Section 7606. Determination of net value of funds; limits  


Latest version.
  • (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.