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§ 43. Subsection (d) of section 6405 of the insurance law as amended by chapter 151 of the laws of 1986, is amended to read as follows:
(d) The funds constituting the reinsurance reserve required by subsection (a) of this section shall be held in cash or invested only in the [classes of securities or] types of reserve investments that meet the requirements of paragraphs one, two, and three [and twelve] of subsection (a) of section one thousand four hundred four of this chapter. In no event shall the investment made under such paragraph three exceed twenty percent of the reinsurance reserve at preceding year-end.
§ 44 Subsection (a) and paragraphs 3, 5 and 6 of subsection (b) of section 6406 of the insurance law are amended to read as follows:
(a) Every title insurance corporation organized and doing business under this article shall invest and keep invested an amount at least equal to its required minimum capital in the [classes of securities and] types of investments specified in section one thousand four hundred two of this chapter, except that it shall invest and keep invested at least thirty-five percent of its minimum capital in those [classes of securities and] types of investments specified in paragraphs one and two of subsection (b) of such section [one thousand four hundred two of this chapter].
(3) No title insurance corporation shall at any time have invested in bonds, notes or other evidences of indebtedness secured by deeds of trust or real estate mortgages, as specified in this paragraph except bonds or notes secured by mortgage or trust deed guaranteed or insured by the federal housing administration under an act of congress of the United States of June 27, 1934, entitled the "National Housing Act," (12 U.S. C. § 1701). Notwithstanding the provisions of clause (I) of item (v) of subparagraph (A) of paragraph [six] four of subsection (a) of section one thousand four hundred four of this chapter, the aggregate investments held by a title insurance corporation of the types described such subparagraph and in purchase money mortgages received by it in part payment of the consideration for the sale or exchange of real property owned by it, shall not exceed seventy percent of its admitted assets as shown by its last statement on file with the superintendent.
(5) Notwithstanding the provisions of paragraph [thirteen] eight of subsection (a) of section one thousand four hundred four of this chapter [which limit the aggregate amount of admitted assets which may be invested in voting shares and which limit the amount which may be invested in the voting shares of any one institution, and except as provided in paragraph six hereof], no title insurance corporation shall invest in, or otherwise acquire or [lend] loan upon in any one institution's [voting shares more than five percent thereof, nor shall the amount invested exceed] outstanding equity interests an amount which exceeds two percent of the admitted assets of such title insurance corporation [at last year-end] as shown by its last statement on file with the Superintendent. The aggregate cost of all investments in [voting shares] equity interests then held by any title insurance corporation pursuant to this paragraph, paragraph six hereof, section one thousand four hundred three and paragraph [thirteen] eight of subsection (a) of section one thousand four hundred four of this chapter shall not exceed the lesser of twenty-five percent of the insurer's total admitted assets or one-half of the insurer's surplus to policyholders [at last year-end] as shown by its last statement on file with the superintendent.
(6) Notwithstanding the provisions of [subparagraphs (B), (C) and (D) cf] paragraph [thirteen] eight of subsection (a) of section one thousand four hundred four of this chapter and paragraph five hereof, [excepting the provisions thereof limiting the aggregate cost of all investments in voting shares,] a title insurance corporation may invest in the shares of other insurance corporations and in the shares and obligations of any corporation which is engaged exclusively in a kind of business properly incidental to the insurance business of such title insurance corporation, amounts which do not in total exceed ten percent of its total adBitted assets [at last year-end] as shown by its last statement on file with the superintendent.
§ 45. Paragraph 4 of subsection (g) of section 6501 of the insurance , as added by chapter 517 of the laws of 1989, is amended to read follows:
(4) is funded by either cash, the types of [assets] reserve investments specified in paragraphs one, two and three of subsection (b) of EXPLANATION-Matter in italics is new; matter in brackets  is old law
section one thousand four hundred two and paragraphs one,] and two [and twelve] of subsection (a) of section one thousand four hundred four of this chapter or by tax and loss bonds purchased pursuant to § 832(e) of the Internal Revenue Code, for the greater of the amount of the contingency reserve required by paragraph two of subsection (a) of section six thousand five hundred two of this article or paragraph one of subsection of section six thousand five hundred two of this article;
46. Paragraph 3 of subsection (b) of section 6502 of the insurance
law is amended to read as follows:
(3) invest its contingency reserve except in tax and loss bonds purchased pursuant to § 832(e) of the Internal Revenue Code, to the extent of the tax savings resulting from the deduction for federal income tax purposes equal to the annual contributions to the contingency reserve. The contingency reserve shall otherwise be held in cash or invested only in the [classes of securities and] types of reserve investments specified in paragraphs one[,] and two [and three of subsection (b) of section one thousand four hundred two and paragraphs one, two and twelve] of subsection (a) of section one thousand four hundred four of this chapter.
