reglab/housing_qa huggingface dataset:
NY Ins L § 1302 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1302 - Assets Not Admitted.

§  1302.  Assets  not admitted. (a) In addition to assets not admitted pursuant to section one thousand three hundred one of this article,  the following  shall  not  be  allowed  as  admitted assets of a domestic or foreign insurer or the United States branch of an alien insurer  in  any determination of its financial condition:  (1) Trade names, agency plants and other like intangible assets.  (2)  Prepaid  or  deferred  charges for expenses except as provided in paragraph sixteen of  subsection  (a)  of  section  one  thousand  three hundred one of this article, and commissions paid by the insurer.  (3)  Advances  to  officers  (except policy loans), whether secured or not, and advances to employees, agents and  other  persons  on  personal security only.  (4)  Shares  of  such  insurer,  owned by it, or any equity therein or loans secured thereby, or any  proportionate  interest  in  such  shares through  the  ownership  by such insurer of an interest in another firm, corporation or business unit.  (5) Tangible personal property, fixtures  and  printed  matter  except such  as  an  insurer is permitted to hold pursuant to paragraph five of subsection (a) of  section  one  thousand  four  hundred  four  of  this chapter.  (6)  Items  of  bank  credits  representing  checks,  drafts  or notes returned unpaid after the date of statement.  (7) The  amount,  if  any,  by  which  the  aggregate  book  value  of investments  as carried in the ledger assets of such insurer exceeds the aggregate value thereof as determined in accordance with the  provisions of this chapter.  (b)  All non-admitted assets and all other assets of doubtful value or character included as ledger or non-ledger assets in any statement by an insurer to the superintendent, or in any examiner's report to him, shall also be reported, to the extent of the value disallowed,  as  deductions from  the  gross  assets of such insurer except where the superintendent permits a reserve to be carried among the liabilities of such insurer in lieu of any such deduction.
NY Ins L § 1303 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1303 - Loss or Claim Reserves.

§  1303.  Loss  or  claim  reserves.  Every  insurer  shall, except as   provided in section one thousand three hundred four of this article  and   subject  to specific provisions of this chapter, maintain reserves in an   amount estimated in the aggregate to provide  for  the  payment  of  all   losses  or claims incurred on or prior to the date of statement, whether   reported or unreported, which are unpaid as of such date and  for  which   such  insurer may be liable, and also reserves in an amount estimated to   provide for the expenses of adjustment or settlement of such  losses  or   claims.
NY Ins L § 1304 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1304 - Valuation Reserves.

§  1304.  Valuation  reserves.  Every  insurer  authorized  under this chapter to transact the kinds of insurance specified in  paragraph  one, two  or  three  of  subsection  (a)  of section one thousand one hundred thirteen of this chapter shall, subject to specific provisions  of  this chapter, maintain:  (a) reserves on all of its life insurance policies or certificates and annuity  contracts in force, computed according to the applicable tables of mortality and rates of interest prescribed in this chapter;  (b) reserves for disability benefits, including reserves for  disabled lives whether reported or unreported, and for accidental death benefits; and  (c)  any  additional  reserves  prescribed  by  the  superintendent as necessary on  account  of  such  insurer's  policies,  certificates  and contracts.
NY Ins L § 1305 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1305 - Unearned Premium Reserves.

