May 7, 1982
CIRCULAR LETTER NO. 11 (1982)
MAY 7, 1982
TO: ALL INSURANCE COMPANIES AUTHORIZED TO TRANSACT FIRE INSURANCE BUSINESS IN NEW YORK STATE
Chapter 55 of the Laws of 1982 establishes a fire insurance fee to be collected from each holder of a policy issued in New York State for coverage of peril of fire. Excluded are policies issued for the protection of household furnishings and/or policies issued to protect one or two-family residential structures, schools, churches, and hospitals.
Of the multi-peril policies which are covered by this section for which the actual fire portion cannot be determined, the accepted percentages for homeowners and commercial multiple peril are 35 and 50, respectively.
In accordance with legislation signed on April 12, 1982, the effective date for the fee will be May 12, 1982. The fee equals 1 1/4% on the gross direct premiums written on property or risks located in this State and will not apply to inland marine, ocean marine, automobile, or aircraft physical damage premiums. It will be paid quarterly by insurance companies to the Superintendent of Insurance as follows: July 15, October 15, January 15, and April 15 for net collections for the quarters ending June 30, September 30, December 31, and March 31, respectively. Forms are being developed for this purpose.
Please acknowledge receipt of this letter to:
Mr. Frank M. D'Amico
Director of Taxes and Accounts
New York State Insurance Department
Governor Nelson A. Rockefeller Plaza
Agency Building One
Albany, New York 12257
Superintendent of Insurance