New York State
Eric R. Dinallo Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 06/30/2009||FOR IMMEDIATE RELEASE|
The New York State Insurance Department has distributed more than $48.5 million from the foreign fire tax program to fire districts and departments statewide and to the Firemen’s Association of the State of New York (FASNY), Superintendent Eric Dinallo announced today.
“The foreign fire tax program supports the bravest among us, those who put their lives on the line every time the alarm goes off in the station house,” Dinallo said. “The Department is pleased to be able to help by administering this program efficiently and productively.”
FASNY received $4.7 million for the support and maintenance of the firefighter’s home in Hudson. New York City received $11.5 million, and the remainder was distributed to fire districts and departments statewide. The money given represents foreign fire tax proceeds collected by the Department over the past year, and is intended to be used by the fire departments and their members for any purpose which the members determine to be for the benefit of the fire department or company.
The foreign fire tax program of the Insurance Law mandates that any licensed foreign or alien insurance company that writes fire insurance in New York State must contribute 2% of the fire premiums written on property located in the State. Licensed excess line brokers that place insurance with unlicensed insurers in New York must contribute 3% of such fire premiums written on property located in the State.
Licensed foreign and alien insurance companies are companies incorporated and domiciled in other states and countries, respectively, but licensed by the Department to do business in New York. Excess line coverage is property/casualty insurance that is not available from insurers licensed in this State and is purchased through excess line brokers.
Fire taxes collected are distributed to fire departments and fire districts on or before July 1 each year based on the amount of foreign fire insurance premiums written in each department or district.
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