§ 1305. Unearned premium reserves. (a) Every authorized insurer shall, except  as to reserves required under section one thousand three hundred four of this article and subject to paragraph nine of subsection (a)  of section  one  thousand  three  hundred  one  of  this  article and other specific provisions of this chapter,  maintain  reserves  equal  to  the unearned  portions  of  the  gross  premiums  charged  on  unexpired  or unterminated risks and policies.  (b) (1) No deductions may be made from the  gross  premiums  in  force except  for  original  premiums cancelled on risks terminated or reduced before expiration, or except for premiums paid  or  credited  for  risks reinsured  with  other  solvent assuming insurers authorized to transact such business in this state.  (2) Premiums charged for bulk or portfolio reinsurances  assumed  from other  insurers  shall  be included as premiums in force on the basis of the original premiums and the original terms  of  the  policies  of  the ceding insurer.  (3)  Reinsurance  ceded  to such an authorized assuming insurer may be deducted on the basis of original premiums and original terms except  in the case of excess loss or catastrophe reinsurance which may be deducted only  on the basis of actual reinsurance premiums and actual reinsurance terms.  (c) (1) The liability for unearned premiums may  be  computed  on  the annual  pro  rata  fraction basis applicable to the date of statement as prescribed by the superintendent.  (2) If the annual pro  rata  fractions  do  not  produce  an  adequate reserve,  the  superintendent may, in his discretion, require an insurer to calculate its unearned premium reserve  upon  the  monthly  pro  rata fractional basis or, if necessary, on each respective risk from the date of  the  issuance  of the policy, and as to premiums covering indefinite terms he may prescribe special regulations.  (3) As to marine insurance, premiums  on  trip  risks  not  terminated shall be deemed unearned and the superintendent may require a reserve to be  carried thereon equal to one hundred percent of the premiums on trip risks written during the month ended as of the date of statement.  (4) At least ninety percent of the gross amount of premium deposits on perpetual fire insurance risks shall be charged as a liability.  (5) As to title insurance, unearned premium reserves shall be computed and maintained only  as  required  by  subsection  (a)  of  section  six thousand four hundred five of this chapter.
NY Ins L § 1306 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1306 - Miscellaneous Liabilities.

§  1306.  Miscellaneous  liabilities.   In addition to liabilities and   reserves on contracts of insurance issued by it, every insurer shall  be   charged  with  the  estimated  amount  of  all  its  other  liabilities,   including taxes, expenses, other obligations due or accrued at the  date   of  statement,  and  any special reserves required by the superintendent   pursuant to the provisions of this chapter.
NY Ins L § 1307 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1307 - Contingent Liability for Borrowings.

§  1307.  Contingent liability for borrowings. (a) Any domestic stock, mutual or co-operative insurance  company  or  reciprocal  insurer  may, without pledging any of its assets, receive advances or borrow funds to:  (1) conduct its business,  (2)  enable it to comply with any surplus requirement or make good any impairment or deficiency or other requirement of this chapter,  (3) defray the reasonable expenses of its organization,  (4) provide any fund to be voluntarily contributed to surplus, or  (5) organize, acquire or invest in any subsidiaries authorized by this chapter.  (b) Such borrowing may only be made upon an agreement that such moneys and such interest thereon as may be agreed upon, at a rate not exceeding the maximum rate provided in section 5-501 of  the  general  obligations law,  in  effect  at the time the agreement is executed, shall be repaid only out of free and divisible surplus of such insurer with the approval of the superintendent whenever, in his judgment, the financial condition of such insurer warrants. In the event of  insolvency  of  a  mutual  or co-operative  insurance  company unearned premiums shall be deemed to be part of its free and divisible surplus.  (c) Any sum so advanced or borrowed shall not be  part  of  the  legal liabilities  of such insurer and shall not be a basis of any set-off but until repaid all statements published by such insurer or filed with  the superintendent  shall  show,  as  a  footnote, the amount then remaining unpaid.  (d) No such insurance company or reciprocal insurer shall directly  or indirectly  make  any agreement for any advance or borrowing pursuant to this section unless such agreement is in writing  and  shall  have  been approved  by the superintendent as not unfair, misleading or contrary to law.
NY Ins L § 1309 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1309 - Insolvency of an Insurer.

