S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6620
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 14, 2019
                                ___________
 
 Introduced  by  M.  of  A.  BARCLAY, BLANKENBUSH, FINCH -- 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, is amended to read as follows:
   (a) For each fiscal year commencing on or after April first, two thou-
 sand  [twelve]  NINETEEN,  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
 the  department that are solely attributable to regulating persons under
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02436-01-9

 A. 6620                             2
 
 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.
   § 2. This act shall take effect on the first of January next  succeed-
 ing the date on which it shall have become a law.