N.Y. Insurance Law 4407 – Examinations; expenses
§ 4407. Examinations; expenses. (a) The expenses of every examination of the affairs of any employee welfare fund, including any appraisal of an interest in real property, made pursuant to any provision of this chapter, shall be paid by the employee welfare fund examined.
Terms Used In N.Y. Insurance Law 4407
- Appraisal: A determination of property value.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) For any such examination by the superintendent or a deputy superintendent personally, the charge shall be only for necessary travelling expenses and other actual expenses. In all other cases the expenses of examination shall also include reimbursement for the compensation paid for the services of persons employed by the superintendent or by his authority to make such examination or appraisal.
(c) Notwithstanding the provisions of subsection (a) or (b) hereof:
(1) funds with contributions of less than thirty thousand dollars, as reported in the annual statement filed with the superintendent for the latest fiscal year covered by the examination, the charge shall not exceed three hundred dollars;
(2) funds with contributions between thirty thousand dollars and one hundred fifty thousand dollars the charge shall not exceed one percent of such contributions;
(3) the superintendent, with the approval of the comptroller, may in his discretion for good cause shown remit or reduce such charges.
(d) All charges, including necessary travelling and other actual expenses, as audited and paid by the comptroller to the persons making the examination or appraisal, shall be presented to the trustees of the employee welfare fund in the form of a copy of the itemized bill as certified and approved by the superintendent or by any deputy superintendent or authorized employee of the department. Upon receiving such certified copy, such trustees shall pay the amount thereof to the superintendent, to be paid by him into the state treasury.