N.Y. ISC Law § 2705 — New York Code / Act ISC / Article 27 / Section 2705
Reports from insurers
Status: in_force

§ 2705. Reports from insurers.  (a) Every insurer organized,\nregistered, accredited or licensed to do an insurance business in this\nstate shall file or shall cause its holding company to file with the\nsuperintendent, within one hundred and twenty days of the effective date\nof this article, a report setting forth such insurer's plan for\ncomplying with the provisions of this article. Any insurer which has\ndetermined that it does not have any of the information requested in\nsubsection (b) of this section shall file or cause its holding company\nto file a report stating that they have no such information.  In\naddition, an insurer may request to be relieved from filing any further\nreports upon providing evidence satisfactory to the superintendent that\nsuch insurer has fulfilled its obligations under this article.\n  (b) Every insurer organized, licensed, registered or accredited to do\nan insurance business in this state shall report or shall cause its\nholding company to report to the superintendent the following\ninformation:\n  (1) whether it is a member of a holding company system including any\ninsurer, any other member, subsidiary or division in each case whether a\nlicensee or not, that could possibly be expected to have issued an\ninsurance policy to a Holocaust victim between January first, nineteen\nhundred twenty and December thirty-first, nineteen hundred forty-five\nand a list of each such entity;\n  (2) the approximate number and the total value of all such insurance\npolicies issued by such insurer or by any other member, subsidiary or\ndivision within the reporting insurer's holding company system, which,\nas of the date of such report, remain unpaid or were paid to, or\nexpropriated by a government located in areas under Nazi influence, that\nwas not the named beneficiary of such insurance policy;\n  (3) attempts made by the insurer to locate the beneficiaries of any\nsuch insurance policies for which no claim of benefits has been made;\n  (4) if requested by the superintendent and to the extent consistent\nwith applicable laws and confidentiality obligations, with respect to\neach such insurance policy, the names of the owner, the name of the\nbeneficiary and the face amount or pay-out value;\n  (5) the number of claims filed by persons who allege or have alleged\nthat they are Holocaust victims and whether each such claim has been\npaid or payment has been denied;\n  (6) if requested by the superintendent, an explanation of any denial\nor pending payment of a claim to any person who alleges or has alleged\nthat he or she is a Holocaust victim;\n  (7) a summary of the length of time for the processing and disposition\nof such a claim by the insurer; and\n  (8) in the event that the insurer is unable to provide any of the\ninformation required by this section, an explanation of the reasons why\nand whether such information may, in the future, be ascertainable. The\nreports required by this subsection shall be made within thirty days\nafter the end of the calendar year in which this article shall have\nbecome effective and annually thereafter for each of the succeeding ten\nyears except as provided in subsection (a) of this section.\n  (c) Reports submitted to the superintendent pursuant to this section\nshall be certified and affirmed under oath as being true and not\nmisleading and as containing the most accurate information available at\nthe time of such report's submission.\n  (d) The superintendent may waive penalties and fines imposed by this\narticle for those insurers that, through no fault of their own, were\nunaware that they, or members of a holding company system that includes\nsuch insurer, were obligated to file reports pursuant to this article\nand to comply with the provisions of this article.\n  (e) The superintendent is authorized to use any power available to the\nstate to compel holding company systems that include issuers of\ninsurance policies to Holocaust victims to submit reports pursuant to\nthis article and to comply with the provisions of this article.\n  (f) Any insurer which knowingly or recklessly files a false or\nmisleading certification required by this section shall be fined not\nless than one hundred thousand dollars or such greater amount as the\nsuperintendent deems appropriate based upon the degree of\nmisrepresentation, the willfulness of the misconduct and the amount of\nfunds misappropriated. Such insurer also may be barred from further\nsales of insurance in New York for a period of up to ten years.\n