N.Y. Banking Law § 657: Payments to the fund

§ 657. Payments to the fund. In the event the fund has borrowed any

monies from the property and liability insurance security fund pursuant

to the provisions of section six hundred fifty-eight of this chapter,

and has any debt outstanding thereto, or in the event an uninsured

transmitter of money is declared, or declares itself, insolvent or

defaults on its New York instruments, the fund shall levy an assessment

upon each uninsured transmitter of money. The amount of such assessment

shall be determined by the superintendent provided, however, that each

uninsured transmitter of money shall be assessed ratably, in proportion

to the average of the dollar amounts of the New York instruments issued

by such uninsured transmitter of money outstanding at the end of each

calendar quarter for the calendar year preceding that in which the

assessment is made, and provided, further, that no such assessments

shall be levied once the net value of the fund shall equal such amount

as the superintendent shall have determined to be necessary to protect

the interests of the purchasers and holders of New York instruments. In

making his determination, the superintendent shall consider the scope of

the risk covered by the fund, the expenses incurred or expected to be

incurred by the fund, the amount of any loans and advances to the fund,

and the interest thereon.

In no event shall the total amount so assessed in any one year against

any uninsured transmitter of money pursuant to this section exceed two

per centum of the New York instruments of such uninsured transmitter of

money which were outstanding at the end of the calendar year preceding

that in which such assessments are made or one hundred twenty-five

thousand dollars, whichever is less. The net value of the fund shall be

determined by deducting from the value of the assets of the fund the

aggregate actual and estimated liabilities of the fund as determined by

the superintendent.