N.Y. ISC Law § 1504 — New York Code / Act ISC / Article 15 / Section 1504
Reporting; examination; publication
Status: in_force

§ 1504. Reporting; examination; publication. (a) (1) Every controlled\ninsurer shall file with the superintendent such reports or material as\nthe superintendent may direct for the purpose of disclosing information\nconcerning the operations of persons within the holding company system\nthat may materially affect the operations, management or financial\ncondition of the insurer.\n  (2) To determine compliance with this article, the superintendent may\norder any controlled insurer to produce information not in the insurer's\npossession if the insurer can obtain access to the information pursuant\nto contractual relationships, statutory obligations, or other method. In\nthe event the insurer cannot obtain the information requested by the\nsuperintendent, the insurer shall provide the superintendent a detailed\nexplanation of the reason that the insurer cannot obtain the information\nand the identity of the holder of information. Whenever it appears to\nthe superintendent that the detailed explanation is without merit, in\naddition to any other penalty provided by law, the superintendent, after\nnotice and an opportunity to be heard, may levy a penalty against the\ninsurer not to exceed five hundred dollars per day for each day beyond\nthe date specified by the superintendent for response.\n  (b) Every holding company and every controlled person within a holding\ncompany system shall be subject to examination by order of the\nsuperintendent if the superintendent has cause to believe that the\noperations of such persons may materially affect the operations,\nmanagement or financial condition of any controlled insurer within the\nsystem, including by posing enterprise risk to the insurer, and that the\nsuperintendent is unable to obtain relevant information from such\ncontrolled insurer. The grounds relied upon by the superintendent for\nsuch examination shall be stated in the superintendent's order. Such\nexamination shall be confined to matters specified in the order. The\ncost of such examination shall be assessed against the person examined\nand no portion thereof shall thereafter be reimbursed to it directly or\nindirectly by the controlled insurer.\n  (c) (1) The contents of each report and filing made pursuant to this\narticle and any information obtained in connection therewith shall be\nconfidential and proprietary and shall not be subject to subpoena or\ndiscovery or admissible in evidence in any private civil action, and the\nsuperintendent shall not make the same public without the prior written\nconsent of the controlled insurer to which it pertains unless the\nsuperintendent, after notice and an opportunity to be heard, shall\ndetermine that the interests of policyholders, shareholders or the\npublic will be served by the publication thereof. In any action or\nproceeding by the superintendent against the person examined or any\nother person within the same holding company system a report of such\nexamination published by the superintendent shall be admissible as\nevidence of the facts stated therein.\n  (2) Neither the superintendent nor any person who received a report or\nfiling made pursuant to this article and any information obtained in\nconnection therewith, through examination or otherwise, while acting\nunder the authority of the superintendent or with whom such report,\nfiling, or information are shared pursuant to this chapter, shall be\npermitted or required to testify in any private civil action concerning\nthe report, filing, or information.\n