§ 47. Subparagraph (C) of paragraph 1 of subsection (a) of section 6907 of the insurance law, as added by chapter 48 of the laws of 1989, is amended to read as follows:
(C) if the insurer has determined that it will not organize a financial guaranty insurance corporation, corporation, within thirty days after that determination it shall notify the superintendent, cease writing policies of financial guaranty insurance and comply with the provisions of paragraph [three] four of this subsection; and
§ 48. This act shall take effect immediately, except that sections one through forty-six of this act shall take effect January 1, 1993 and provided that the amendment to paragraphs 8 and 9 of subsection (a) of section 1407 of the insurance law, as amended by section twenty-eight of this act, shall not affect the expiration and reversion of such paragraphs.
REPEAL NOTE.-Section 14 of this act repeals paragraphs 4 and 5 of subsection (a) of section 1404 of the insurance law, dealing with trustees' or receivers' obligations and acceptances and bills of exchange as types of reserve investments.
Section 16 of this act repeals item (v) of subparagraph (A) of paragraph 4 of subsection (a) of section 1404 of the insurance law, dealing with investment limitations for mortgage loans.
Section 17 of this act repeals items (vi) and (vii) of subparagraph (A) of paragraph 4 of subsection (a) of section 1404 of the insurance law, dealing with standards for mortgage loans as reserve investments.
Section 19 of this act repeals subparagraphs (C), (D) and (E) of paragraph 4 of subsection (a) of section 1404 of the insurance law, dealing with purchase money mortgages, guaranteed or insured obligations, slum clearance obligations, and housing project obligations as types
Section 22 of this act repeals paragraphs 9, 10, 12, and 14 through 19 of subsection (a) of section 1404 of the insurance law, dealing with various types of reserve investments.
Section 31 of this act repeals section 1410 of the insurance law, dealing with limitations on collateral loans.
AN ACT to amend the Monroe county in rem tax foreclosure act, in relation to authorizing the redemption of real property by installment agreement and authorizing the payment of an attorney's fee against each parcel included in the foreclosure
Became a law July 17, 1992, with the approval of the Governor.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 6 of chapter 905 of the laws of 1962, constituting the Monroe county in rem tax foreclosure act, as amended by chapter 499 of the laws of 1990, is amended to read as follows:
§ 6. Certification of tax delinquency. The director of finance shall from time to time file in the office of the clerk of the legislature a list of parcels of property in such county, numbered serially, affected by unpaid tax liens held and owned by the county which on the date of such filing shall have been unpaid for a period of at least one year or more after the date on which the tax lien or tax Isale certificate was sold; and shall further furnish to the legislature in such listing all other transcripts of tax delinquencies and other abstracts from the records in his office of such delinquencies affecting the parcels enumerated. The parcels of delinquent real property shown on such list or lists shall be segregated, grouped and classified by city, town or village, so that all real property affected by such list
lying within each such city, town or village, shall be listed under the respective city, town or village. A listing under towns, which includes a village or villages therein, shall be deemed compliance with this provision. The inadvertent failure of the director of finance to include all the parcels in such list, or where more than one list is filed, all such parcels in any of the listings for the designated village, town or city shall not affect the validity of any proceedings brought hereunder. The legislature may thereupon direct that the in rem provisions of this act shall be applied to all or any part of such real property and the delinquent taxes set forth in such transcripts, as listed, and may direct the inclusion of other tax delinquency and tax delinquent property subject to such in rem foreclosure. Such legislature may direct foreclosure, as herein required, by separate and individual action as to each such list against all delinquent parcels separately listed and segregated within any one or more towns or villages of the county or within the city of Rochester, as such lists are prepared pursuant to the provisions hereof; and shall not approve for exclusion from any such separate or segregated list or lists any delinquent parcel therein without the accompanying written request of the director of finance stating the reason therefor. No parcel shall be excluded from any such list for reason other than the following: (a) that a question has been raised by a person having an interest in such parcel as to the validity of the tax lien affecting such parcel, or (b) that the tax district has instituted proceedings to enforce such tax lien by other existing statutory method or is in the process of instituting such proceedings and it satisfactorily appears that such action can be more acceptably accomplished and completed, for good and sufficient legal reasons, by foreclosure under other statutory method than by in rem proceedings, or (c) that an agreement has been duly made and executed between an eligible owner and the county, by the director of finance, and filed with the