Insurance Department

Assessment of Costs To Administer Insurance Department Operations

In accordance with State law, the Insurance Department assesses insurance carriers operating in New York State to fund the direct and indirect operating costs of programs associated with the Department. These assessments are based on the financial records maintained by the Department. We audited these financial records for the two years ended March 31, 2004 and found that they presented fairly, in all material respects, the costs of administering Department operations for that period. We also reviewed selected transactions relating to the assessments made against insurance carriers during this period and identified no material instances of noncompliance on the part of the Department.

For a complete copy of Report 2004-S-73 click here.