§  1309.  Insolvency  of  an  insurer. (a) Whenever the superintendent finds from a financial  statement  or  report  on  examination  that  an authorized  insurer  is unable to pay its outstanding lawful obligations as they mature in the regular course of business, as shown by an  excess of  required  reserves and other liabilities over admitted assets, or by its not having sufficient assets to reinsure all outstanding risks  with other  solvent  authorized  assuming  insurers  after paying all accrued claims  owed,  such  insurer  shall  be   deemed   insolvent   and   the superintendent  may  proceed  against  it  pursuant to the provisions of article seventy-four of this chapter.  (b) If an insurer deemed insolvent pursuant to subsection  (a)  hereof is  a  foreign  or  alien insurer, the superintendent may also revoke or suspend its license to do business in this state.
NY Ins L § 1310 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1310 - Impairment of a Stock Insurer.

§ 1310. Impairment of a stock insurer. (a) Whenever the superintendent finds  from  a  financial  statement, or a report on examination, of any domestic stock insurer that (i) the admitted assets are  less  than  the aggregate  amount  of  its  liabilities and outstanding capital stock or (ii) the admitted assets of  any  such  insurer  which  is  required  to maintain  a minimum surplus to policyholders are less than the aggregate amount of its liabilities and the  amount  of  its  minimum  surplus  to policyholders, he shall determine the amount of the impairment and order the  insurer  to  eliminate  the  impairment  within  such  period as he designates, not more than ninety days from the service of the order.  He may  also  order  the  insurer  not  to issue any new policies while the impairment exists. If the impairment as determined by the provisions  of item  (i)  hereof equals or exceeds twenty-five percent of the insurer's outstanding capital stock, or as determined by the  provisions  of  item (i)  or  (ii)  hereof is such that the insurer does not have the minimum capital or minimum surplus to policyholders required  by  this  chapter, and if at the expiration of such designated period, such insurer has not satisfied  the  superintendent that such impairment has been eliminated, the superintendent may proceed  against  the  insurer  pursuant  to  the provisions  of  article  seventy-four of this chapter on the ground that its condition is such that its further transaction of business  will  be hazardous to its policyholders or its creditors or the public.  (b)  If  any  foreign  stock insurer authorized to do business in this state is found to be impaired, the superintendent may, after notice  and hearing,  order  such  insurer  not  to  issue  during  such  time as he prescribes any new policies in this state, and  may,  after  notice  and hearing, revoke its license to transact business in this state.
NY Ins L § 1311 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1311 - Impairment of a Mutual or Reciprocal Insurer.

§  1311.  Impairment  of  a  mutual or reciprocal insurer. (a) In this section "required surplus" includes  any  guaranty  surplus  or  special contingent  surplus  or other specifically reserved surplus account of a domestic mutual insurer, a domestic  reciprocal  insurer  or  any  other domestic  insurer  without  capital stock, required by the provisions of this chapter to be maintained for any purpose, including:  (i)  issuance of   non-assessable  policies,  (ii)  payment  of  dividends,  or  (iii) transaction  of  business  after  a  license  has  been  issued  by  the superintendent.  (b)  Whenever  the  superintendent finds from a financial statement or report on examination that the total  admitted  assets  of  any  insurer required  to  maintain such required surplus are less than the aggregate amount of its liabilities and required surplus, he shall  determine  the amount  of such impairment and order the insurer or its attorney-in-fact to eliminate such impairment  within  such  period  he  designates,  not exceeding  ninety  days from service of such order. He may also by order prohibit such insurer, while such impairment exists, from:  (1) issuing any non-assessable policies if its  required  surplus  for the purpose of item (i) of subsection (a) hereof is impaired, or  (2)  paying  dividends if its required surplus for the purpose of item (ii) of subsection (a) hereof is impaired, or  (3) issuing new policies if its minimum surplus  for  the  purpose  of item (iii) of subsection (a) hereof is impaired.  (c) If the impairment so determined is such that such insurer does not have  the  minimum  surplus  required  for  item (iii) of subsection (a) hereof, and if when such designated period expires the insurer  has  not satisfied  the  superintendent that such impairment has been eliminated, the superintendent may proceed against  such  insurer  pursuant  to  the provisions  of  article  seventy-four of this chapter on the ground that its  further  transaction  of  business  will  be   hazardous   to   its policyholders, its creditors or the public.  (d)  If  the required minimum surplus of any authorized foreign mutual or reciprocal insurer is found by the superintendent to be impaired, the superintendent may order such insurer not to issue during such  time  as he  prescribes any new policies in this state, and may, after notice and hearing, revoke its license to do business in this state.
NY Ins L § 1316 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1316 - Voluntary Deposits.

