N.Y. Insurance Law § 7606: Determination of net value of funds; limits

§ 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.