109-A - Administration of fund. - New York Statutes

§ 109-a. Administration of fund. The superintendent of insurance may adopt, amend and enforce all reasonable rules and regulations necessary for the proper administration of said fund. In the event any carrier shall fail to file any return or make any payment required by this article, or in case the superintendent of insurance shall have cause to believe that any return or other statement filed is false or inaccurate in any particular, or that any payment made is incorrect, the superintendent shall have full authority to examine all the books and records of the carrier for the purpose of ascertaining the facts and shall determine the correct amount to be paid and may proceed in any court of competent jurisdiction to recover for the benefit of the fund any sums shown to be due upon such examination and determination. Any carrier which fails to make any statement as required by this article, or to pay any contribution to the fund when due, shall thereby forfeit to said fund a penalty of five per centum of the amount of unpaid contribution determined to be due as provided by this article plus one per centum of such amount for each month of delay, or fraction thereof, after the expiration of the first month of such delay but the superintendent, if satisfied that the delay was excusable, may remit all or any part of such penalty. The superintendent, in his discretion, may revoke the certificate of authority to do business in this state of any foreign carrier which shall fail to comply with this article or to pay any penalty imposed in accordance with this article.