Requires state comptroller to reimburse the state insurance fund and the property/casualty insurance security fund for monies transferred from said funds to the general fund, up to $300 million each year until the entire amounts are repaid; reimburses state insurance fund first and then the property/casualty insurance security fund.
STATE OF NEW YORK
________________________________________________________________________
2780
2009-2010 Regular Sessions
IN ASSEMBLY
January 21, 2009
___________
Introduced by M. of A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
COLTON, GALEF, MAGEE, SWEENEY -- read once and referred to the Commit-
tee on Insurance
AN ACT in relation to reimbursement of monies from the general fund to
the state insurance fund and the property/casualty insurance security
fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any inconsistent provision of law, in order
2 to reimburse the state insurance fund and the property/casualty insur-
3 ance security fund for monies transferred from said funds to the general
4 fund, the state comptroller is hereby required to pay the sum of $300
5 million each year or, in the event that the sum due is less than $300
6 million, then said lesser sum until the entire amount of the monies
7 transferred from the state insurance fund and the property/casualty
8 insurance security fund to the general fund are fully repaid. These
9 monies shall first be repaid to the state insurance fund until it is
10 fully reimbursed and then said monies shall be paid to the
11 property/casualty insurance security fund until it is fully reimbursed.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03950-02-9
