S T A T E O F N E W Y O R K
________________________________________________________________________
5017
2013-2014 Regular Sessions
I N A S S E M B L Y
February 14, 2013
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Introduced by M. of A. BARCLAY, BLANKENBUSH, LOSQUADRO, TENNEY -- read
once and referred to the Committee on Insurance
AN ACT to amend the financial services law, in relation to assessments
to defray operating expenses of the department of financial services
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (a) of section 206 of the financial services
law, as added by section 1 of part A of chapter 62 of the laws of 2011,
is amended to read as follows:
(a) For each fiscal year commencing on or after April first, two thou-
sand [twelve] THIRTEEN, assessments to defray operating expenses,
including all direct [and indirect] costs, of the department, except
expenses incurred in the liquidation of banking organizations, shall be
assessed by the superintendent in accordance with this subsection.
Persons regulated under the insurance law shall be assessed by the
superintendent for the operating expenses of the department that are
solely attributable to regulating persons under the insurance law, which
shall include any expenses that were permissible to be assessed in
fiscal year two thousand nine-two thousand ten, with the assessments
allocated pro rata upon all domestic insurers and all licensed United
States branches of alien insurers domiciled in this state within the
meaning of paragraph four of subsection (b) of section seven thousand
four hundred eight of the insurance law, in proportion to the gross
direct premiums and other considerations, written or received by them in
this state during the calendar year ending December thirty-first imme-
diately preceding the end of the fiscal year for which the assessment is
made (less return premiums and considerations thereon) for policies or
contracts of insurance covering property or risks resident or located in
this state the issuance of which policies or contracts requires a
license from the superintendent. Persons regulated under the banking law
shall be assessed by the superintendent for the operating expenses of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05011-02-3
A. 5017 2
the department that are solely attributable to regulating persons under
the banking law in such proportions as the superintendent shall deem
just and reasonable. Operating expenses of the department not covered by
the assessments set forth above shall be assessed by the superintendent
in such proportions as the superintendent shall deem just and reasonable
upon all domestic insurers and all licensed United States branches of
alien insurers domiciled in this state within the meaning of paragraph
four of subsection (b) of section seven thousand four hundred eight of
the insurance law, and upon any regulated person under the banking law,
other than mortgage loan originators, except as otherwise provided by
sections one hundred fifty-one and two hundred twenty-eight of the work-
ers' compensation law and by section sixty of the volunteer firefight-
ers' benefit law. The provisions of this subsection shall not be appli-
cable to a bank holding company, as that term is defined in article
three-A of the banking law. Persons regulated under the banking law will
not be assessed for expenses that the superintendent deems to benefit
solely persons regulated under the insurance law, and persons regulated
under the insurance law will not be assessed for expenses that the
superintendent deems to benefit solely persons regulated under the bank-
ing law.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.