Property/Casualty Insurance Security Fund

Circular Letter No. 8 (2011) May 10, 2011 TO: All Property/Casualty Insurance Companies; Co-Operative Property/Casualty Insurance Companies; Reciprocal Insurers; and Financial Guaranty Insurance Companies RE: Property/Casualty Insurance Security Fund STATUTORY REFERENCE: New York Insurance Law § 7603(c)(1) New York Insurance Law § 7603(c)(1) provides that whenever the Superintendent determines that the net value of the Property/Casualty Insurance Security Fund ("the Fund") is at least $150 million, no further contributions shall be made until such time as the fund amount is less than $150 million. Please be advised that calculations made in accordance with the requirements of the Insurance Law indicate that as of December 31, 2010, the net value of the Fund is greater than $150 million. Accordingly, there continues to be no additional contributions to the Fund required. Please refer any questions relating to this circular letter to: Mark E. Daigneault Director of Taxes and Accounts New York State Insurance Department One Commerce Plaza Albany, NY 12257 [email protected] Sincerely, Karen E. Cole Deputy Superintendent for Operations