N.Y. ISC Law § 4233 — New York Code / Act ISC / Article 42 / Section 4233
Annual statements of life insurance companies
Status: in_force

§ 4233. Annual statements of life insurance companies. (a) In addition\nto any other matter which may be required to be stated therein, either\nby law or by the superintendent pursuant to law, every annual statement\nof every life insurance company doing business in this state shall\nconform substantially to the form of statement adopted from time to time\nfor such purpose by, or by the authority of, the National Association of\nInsurance Commissioners, together with such additions, omissions or\nmodifications, similarly adopted from time to time, as may be approved\nby the superintendent.\n  (b) The annual statement required by subsection (a) hereof shall\ninclude an accurate, concise and complete statement of the following\nmatters:\n  (1) All moneys expended in connection with any matter pending before\nany legislative body or any officer or department of government, giving\nparticulars with respect to all items of one hundred dollars or more as\nto dates, amounts, names and addresses of payees, the measure or\nproceeding in connection with which the payment was made, and the\ninterest of the company therein.\n  (2) The names of the officers and directors of the company and the\nproceedings at the last annual election of directors, giving the names\nof candidates and the number of votes cast for each and whether in\nperson, by proxy or by mail.\n  (3) The compensation and names of the chief executive officer, the\nfour most highly paid other executive officers, regardless of the amount\nof the compensation, the next five highly compensated employees whose\nindividual total compensation exceeds one hundred thousand dollars and\nall directors, other than those officers or employees who may otherwise\nhave been disclosed pursuant to this paragraph and who also serve as\ndirectors. A list of the job titles and compensation for any officer or\nemployee not otherwise disclosed pursuant to this paragraph where the\nindividual's total compensation is in excess of seven hundred fifty\nthousand dollars. Compensation shall consist of any and all remuneration\npaid to or on behalf of an officer, employee or director provided for in\nthis paragraph during the year, including wages, salaries, bonuses,\ncommissions, stock grants, gains from the exercise of stock options and\nany other emolument. Amounts disclosed for directors must include all\ncompensation paid for services on the board and committees, as well as\nany other compensation for any other activity or service, such as\nconsulting agreements.\n  (4) All banks and trust companies in which an account was maintained\nat any time during the year, and the balance at the end of the year, if\nany, carried by such company in each such bank or trust company and the\nlargest balances carried by such company during each month of the year\nin each bank or trust company in which the largest balance during the\nyear exceeded one-fortieth of one percent of admitted assets at the\nbeginning of the year or five hundred thousand dollars, whichever is\nsmaller.\n  (5) All death claims resisted or compromised by such company during\nthe year, and, for each such case the sums insured, the sums paid and\nthe reasons for resisting or compromising the claim.\n  (6) A complete statement of the gains and losses upon all of its\nbusiness transacted during the year and the sources of such gains and\nlosses. Any life insurance company which is authorized or permitted to\nissue in this state participating policies or contracts, and which\nissues in the United States both participating and non-participating\npolicies or contracts, shall make a separate statement showing gains and\nlosses, with respect to each of such classes of business, and also\nshowing the manner in which any general gains and outlays of the company\nhave been apportioned to each of such classes of business, in conformity\nwith section four thousand two hundred thirty-one of this article. Any\nlife insurance company issuing industrial life insurance policies shall\nmake a similar separate statement showing gains and losses with respect\nto such industrial business and with respect to the company's other\nbusiness and also showing the manner in which any general gains and\noutlays of the company have been apportioned to each of such classes of\nbusiness.\n  (7) A statement showing separately the first year and total expense\nlimits and the first year and total expenses, determined in accordance\nwith section four thousand two hundred twenty-eight of this article. Any\nlife insurance company which is authorized or permitted to issue in this\nstate both participating and non-participating policies or contracts\nshall make a separate statement showing these expense limits and\nexpenses, with respect to each of such classes of business.\n  (8) The rates of annual dividends declared during the year for all\nplans of insurance for policies issued during each of the last five\nyears and during each fifth year of the preceding seventy years and for\nages at entry, twenty-five, thirty-five, forty-five and fifty-five, and\nthe precise method by which such dividends have been calculated.\n  (9) All income, disbursements and reserves relative to noncancellable\ndisability insurance issued in connection with or supplementary to\npolicies of life insurance or annuity contracts shall be reported in\nsuch annual statement.\n  (10) With respect to participating policies subject to the provisions\nof section four thousand two hundred twenty or four thousand two hundred\ntwenty-one of this article upon which the reserves determined in\naccordance with section four thousand two hundred seventeen of this\narticle were calculated at an interest rate lower than that used in\ncalculating the cash surrender values permanently guaranteed for such\npolicies:\n  (A) The approximate amount by which such reserves for policies issued\nprior to January first, nineteen hundred forty-eight, are greater than\nthey would have been had they been computed at the interest rate used in\ncomputing the reserves for such policies as of December thirty-first,\nnineteen hundred forty-seven.\n  (B) The approximate amount by which such reserves for policies issued\non and after January first, nineteen hundred forty-eight, are greater\nthan they would have been had they been computed at the interest rate\nused in computing the cash surrender values permanently guaranteed for\nsuch policies.\n  (C) A schedule supporting the amounts shown in subparagraphs (A) and\n(B) hereof, in accordance with the same paragraphs as are used in\nreporting the reserve in the annual statement.\n  (D) A statement of the nature of increase, if any, in the cash\nsurrender values and nonforfeiture benefits allowed on policies on which\na default in payment of a premium occurred during the year over those\npermanently guaranteed for such policies and the aggregate amount in\nexcess of guaranteed values paid out during the year on policies\nsurrendered for cash.\n  (11) A statement setting forth a description of the investments,\nactivities or other contributions of the company relating to New York\nstate, its residents, municipalities, businesses and institutions shall\nbe considered to fulfill the requirements of this paragraph.\nInvestments, activities or contributions shall include, but need not be\nlimited to: obligations of state government, its agencies,\nmunicipalities or other instrumentalities; real estate and mortgages,\nincluding financing of housing, the construction or rehabilitation of\nwhich is undertaken in conjunction with federal, state or local housing\nassistance programs, including the federal low-income housing tax credit\nprogram; common stock and other securities of business and industry,\nincluding existing and new small business, and commercial enterprise in\nstate empire zones or in federal empowerment zones or enterprise\ncommunities; charitable and philanthropic contributions; activities\nconducted by the company to make its customers aware of the investments,\nactivities, or other contributions described in the statement; and such\nother investment, activities or contributions within the intent of the\nrequirements of this paragraph as the superintendent may deem\nappropriate pursuant to rules or regulations of the department.\n