May 17, 1991
SUBJECT: INSURANCE
Supplement No. 4 to Circular Letter No. 9 (1988)
WITHDRAWN
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 determinations made on February 28, 1991, 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, 1990 continues to be less than $ 150 million. Accordingly, contributions to the Fund will continue.
On April 2, 1991 the New York State Court of Appeals rendered its decision in Alliance of American Insurers. et al., v. Chu. et al., finding that aspects of 1979 and 1982 legislation transferring certain earnings and assets of the Property/Casualty Insurance Security Fund to New York State's general fund were unconstitutional. The Court remitted the case to the Supreme Court, Albany County for further proceedings in accordance with the opinion. The Department has not decided at this date whether to appeal the decision.
Pursuant to regulations of the Federal Crop Insurance Corporation (7 CFR Part 400, subpart L), Multiple Peril Crop Insurance premiums on policies reinsured by the Federal Crop Insurance Corporation under its Standard Reinsurance Agreement continue to be exempt from contribution.
In view of the issue date of this Circular Letter, the late payment penalty provisions of Section 7614 will not be imposed on an insurer if payment of the first 1991 quarterly contribution is received on or before June 30, 1991.
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,
[SIGNATURE]
Salvatore R. Curiale
Superintendent of Insurance
PROPERTY/CASUALTY INSURANCE SECURITY FUND OF THE STATE OF NEW YORK
RETURN for the three months' period ending Made in accordance with the requirements of
Article 76 of the Insurance Law, Section 76052
NAIC Company Code Name of Insurer
Mailing Address
Organized under the Laws of
Gross Direct Premiums Less Return Premiums |
$ |
||||
Less Dividends |
$ |
||||
NET PREMIUMS |
$ |
||||
LINES OF BUSINESS |
NET PREMIUM |
SFACTOR |
AMOUNT DUE |
||
1. Fire |
$ |
.002.3 |
$ |
||
2. Allied Lines |
.0011 |
||||
3. Farm owners Multiple Peril |
.0030 |
||||
5. Commercial Multiple Peril |
.0064 |
||||
[ILLEGIBLE TEXT] Ocean Marine |
.0000 |
||||
9. Inland Marine |
.0002 |
||||
10. Financial Guarantee |
.0000 |
XXXXX |
|||
11. Medical Malpractice |
.0099 |
||||
12. Earthquake |
.0011 |
||||
13.- 15.6 Accident & Health |
.0000 |
XXXXX |
|||
16. Workers Compensation |
.0000 |
XXXXX |
|||
17. Other Liability |
.0099 |
||||
19.1 Private Passenger |
.0099 |
||||
Auto No - Fault |
|||||
19.2 Other Private Passenger |
.0099 |
||||
Auto Liability |
|||||
19.3 Commercial Auto |
.0099 |
||||
No - Fault |
|||||
19.4 Other Commercial |
XXXX |
XXXXX |
|||
Auto Liability |
|||||
Less Premium Reported - Sec. 7604 |
XXXXX |
XXXX |
XXXXX |
||
Balance |
XXXXX |
.0099 |
XXXXX |
||
21.1 Private Passenger Auto |
.0000 |
XXXXX |
|||
Physical Damage |
|||||
21.2 Commercial Auto - Physical |
.0000 |
XXXXX |
|||
Damage |
|||||
22. Aircraft (all Perils) |
.0059 |
||||
23. Fidelity |
.0076 |
||||
24. Surety |
.0076 |
||||
25. Glass |
.0038 |
||||
26. Burglary and Theft |
.0021 |
||||
27. Boiler and Machinery |
.0000 |
||||
28. Credit |
.0000 |
XXXXX |
|||
31. Aggregate Write-ins - Specify |
.0000 |
XXXXX |
|||
TOTALS |
$ |
||||
Less Credit |
$ |
||||
Due |
|||||
Amount Due (or accumulated credit due) |
$ |
||||
Total Reported for the full calendar year should reconcile |
|||||
with figures contained in Annual Statement. |
**Check for amount due should accompany return and be made payable to the Superintendent of Insurance for the Property/Casualty Insurance Security fund of then state of New York.
CERTIFICATION OF ELECTED OFFICER OF THE CORPORATION
I hereby certify that this report is to the best of my knowledge and belief, a true, correct and complete report.
Signature of Officer (Title) (Date)
Signature of Officer (Title) (Date)