§ 7712. Credits for assessments paid. (a) The superintendent shall
annually, within six months following the close of each calendar year,
furnish to the commissioner of taxation and finance and the director of
the division of the budget a statement of operations for the life
insurance guaranty corporation and the life and health insurance company
guaranty corporation of New York. Such statement shall show the
assessments, less any refunds or reimbursements thereof, paid by each
insurance company pursuant to the provisions of article seventy-five or
section seven thousand seven hundred nine of this article, for the
purposes of meeting the requirements of this chapter. Each statement,
starting with the statement furnished in the year nineteen hundred
eighty-six and ending with the statement furnished in the year two
thousand, shall show the annual activity for every year commencing from
nineteen hundred eighty-five through the most recently completed year.
Each statement furnished in each year after the year two thousand shall
reflect such assessments paid during the preceding fifteen calendar
years. The superintendent shall also furnish a copy of such statement to
each such insurance company.

(b) The maximum authorized credit for each company in respect of the
assessments paid during the most recent calendar year covered by such
statement shall be as follows:

(1) if the sum of the net assessments paid by all companies in the
period reported on in the statement of operations required to be
furnished by the superintendent pursuant to the provisions of subsection
(a) of this section is less than one hundred million dollars, no such
credits shall be authorized;

(2) (A) if the sum of such net assessments exceeds one hundred million
dollars, the maximum authorized credit for each company with respect to
net assessments paid by such company in any year shall be the excess, if
any, of (i) over (ii), where (i) is the sum of such company's tentative
cross-over year credit and its tentative credits for subsequent years,
both as determined pursuant to subparagraphs (B) and (C) of this
paragraph, and (ii) is the sum of the maximum credits theretofore
authorized for the years covered by such statement, to and including the
most recently completed year, determined with reference to the periods
covered by all prior such statements.

(B) Such company's tentative cross-over year credit shall be eighty
per centum of the product of (i) and (ii), where (i) is the sum of
assessments paid by such company during the cross-over year, and (ii) is
a fraction, the numerator of which is the excess over one hundred
million dollars of the sum of net assessments paid by all companies
during such period and the denominator of which is the sum of net
assessments paid by such companies during the cross-over year. For
purposes of this paragraph, the cross-over year is the first year during
the period covered by such statement in which the net assessments paid
by all companies during such period exceeded one hundred million dollars
in whole or in part.

(C) Such company's tentative credit for each year subsequent to the
cross-over year shall be eighty per centum of the net assessments paid
by such company during such year.

(3) For the purposes of this section, net assessments means gross
assessments, less any recoveries or reimbursements, paid during the
period covered by the most recent statement of operations furnished by
the superintendent pursuant to the provisions of subsection (a) of this
section.