§  1316.  Voluntary  deposits. The superintendent may receive from any   authorized insurer a deposit required by or  pursuant  to  the  laws  of   another  state  as a prerequisite to doing business in such other state,   and may also receive from any insurer  any  additions  to  its  deposits   which  are  reasonably necessary to maintain the aggregate value of such   deposit at least equal to the amount required.
NY Ins L § 1317 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1317 - Release of Deposits.

§  1317.  Release  of  deposits.  (a) (1) In this section, "release of deposits" means the transfer  and  delivery  by  the  superintendent  of deposited  securities  to the depositing insurer at its request, or to a person designated by  it  in  writing,  without  substitution  of  other securities.  The  superintendent  may require authentication or proof of such request, or of such designation, in such form and manner as he  may prescribe.  (2)  No  depositing  insurer  shall  be entitled to a total or partial release of its deposited securities except as specified in this section.  (3) No total or partial release of a deposit, made in  good  faith  by the superintendent, shall impose any personal liability upon him.  (b) If the superintendent finds that the aggregate market value of the required deposit of any insurer doing business in this state exceeds one hundred  five  per  centum of the amount required of such insurer by the laws of this state, he may release securities of such deposit, having  a value  not  greater than the amount of such excess, but the par value of the securities remaining on deposit shall not be less  than  the  amount required by the provisions of this chapter.  (c)  If the superintendent finds that all or any part of any voluntary deposit of any insurer is no longer required to comply with the laws  of this or any other state, he may to such extent release such deposit.  (d) If the superintendent finds that the aggregate market value of the required  deposit  of  any insurer exceeds two hundred per centum of the total amount of  its  outstanding  accrued  and  contingent  liabilities assumed, or covering persons or risks located, within the United States, and  that  such  insurer  has  ceased  to do any new business within the United States, he may release securities of such deposit having a  value not greater than the excess.  (e) In making any findings required by this section the superintendent may  make such examination or other investigation of the affairs of such insurer as he deems expedient, and may require a statement subscribed by two principal officers of such insurer and  affirmed  by  them  as  true under the penalties of perjury as to any facts therein.
NY Ins L § 1318 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1318 - Deposits, Securities Eligible.

§  1318.  Deposits,  securities  eligible.  (a)  Except  as  otherwise provided in this chapter, every deposit  made  with  the  superintendent shall  be  in  the  securities  specified  in  paragraphs one and two of subsection (b) of section one thousand four hundred two of this chapter, estimated at an amount not exceeding their  current  market  value,  but their total par value shall not be less than the amount required.  (b)  Such  deposit made by a foreign insurer may be in like securities of its home state if similar domestic insurers doing  business  in  such state are permitted to deposit therein like securities of this state.  (c)  If  the aggregate market value of the securities on deposit shall fall below the required  amount,  the  superintendent  may  require  the depositing  insurer  to deposit sufficient additional securities of like character.
NY Ins L § 1319 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1319 - Deposits by Foreign Insurers.

