New York § 5507 - 5507Participation
Full text of New York New York Consolidated Laws § 5507 — 5507Participation, with citation guidance and answers to common questions.
§ 5507. 5507Participation
§ 5507. Participation. (a) Every member of the association shall participate in its writings, expenses, servicing allowance, management fees and losses in the proportion that the net direct premiums of the member (excluding that portion of premiums attributable to the operation of the association) written during the preceding calendar year bears to the aggregate net direct premiums written in this state by all members of the association. Each member's participation in the association shall be determined annually on the basis of such net direct premiums written during the preceding calendar year, as reported in the annual statements and other reports filed by the member with the superintendent. (b) In the event that sufficient funds are not available for the payment of losses and expenses incurred under policies issued by the association, the board of directors may require all members to contribute, on a temporary basis pending recoupment as provided in subsection (c) of this section, to the financial requirements of the association in the manner provided for in subsection (a) of this section. (c) Any contribution made by members pursuant to subsection (b) of this section shall be reimbursed to them by payment from the stabilization reserve fund pursuant to the plan of operation.
Frequently Asked Questions About New York § 5507
What does New York Consolidated Laws § 5507 cover?
Section 5507 ("5507Participation") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 5507?
A common citation format is "New York Consolidated Laws § 5507" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 5507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.