other state by the  laws of  this  state  for  the  privilege  of doing business herein, then all similar insurers organized or domiciled in such other  state  and  their duly  authorized  agents in this state shall make like deposits for like purposes  with  the  superintendent,  and  pay  him  for  taxes,  fines, penalties,  fees  for  licenses  or certificates of authority or for any other requirement for the privilege of doing business in this state,  an amount  determined  in  the  manner  prescribed by such other state, and shall be subjected to such greater requirements imposed  by  such  other state  upon  similar  insurers  of  this state and their duly authorized agents.  (2) (i) For the amount due under this subsection for the calendar year nineteen hundred eighty-nine, an initial payment shall be made  by  each insurer  subject  to this subsection of an amount equal to the lesser of (a) ninety percent of the amount finally determined to be due under this subsection for the calendar year nineteen hundred  eighty-seven  or  (b) eighty  percent  of  the  amount finally determined to be due under this subsection for the calendar  year  nineteen  hundred  eighty-nine.  Such initial  payment  shall  be  made on or before March fifteenth, nineteen hundred ninety.  (ii) For the amount due under this subsection for calendar years after nineteen hundred eighty-nine, an estimated  payment  shall  be  due  and payable  on  or before the fifteenth day of December. This payment shall be equal to the lesser of (a)  ninety  percent  of  the  amount  finally determined  to  be  due  under  this subsection for the second preceding calendar year or (b) eighty percent of the amount finally determined  to be due under this subsection for the calendar year.  (iii)  If  any  insurer  fails  to  pay all or any part of the initial payment or estimated payment due pursuant to subparagraph (i) or (ii) of this paragraph, it shall be deemed to have made an  underpayment.  There shall  be  added  to  the  amount  due pursuant to paragraph one of this subsection,  an  amount  at  the  rate  set  for  underpayments  by  the commissioner  of  taxation  and finance pursuant to section one thousand ninety-six of the tax law, minus four percentage points, or if  no  rate is  set,  at  the  rate  of six percent per annum upon the amount of the underpayment for the period of the underpayment. In computing the amount of any interest  required  to  be  paid,  such  interest  shall  not  be compounded. The amount of the underpayment shall be, with respect to the initial  payment  or  any  estimated  payment,  the excess of the amount required to be paid over the amount, if any, paid on or before the  last day  prescribed  for such payment. If the superintendent demands payment of the initial payment or any estimated payment, and if such  amount  is paid  within  ten  days  after  the date of such demand, interest on the amount so paid shall not be imposed for the period  after  the  date  of such  demand.  No  portion  of  the  interest  imposed  pursuant to this subparagraph may be waived.  (iv) Notwithstanding the provisions of section sixteen  of  the  state finance  law,  interest  shall  be  allowed and paid at the rate set for  overpayments by the commissioner of taxation  and  finance  pursuant  to section one thousand ninety-six of the tax law, or if no rate is set, at the  rate  of  six percent per annum upon any overpayment, from the date payment  was  due  to  a  date  (to be determined by the superintendent) preceding the date of a refund check by not more than  thirty  days.  In the  case  of a payment which is made after the last date prescribed for payment of such payment, no interest shall be allowed or  paid  for  any day  before  the  date  on  which the payment was made. In computing the amount of interest required to be  paid,  such  interest  shall  not  be compounded.  No  interest shall be allowed or paid if the amount thereof is less than one dollar.  (v) If the  period  for  which  the  amount  is  imposed  pursuant  to paragraph  one  of  this  subsection  is  less than twelve months, every insurer shall make estimated payments in accordance with regulations  of the superintendent.  (b)  If  the superintendent finds that by the laws or official acts of any foreign country, insurers organized in this  state  are  arbitrarily denied  the  privilege of doing business in such foreign country, or are subjected to  unreasonable  requirements  therein,  he  may  revoke  the licenses  of  all insurers of such country doing business in this state, and may refuse to issue  licenses  to  every  insurer  of  such  country thereafter  applying  for  a license to do business in this state, or in lieu thereof, he may impose like requirements upon every insurer of such country, until he shall find that such arbitrary denial or  unreasonable requirements no longer apply.  (c)  If, by the existing or future laws of any other state, any broker resident within this state and duly licensed as such under this  chapter may  not  be  licensed  as  a broker in such other state, then no broker resident in such other state shall be licensed as a broker  within  this state,  anything  in  this chapter to the contrary notwithstanding. If a license fee exceeding forty dollars per annum is imposed  by  any  other state  for  issuing a license to a broker resident within this state, or the amount of commissions which may be paid to such broker  on  premiums on  risks  located in any other state shall be limited under the laws of such state, then, all brokers resident in such other  state  shall  upon being  licensed  in this state pay a like fee in lieu of that prescribed by this chapter, and insurance companies authorized to transact business in this  state  shall  not  pay  to  any  such  nonresident  broker  any commissions  on  premiums on risks located in this state exceeding those which the laws of such other state  permit  brokers  of  this  state  to receive on premiums on risks located in such other state.   * (d)  (1) Should the insurance department, commissioner, director, or other similar insurance  regulatory  official  of  any  other  state  or territory  of  the United States impose any sanctions, fines, penalties, financial   or   deposit   requirements,   prohibitions,   restrictions, regulatory  requirements,  or  other  obligations  of  any kind upon any insurance company organized or chartered in this state and  licensed  to transact  business  in  such  other  state  or territory, because of the failure of the New York insurance department  to  obtain,  maintain,  or receive  accreditation  certification  or  any similar form of approval, compliance, or acceptance from, by, or  as  a  member  of  the  National Association  of  Insurance  Commissioners, or any committee, task force, working group, or advisory committee thereof, or because of the  failure of  the  department  to  comply  with  any  directive,  financial annual statement requirement,  model  act  or  regulation,  market  conduct  or financial  examination  report or requirement, or any report of any kind of  the  National  Association  of  Insurance  Commissioners,   or   any committee, task force, working group, or advisory committee thereof, the  superintendent shall without exception or exclusion, impose upon any and all  insurance  companies  organized or chartered in such other state or territory and licensed to do business in this state the same  sanctions, fines,  penalties,  financial  or  deposit  requirements,  prohibitions, restrictions, regulatory requirements, or other obligations imposed upon the insurance companies of this state.  (2) To the extent that it would be detrimental  to  the  adequate  and proper  regulation  of insurance in this state to use existing employees or resources of the department in order to comply  in  a  timely  manner with  paragraph  (1)  of  this subsection, the superintendent may engage such other qualified persons and  services  as  may  be  necessary.  The superintendent  shall recover all of the costs of such compliance in the manner prescribed in section 313 of the insurance law.   * NB Expired March 31, 1995   * (e) The provisions of this section  shall  not  apply  to  insurance companies organized or domiciled in a state or country whose laws do not impose  retaliatory  taxes  or  other  charges  or  which  grant,  on  a reciprocal basis, exemptions therefrom to insurance companies  organized or domiciled in this state.   * NB  Expired  March  31,  1995,  relettering  expired on such date is actually (d) from 367/84 on such date