Insurance Law 7606 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7605 Quarterly returns up ARTICLE 76 Property/casualty Security Funds next SECTION 7607 Management and investment of funds Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7606 Determination of net value of funds; limits Insurance (ISC) CHAPTER 28, ARTICLE 76 § 7606. Determination of net value of funds; limits. (a) The superintendent shall annually, on or before March first, ascertain and determine the net value of each fund as of the next preceding December thirty-first by deducting from the value of the assets of each fund, ascertained pursuant to this article, the aggregate actual and estimated liabilities of each fund as determined by the superintendent. When the net value of a fund, as thus determined, reaches an amount equal to fifteen percent of the outstanding claim reserves of all authorized insurers, incurred under policies or bonds providing benefits as specified in subsection (a) of section seven thousand six hundred three or subsection (a) of section seven thousand six hundred four of this article, as the case may be, no further contributions to such fund shall be required to be made. (b) Whenever, thereafter, the amount of a fund is reduced below such fifteen percent, by reason of payments from, and known and estimated liabilities of, that fund, then contributions to such fund shall be resumed and continued until that fund, over and above its known and estimated liabilities, reaches such amount.