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AM. TR. INS. CO. v. STATE

225 A.D.2d 117 (1996)

648 N.Y.S.2d 776

American Transit Insurance Company, Appellant, v. State of New York, Respondent. (Claim No. 79949.)

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

October 24, 1996

Attorney(s) appearing for the Case

Marjorie E. Bornes, New York City, for appellant.

Dennis C. Vacco, Attorney-General, Albany (Peter G. Crary and Vernon Stuart of counsel), for respondent.

WHITE, YESAWICH JR., PETERS and CARPINELLO, JJ., concur.

MIKOLL, J. P.

In 1970 the State enacted Insurance Law article 76 establishing the Property/Casualty Insurance Security Fund (hereinafter Fund), which provided for the payment of property and casualty insurance claims left unpaid due to the insolvency of an insurer. Initially, this legislation required that all property and casualty insurers pay into the Fund one half of 1% of their "net direct written premiums...

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