director of finance for the payment of such tax liens in installments, on the following terms and conditions: (1) Eligible owner. An agreement can only be entered into by an eligible owner and only if such owner does not have any title in any other parcel located within the county which is subject to taxation against which there is an unpaid tax lien unless that parcel is either already subject to an agreement, which is not in default, authorized by this section or will be made subject to such an agreement simultaneously with the making of the agreement which is to serve as the basis for an exclusion pursuant to this section, (2) Tax delinquency. An agreement can be entered into between an eligible Owner and the county at any time after the [expiration of one year from the date an unpaid tax lien was levied by the legislature] last day of any sale of tax sale certificates for unpaid taxes as provided by the Monroe County tax act, (3) Term. The term of the agreement cannot exceed eighteen months from the date of the agreement, (4) Payments. Payments shall be made on a monthly basis unless the eligible owner and the county agree to quarterly, semi-annual or annual payments instead of monthly payments, but in no event shall payments be made more frequently than monthly, (5) Prepayments. Prepayments can only be made with the consent of the county and in an amount equal to at least one installment sum, or any multiple thereof, and at the time an installment payment is due, (6) Interest. Interest shall be computed on all unpaid tax liens at the rate of one and one-half per centum for each month and/or fraction thereof through the last installment payment date, (7) Downpayment. A downpayment in an amount equal to at least twenty-five per centum of the combined sum of the unpaid tax liens and interest, as calculated in accordance with subparagraph (6) hereof, shall be paid on the date of the
EXPLANATION-Matter in italics is new; matter in brackets  is old law
agreement, (8) Balance. The balance due under the agreement, after deducting the downpayment from the total combined sum of the unpaid tax liens and interest, shall be paid, as nearly as possible, in equal amounts on each payment due date. This amount shall be determined by dividing the balance by the number of required installment payments, (9) Payment due date. Each installment shall be due on the same calendar date as the agreement date, (10) Late charge. If the county has not received the full amount of any installment payment by the end of fifteen calendar days after the payment due date, the eligible owner shall pay a late charge to the county. The amount of the late charge shall be five percent of the overdue payment of principal and interest, (11) Default. The eligible owner shall be deemed to be in default of the agreement upon the happening of any of the following events: (i) any installment payment is not made within thirty days from the payment due date; (ii) any current county tax, assessment, fee or charge is not paid when due, that is, the last date on which the net bill can be paid without interest and penalty; (iii) the subject parcel is sold and the new owner does not obtain an assignment of the agreement; (iv) the eligible owner is in default of another agreement made and executed pursuant to this section. In the event of a default, the county shall have the right to require the entire unpaid balance, with interest and late charges, to be paid in full. The county shall also have the right to elect to institute either in personam or in rem tax foreclosure proceedings solely on the basis of the remaining unpaid tax liens, (12) Current taxes, assessments, fees and charges. The eligible owner shall pay when due all current taxes, assessments, fees and charges of the county which become due during the term of the agreement, (13) Sale of parcel. If the subject parcel is sold or otherwise conveyed during the term of the agreement, the balance due under the agreement shall be immediately due and payable unless the new owner applies for and obtains an assignment of the agreement from the county, (14) Assignment of agreement. The agreement shall not be assignable unless the county approves such assignment in writing. The county shall have the right to refuse approval of the assignment for any reason, (15) Non-waiver. Even if, at a time when the eligible owner is in default, the county does not either require the the eligible owner to immediately pay in full as described in subparagraph (11) hereof, or elect to institute tax foreclosure proceedings, the county shall still have the right to do so if, at a later time, the eligible owner is in default again,, (16) Other terms and conditions. The director of finance is authorized to make any other terms and conditions, as he deems appropriate, consistent with the provisions of this section, or (d) that such tax lien affects a parcel which is either a known or suspected hazardous waste site. The approval of such exclusion by the legislature shall be by resolution recorded in its minutes stating the reasons therefor. Such request for exclusion of any parcel or parcels shall be by separate listing and in the event any such request is denied, such parcel shall then be added to the original list from which it was omitted and at the end thereof so as not to interrupt the continuity of serial numbering. The legislature shall direct the tax foreclosure attorney in said county to conduct and consummate any foreclosure proceedings in rem.
