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CORCORAN v. AM. TRANSIT INS. CO.

170 A.D.2d 268 (1991)

James P. Corcoran, as Superintendent of Insurance of the State of New York, Respondent, v. American Transit Insurance Company, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

February 14, 1991

At issue is the interpretation of Insurance Law § 7604 (b), which calls for an insurer to pay into the Public Motor Vehicle Liability Security Fund an amount equal to 3% of the net direct written premiums (defined as gross premiums less return premiums and dividends [§ 7602 (e)]) on insurance policies covering vehicles for hire issued to meet the requirements of Vehicle and Traffic Law § 370. Defendant argued that...

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