An insurer trade group today assailed the New York legislature for approving an increased assessment on carriers domiciled in the state that totals $40 million--or what the group says amounts to a 20 percent hike.
"They call it an assessment, but it's really a backdoor tax," according to Ellen Melchionni, president of the New York Insurance Association.
She said the assessments--based on premium, and ostensibly used to fund the State Insurance Department--totaled $300 million last year, and come in addition to a 2 percent tax on premium that goes in the state's general fund.
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