Bill > A07160

This bill amends the Insurance Law to change the distribution of fire insurance premium taxes. It provides that 9% of the remaining monies collected under Section 9105 will be paid to the Firemen's Association of the State of New York for the support and maintenance of the firemen's home, and 1% will be paid 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 of New York. The remaining balance will be distributed to local treasurers or other fiscal officers in proportion to the total amount of fire insurance business written by foreign mutual fire insurance companies in their respective localities. The changes made by this bill will apply to monies received by the Superintendent of Financial Services on or after April 1, 2024.