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This entry was published on 2014-09-22
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SECTION 5207
Assessments against members
Insurance (ISC) CHAPTER 28, ARTICLE 52
§ 5207. Assessments against members. (a) If at any time in the opinion
of the board, the corporation shall require funds for the operation of
its business, the board shall levy an assessment against the members of
the corporation.

(b) Each member shall be liable to the corporation for that portion of
the assessment which the net direct written premiums written by the
member, namely the gross direct written premiums less return premiums on
such direct business, for policies insuring against legal liability
arising out of the ownership, operation or maintenance of motor vehicles
which are principally garaged in this state, shall bear to the total or
aggregate of such net direct premiums written by all members in this
state in the last complete calendar year as shown by the records of the
superintendent.

(c) In this section "member" also includes a former member which has
withdrawn from the state or whose license has been revoked or which has
been merged into another corporation or has been placed in liquidation,
and such member or its successor shall be liable for all assessments
under this section based upon premiums written by it in New York prior
to the liquidation, withdrawal, revocation of license or merger.

(d) The assessment of self-insurers under sections three hundred
sixteen and three hundred seventy of the vehicle and traffic law shall
be based upon the amount determined by dividing the amount of the annual
assessment on insurers by the number of insured vehicles for the year
preceding the determination.