N.Y. Banking Law § 420-h: Premiums on insurance

§ 420-h. Premiums on insurance. 1. Each savings and loan association

whose application for insurance is approved by the fund shall pay

required advance premiums to the fund, as well as a premium charge for

such insurance equal to one-twelfth of one per centum of the total

amount of all savings accounts of such institution plus any creditor

obligations of such institution. Such premiums shall be paid at the time

the certificate is issued by the fund under section four hundred

twenty-g of this article, and thereafter annually until the reserves of

the fund equal two and one-half per centum of all savings accounts of

all members; except that under regulations prescribed by the fund such

premium charge may be paid semiannually. If at any time such reserves

fall below such two and one-half per centum, the payment of such annual

premium charge for insurance shall be resumed and shall be continued

until the reserves are brought back to such two and one-half per centum.

For the purposes of this subdivision, the amount in all accounts of

insured members and the amount of creditor obligations of any

institution may be determined from adjusted statements made within one

year prior to the approval of the application of such savings and loan

association for insurance, or in such other manner as the fund may by

rules and regulations prescribe.

2. The fund is further authorized to assess against each insured

savings and loan association additional premiums for insurance until the

amount of such premiums equals the amount of all losses and expenses of

the fund; except that the total amount so assessed in any one year

against any such savings and loan association shall not exceed

one-eighth of one per centum of the total amount of its savings accounts

and its creditor obligations.