Relates to the distribution of fire insurance premium taxes; provides that a percentage of fire insurance premium taxes be paid to the treasurer of the NYS Professional Firefighters Association to promote, support and maintain the well-being of paid professional firefighters employed in the state.
STATE OF NEW YORK
________________________________________________________________________
7160--A
2023-2024 Regular Sessions
IN ASSEMBLY
May 11, 2023
___________
Introduced by M. of A. WEPRIN -- read once and referred to the Committee
on Insurance -- committee discharged, bill amended, ordered reprinted
as amended and recommitted to said committee
AN ACT to amend the insurance law, in relation to the distribution of
fire insurance premium taxes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 1 of subsection (d) of section 9105 of the insur-
2 ance law, as amended by chapter 293 of the laws of 1988, is amended to
3 read as follows:
4 (1) The amount of all monies which were received by the superintendent
5 on or before the first day of April in each year under the provisions of
6 this section or section nine thousand one hundred four of this article
7 shall be distributed by [him] them not later than the first day of July
8 in such year, after adding any earnings resulting from the investment of
9 such monies and deducting the expenses of collection and distribution.
10 [Ten] Nine percent of such remaining monies received under this section
11 shall be paid to the treasurer of the Firemen's Association of the State
12 of New York for the support and maintenance of the firemen's home at
13 Hudson, New York, and one percent of such remaining monies received
14 under this section shall be paid to the treasurer of the New York State
15 Professional Firefighters Association to promote, support and maintain
16 the well-being of paid professional firefighters employed in the state
17 of New York, and the balance shall be paid as specified in paragraph two
18 [hereof] of this subsection, in amounts which will be that proportion of
19 the balance so to be distributed which the total amount of fire insur-
20 ance business written by foreign mutual fire insurance companies on
21 property situated in such locality bears to the total amount of fire
22 insurance business written by foreign mutual fire insurance companies on
23 property situated in any and all of the protected localities in the
24 state having treasurers or other fiscal officers as designated in para-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10739-03-3
A. 7160--A 2
1 graph two [hereof] of this subsection afforded fire protection by a fire
2 department or fire company and upon which the tax provided in this
3 section has been paid.
4 § 2. This act shall take effect immediately and shall apply to all
5 monies received by the superintendent of financial services pursuant to
6 section 9105 of the insurance law commencing with those monies received
7 on or after April 1, 2024.
