Circular Letter No. 2 (2009)
February 11, 2009
ALL NEW YORK DOMESTIC INSURERS
DEFICIT REDUCTION PLAN - SECTION 332 ADDITIONAL ASSESSMENT
As part of the State's Deficit Reduction Plan, Chapters 1 and 2 of the Laws of 2009 were signed into law by Governor Paterson on February 4, 2009. Those provisions increase the Insurance Department's appropriation by $180 million, and authorize the Superintendent of Insurance to assess domestic insurers for the total value of the enacted appropriation for fiscal year 2008-09. The enacted appropriation for the fiscal year ending March 31, 2009 is $443.0 million. Accordingly, as mandated by the legislation, the Superintendent is required to impose an additional assessment on domestic insurers. Pursuant to Section 18 of the State Finance Law, payment is due within 30 days of receipt of the bill. The Department will consider late any payment postmarked after March 13, 2009, and may assess late penalties accordingly.
Christopher F. Rulon
Deputy Superintendent for Operations