NU Online News Service, March 31, 3:42 p.m. EDT
Insurer associations disagreed today on the extent of insurer assessment increases contained in the New York State budget agreed upon over the weekend.
NU Online reported yesterday that the budget contained no new "332 assessments," which are used to fund the state insurance department's budget. NU Online cited a statement and source at the Property Casualty Insurers Association of America (PCI).
Today, the New York Insurance Association (NYIA) pointed out that there are 332 assessment increases, but they are far lower than what had been originally proposed in the executive budget.
PCI acknowledged there are increases, but said its figure comes in far lower than the number reported by NYIA.
Cassandra Anderson, spokesperson for NYIA, said the budget contains $40 million in additional 332 assessments, on top of continuing the $180 million in assessments contained in February's Deficit Reduction Plan.
Paul Magaril, regional manager and counsel for PCI, said his association could only find $12 million in increased 332 assessments. He noted that $6 million of that is "re-appropriation," or money that was authorized in prior budgets but was not spent.
Sisa Moyo, spokesperson for Assembly Speaker Sheldon Silver, D-New York, responded to an NU Online inquiry stating the budget contains a $23 million increase in 332 assessments to fund the state's Healthy NY program, which needs the money to meet its claims obligations.
A spokesperson for the state's Department of Budget did not return a call.
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