Bill > S06269

This bill amends the Insurance Law to change the distribution of fire insurance premium taxes. Specifically, it reduces the amount paid to the Firemen's Association of the State of New York from 10% to 9%, and adds a new 1% payment to the treasurer of the New York State Professional Firefighters Association to promote, support, and maintain the well-being of paid professional firefighters employed in the state. The remaining balance will be distributed to local municipalities based on the proportion of fire insurance business written by foreign mutual fire insurance companies. The changes will apply to all monies received by the Superintendent of Financial Services under the relevant law starting on or after April 1, 2024.