§ 2. Section 12 of chapter 905 of the laws of 1962, constituting the Monroe county in rem tax foreclosure act, as amended by chapter 310 of the laws of 1984, is amended to read as follows:
§ 12. Redemption or answer. Each person or any tax district described, other than the county of Monroe, having any right, title, or interest in, or lien upon any parcel described in such list of delinquent taxes and properties may redeem such parcel either by paying or, if such person qualifies, by entering into an agreement, pursuant to paragraph (c) of section six hereof, which, notwithstanding section ten hereof need not be approved by resolution of the legislature, to pay the amount of all unpaid tax liens thereon, with interest and penalties, and the costs, allowances and disbursements of the action, together, with the expenses of the proceedings to sell, if any, allocated against such parcel, before the expiration of the redemption period mentioned in the notice published pursuant to section fourteen of this act; or he may serve a duly verified answer upon the tax foreclosure attorney, setting forth in detail the nature and amount of his interest and any defense or objections to the foreclosure of the tax lien. The caption of such answer shall contain a reference to the serial number, or numbers of the parcels involved. Such answer must be filed in the office of the county
clerk and served on the tax foreclosure attorney within twenty days ter the date mentioned in the notice, published pursuant to section fourteen of this act, as the last day for redemption. In the event of failure to redeem or answer by any person having the right to redeem or answer, such person shall be in default and shall be barred forever and foreclosed of all his right, title, and interest in, and lien upon the parcels described in such list of delinquent taxes and properties and judgment in foreclosure shall be taken as herein provided.
§3. Section 14 of chapter 905 of the laws of 1962, constituting the Monroe county in rem tax foreclosure act, as amended by chapter 310 of the laws of 1984, is amended to read as follows:
$ 14. Public notice of foreclosure. Upon the filing of such list in the office of the county clerk, the tax foreclosure attorney shall forthwith cause a notice of foreclosure to be published at least once a week for six successive weeks in two newspapers designated by him and published within the county of Monroe. Such notice shall be in substantially the following form:
"State of New York, County Court, County of Monroe. closure of Tax Liens by the County of Monroe in the by Action in Rem.
(Insert in blank space the name or names of the city, town or village described in such list or lists)
Foreclosure authorized by Resolution No.
Notice of Fore
List filed in Monroe
.... day of
Please take notice that on the county of Monroe pursuant to law filed with the clerk of Monroe county a list of parcels of property affected by unpaid tax liens held and owned by said county of Monroe which on such date had been due and unpaid for a period of at least one year after the date on which such unpaid tax liens were sold. Such list contains as to each such parcel (a) a brief description of the property affected by each tax lien, (b) the name of the last known owner of such property as the same appears on the latest tax roll in the hands of the director of finance, or a statement that the owner is unknown if such be the case, (c) a statement of such tax liens upon such parcel of property including such tax liens and tax sale certificates owned by the county of Monroe which shall have been due for less than one year after the date on which such unpaid tax liens were sold, together with the date or dates from which and the rate ΟΙ rates at which interest and penalties shall be computed as to each such tax lien or tax sale certificate, (d) the name and address of any Owner or assignee other than the county of Monroe of any unredeemed tax lien certificate, described as a claimant.
All persons having or claiming to have an interest in the real property described in such list of delinquent taxes and properties are hereby notified that the filing of such list constitutes the commencement by said county of Monroe of an action in the county court of Monroe county to foreclose the tax liens therein described by a foreclosure proceeding in rem and that such list constitutes a notice of the pendency of action and a complaint by the said county of Monroe against each piece or parcel of land therein described to enforce the payment of such tax liens. Such action is brought against the real property only and is to foreclose the tax liens described in such list.
No personal judgment shall be entered herein against any owner for such taxes, assessments or other legal charges or any part thereof. This notice is directed to all persons having or claiming to have an interest in the real property described in such list of delinquent taxes and properties and such persons are hereby notified further that a certified copy of such list of delinquent taxes and properties has been filed in the office of the director of finance and in the respective offices of each tax collector, receiver of taxes and assessments, or treasurer or other tax collection agency of the respective town city or village in which such listed real property is located, and will remain open for public inspection up to and including the
day of ., (here insert a date at least seven weeks from the date of the first publication of this notice) which date is hereby fixed as the last day for redemption.
EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law