New York § 109 - 109Suspension of payments into fund; temporary surcharge authorized

§ 109. 109Suspension of payments into fund; temporary surcharge authorized

§ 109. Suspension of payments into fund; temporary surcharge authorized. 1. When as of the end of any quarterly period the amount of assets in the fund, as determined by the superintendent of financial services, including any appropriation to such fund from the general fund equals or exceeds seventy-four million dollars, no further contributions to such fund shall be required to be made after that quarterly period, provided, however, that whenever as of any subsequent quarterly period the amount of such assets is less than seventy-four million dollars such contributions shall be resumed at the beginning of the next quarter. Thereafter the suspension or resumption of contributions shall be governed by the foregoing provisions. During the period of time in which any loans to the fund made pursuant to section seven thousand four hundred thirty-three-a of the insurance law are outstanding, any assets available after the payment of awards pursuant to section one hundred nine-c of this article shall be used to repay such loans and not be counted as assets for purposes of this section. 2. Notwithstanding the provisions of subdivision one of this section, for each of the three month periods, commencing April first, nineteen hundred ninety and ending March thirty-first, nineteen hundred ninety-five, every mutual and every reciprocal carrier shall pay into the fund a surcharge equal to one per centum of its net written premiums, less the amount of dividends paid to policyholders, for the period of such return. Such surcharge shall be in addition to any payments which may be required pursuant to subdivision two of section one hundred eight of this chapter.