§ 333. Assessments to defray expenses of Committee on Valuation of
Securities of the National Association of Insurance Commissioners. (a)
The purpose of this section is to provide a means of making funds
available, not in excess of two hundred fifty thousand dollars in any
one year, to the Committee on Valuation of Securities of the National
Association of Insurance Commissioners to defray the expenses of such
committee, in the investigation, analyses and valuation of securities
and the determination of the amortizability of bonds, owned by insurers,
for the purpose of furnishing to the several states on a uniform basis
information needed in the supervision of insurers licensed to transact
business in the several states.

(b) The superintendent shall have authority to contract with such
committee to make available to the department the analyses, reports and
information developed by the committee and, after taking into
consideration similar payments which may be made by other states, for
the department to make payment to such committee, to the extent
authorized in subsection (a) hereof on account of the expenses of the
committee, from funds obtained through assessments for such purpose
under this section.

(c) The superintendent shall periodically obtain from the committee a
verified budget estimate of receipts and expenses to be incurred by the
committee for a stated period, not exceeding one year, with appropriate
explanations of the estimates therein contained.

(d) (1) If the superintendent shall be satisfied as to the
reasonableness of such budget estimate, he shall determine the portion
of the funds required by the estimate, to be assessed as hereinafter
provided, by deducting from the estimate or from the sum of two hundred
fifty thousand dollars, whichever is less, any amounts received or
receivable by the committee from other states whose laws do not
substantially conform to the method of assessment herein provided and
applying to the remainder the proportion which the total investments in
securities of domestic life insurers bear to the total investments in
securities of life insurers domiciled in this and other states whose
laws authorize and require assessments on substantially the same bases
as herein provided.

(2) The superintendent shall thereafter as soon as convenient, by
notice stating the method of computation thereof, assess the amount to
be paid on account of such expenses, pro rata upon all domestic life
insurers in the proportion which the total investments in securities of
each domestic life insurer shall bear to the total investments in
securities of all such insurers. The total investments in securities of
any life insurer for purposes of this section shall be the total
admitted value of stocks and bonds reported as such in its annual
statement last filed prior to such assessment with the department of
financial services or with the supervisory official of its state of
domicile. Upon receipt of such notice each such insurer shall within
thirty days pay said assessment to the superintendent.

(3) The superintendent shall deposit all moneys collected by him
pursuant to this section in an account entitled "Superintendent of
Financial Services, Security Valuation Expense Account", in a bank or
trust company in the city of Albany designated by the comptroller. Such
moneys shall be paid by the superintendent to the Committee on Valuation
of Securities of the National Association of Insurance Commissioners
after audit by the comptroller.

(e) The superintendent shall annually require of such committee, and
at such other times as he may deem it necessary or advisable, a duly
certified audit of receipts and disbursements and statement of assets
and liabilities, showing the details of its financial operations.