Insurance Law 4407 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 4406 Examinations; publication up ARTICLE 44 Employee Welfare Funds next SECTION 4408 Annual statement Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 4407 Examinations; expenses Insurance (ISC) CHAPTER 28, ARTICLE 44 § 4407. Examinations; expenses. (a) The expenses of every examination of the affairs of any employee welfare fund, including any appraisal of an interest in real property, made pursuant to any provision of this chapter, shall be paid by the employee welfare fund examined. (b) For any such examination by the superintendent or a deputy superintendent personally, the charge shall be only for necessary travelling expenses and other actual expenses. In all other cases the expenses of examination shall also include reimbursement for the compensation paid for the services of persons employed by the superintendent or by his authority to make such examination or appraisal. (c) Notwithstanding the provisions of subsection (a) or (b) hereof: (1) funds with contributions of less than thirty thousand dollars, as reported in the annual statement filed with the superintendent for the latest fiscal year covered by the examination, the charge shall not exceed three hundred dollars; (2) funds with contributions between thirty thousand dollars and one hundred fifty thousand dollars the charge shall not exceed one percent of such contributions; (3) the superintendent, with the approval of the comptroller, may in his discretion for good cause shown remit or reduce such charges. (d) All charges, including necessary travelling and other actual expenses, as audited and paid by the comptroller to the persons making the examination or appraisal, shall be presented to the trustees of the employee welfare fund in the form of a copy of the itemized bill as certified and approved by the superintendent or by any deputy superintendent or authorized employee of the department. Upon receiving such certified copy, such trustees shall pay the amount thereof to the superintendent, to be paid by him into the state treasury.