NY Ins L § 7712 (2021)
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.