The New York Insurance Association said it is opposing a provision in Governor David Paterson's preliminary deficit reduction package that would add $140 million in assessments for New York domestic insurers.
Ellen Melchionni, president of NYIA, said the assessment would be added to the $340 million in assessments insurers already pay to fund New York State Insurance Department (NYSID) expenses.
Included in the $340 million is $111 million in "suballocations" that Ms. Melchionni said fund non-insurance department programs. The $140 million additional assessment would be added to these suballocations.
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