2023 New York Laws › ISC - Insurance › Article 3 - Administrative and Procedural Provisions › 333 - Assessments to Defray Expenses of Committee on Valuation of Securities of the National Association of Insurance Commissioners.

§  333.  Assessments  to  defray expenses of Committee on Valuation of
Securities of the National Association of Insurance  Commissioners.  (a)
The  purpose  of  this  section  is  to  provide a means of making funds
available, not in excess of two hundred fifty thousand  dollars  in  any
one  year,  to  the Committee on Valuation of Securities of the National
Association of Insurance Commissioners to defray the  expenses  of  such
committee,  in  the  investigation, analyses and valuation of securities
and the determination of the amortizability of bonds, owned by insurers,
for the purpose of furnishing to the several states on a  uniform  basis
information  needed  in the supervision of insurers licensed to transact
business in the several states.
(b) The superintendent shall have  authority  to  contract  with  such
committee  to make available to the department the analyses, reports and
information  developed  by  the  committee  and,   after   taking   into
consideration  similar  payments  which may be made by other states, for
the department  to  make  payment  to  such  committee,  to  the  extent
authorized  in  subsection  (a) hereof on account of the expenses of the
committee, from funds obtained  through  assessments  for  such  purpose
under this section.
(c)  The superintendent shall periodically obtain from the committee a
verified budget estimate of receipts and expenses to be incurred by  the
committee  for a stated period, not exceeding one year, with appropriate
explanations of the estimates therein contained.
(d)  (1)  If  the  superintendent  shall  be  satisfied  as   to   the
reasonableness  of  such budget estimate, he shall determine the portion
of the funds required by the estimate, to  be  assessed  as  hereinafter
provided,  by deducting from the estimate or from the sum of two hundred
fifty thousand dollars, whichever  is  less,  any  amounts  received  or
receivable  by  the  committee  from  other  states  whose  laws  do not
substantially conform to the method of assessment  herein  provided  and
applying  to the remainder the proportion which the total investments in
securities of domestic life insurers bear to the  total  investments  in
securities  of  life  insurers  domiciled in this and other states whose
laws authorize and require assessments on substantially the  same  bases
as herein provided.
(2)  The  superintendent  shall  thereafter  as soon as convenient, by
notice stating the method of computation thereof, assess the  amount  to
be  paid  on  account  of such expenses, pro rata upon all domestic life
insurers in the proportion which the total investments in securities  of
each  domestic  life  insurer  shall  bear  to  the total investments in
securities of all such insurers. The total investments in securities  of
any  life  insurer  for  purposes  of  this  section  shall be the total
admitted value of stocks and  bonds  reported  as  such  in  its  annual
statement  last  filed  prior  to such assessment with the department of
financial services or with the supervisory  official  of  its  state  of
domicile.  Upon  receipt  of  such notice each such insurer shall within
thirty days pay said assessment to the superintendent.
(3) The superintendent shall  deposit  all  moneys  collected  by  him
pursuant  to  this  section  in  an  account entitled "Superintendent of
Financial Services, Security Valuation Expense Account", in  a  bank  or
trust  company in the city of Albany designated by the comptroller. Such
moneys shall be paid by the superintendent to the Committee on Valuation
of Securities of the National  Association  of  Insurance  Commissioners
after audit by the comptroller.
(e)  The  superintendent shall annually require of such committee, and
at such other times as he may deem it necessary  or  advisable,  a  duly
certified  audit  of  receipts and disbursements and statement of assets
and liabilities, showing the details of its financial operations.