May 3, 1993
Supplement No. 6 to Circular Letter No. 9 (1988)
TO: TO ALL PROPERTY/CASUALTY INSURANCE COMPANIES; CO-OPERATIVE FIRE INSURANCE COMPANIES; LLOYDS UNDERWRITERS AND RECIPROCAL INSURERS; FINANCIAL GUARANTY INSURANCE CORPORATIONS; AND THE MEDICAL MALPRACTICE INSURANCE ASSOCIATION
RE: PROPERTY/CASUALTY INSURANCE SECURITY FUND
Please be advised that calculations made in accordance with the requirements of Sections 7603 and 7606 of the New York Insurance Law indicate that the net value of the Property/Casualty Insurance Security Fund ("the Fund") as of December 31, 1992 was greater. than $ 150 million.
Accordingly, it has been determined that, except for contributions that were due on or before February 15, 1993, no additional contributions will be required to be made to the Fund until such time as the Superintendent determines that the net value of the Fund is less than $ 150 million.
Further supplements to the Circular Letter will be issued as the need arises.
Please acknowledge receipt of this Supplement, and refer any questions relating to its contents, to:
Mr. Frank M. D'Amico
Director of Taxes and Accounts,
New York State Insurance Department
Gov. Nelson A. Rockefeller Empire State Plaza
Agency Building One
Albany, New York 12257
Very truly yours,
Salvatore R. Curiale
Superintendent of Insurance