§  1319. Deposits by foreign insurers. (a) Every foreign insurer doing business in this state shall keep on deposit with the superintendent, or with the state officer of its home state  designated  by  law  for  such purpose,  the  same  amount  of securities which a like domestic insurer transacting the same kinds of insurance is required to deposit with  the superintendent.  (b)  Such  securities  shall  be  of  the  same  character required or permitted by  section  one  thousand  three  hundred  eighteen  of  this article,  except  that  such  an  insurer  may, in the discretion of the superintendent, receive  credit  for  a  deposit  with  its  home  state consisting  of  bonds  and  mortgages,  or  deeds  of trust, on improved unencumbered real property located in its home state or  in  this  state worth fifty per centum more than the amount loaned thereon.  (c) The superintendent shall be furnished with the certificate of such state  officer  of  the insurer's home state under his hand and official seal that he holds such securities in  trust  and  on  deposit  for  the benefit  of  all policyholders or all the policyholders and creditors of such insurer.  Such certificate shall list the securities  so  held  and their par or face value.
NY Ins L § 1320 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1320 - Deposits by Alien Insurers; Statutory Deposits.

§  1320.  Deposits by alien insurers; statutory deposits. (a) No alien insurer authorized to do an insurance business in this  state  shall  do such business unless it shall have securities deposited (for the benefit of all its policyholders, or all its policyholders and creditors, in the United  States) with the superintendent or with proper state officers of other states, or held as trusteed assets, in an amount at least equal to one hundred fifty per centum of the capital required to be maintained by a domestic stock insurer licensed to do the same kinds of insurance.  In any event the deposit with the superintendent shall at least equal:  (1)  if  such insurer is licensed in this state to do only one kind of insurance, five hundred thousand dollars;  (2) if such insurer is licensed in this state to do two or more  kinds of  insurance,  an amount equal to the lesser of the capital required to be maintained by a domestic stock insurer licensed to do the same  kinds of insurance, or one million dollars.  (b)   Notwithstanding  the  foregoing,  any  alien  insurer  initially licensed to do an insurance business in this state prior to July  first, nineteen  hundred  eighty-two shall have securities deposited or held as trusteed assets, as provided in subsection (a) hereof in  an  amount  at least  equal  to fifty percent of the deposit requirements applicable to an alien insurer initially authorized to do  an  insurance  business  in this state on or after July first, nineteen hundred eighty-two.  (c)  Any  licensed alien insurer may make additional deposits with the superintendent in order to comply  with  this  section  or  section  one thousand three hundred twelve of this article.  (d)  In  any financial statement of a United States branch of any such alien insurer the item corresponding to  capital  stock  of  a  domestic stock  corporation  shall be termed its "statutory deposit" and shall be in an amount equal to the deposit required to comply with the provisions of subsection (a) or (b) hereof.
NY Ins L § 1321 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1321 - Commutation of Reinsurance Agreements.

§   1321.   Commutation   of   reinsurance   agreements.  (a)  If  the superintendent finds that a domestic insurer or a United  States  branch of  an alien insurer entered through this state is impaired or insolvent within the meaning of this chapter, the superintendent may  permit  such insurer  to  utilize commutations of reinsurance agreements to eliminate the impairment  or  insolvency,  provided  that  such  commutations  are approved  by  the superintendent in accordance with standards prescribed by regulation.  (b) For  purposes  of  this  section,  commutation  of  a  reinsurance agreement  is  the  elimination  of  all  present and future obligations between the parties, arising from the reinsurance agreement, in exchange for a current consideration.  (c) Nothing herein contained shall preclude  the  superintendent  from proceeding  against  such  insurer  under  any  other  provision of this chapter.
NY Ins L § 1325 (2021)
2021 New York Laws ISC - Insurance Article 13 - Assets and Deposits 1325 - Exemption.

§  1325.  Exemption.  For  the purposes of exempting certain insurance   companies from the provisions of  section  one  thousand  three  hundred   twenty-four  of  this  article, the superintendent shall exempt, through   December  thirty-first,  two  thousand  twenty-two,  those   stock   and   non-stock insurance companies to which subparagraph (B) of paragraph two   of subsection (b) of such section applies.