State Codes and Statutes

Statutes > New-york > Bnk > Article-13-c > 657

§ 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.

State Codes and Statutes

Statutes > New-york > Bnk > Article-13-c > 657

§ 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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-13-c > 657

§ 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.