NY Ins L § 1413 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1413 - Investments of Foreign and Alien Insurers.

§   1413.   Investments   of  foreign  and  alien  insurers.  (a)  The superintendent may refuse a  new  or  renewal  license  to  any  foreign insurer,  if  he  finds  that its investments do not comply in substance with the investment requirements and limitations imposed by this chapter upon like domestic insurers hereafter organized to do the same  kind  or kinds of insurance business. For the purposes of this subsection, except for  derivative transactions authorized pursuant to section one thousand four hundred ten of this article, a foreign insurer's investments  shall be  deemed to comply in substance with such requirements and limitations if, after disallowing as  admitted  assets  in  whole  or  in  part  any investments  not  in compliance therewith, the superintendent finds that such foreign insurer's adjusted surplus to  policyholders  is  not  less than  an  amount  which  is  reasonable  in  relation to its outstanding liabilities and adequate to its financial needs, and at least  equal  to the  minimum  surplus  to  policyholders  required  on organization of a domestic insurer to do the same kind or kinds of insurance business. The superintendent may recognize like securities of a foreign insurer's home state as minimum capital or minimum surplus to policyholder  investments in  lieu  of  the  securities  specified  in  paragraphs two and four of subsection (b) of section one thousand four hundred two of this article. Foreign insurers engaging in derivative transactions pursuant to section one thousand  four  hundred  ten  of  this  article  shall  comply  with subsection   (k)  of  such  section  for  the  purposes  of  substantial compliance.  (b) No alien insurer shall be authorized to do business in this  state unless  its  general  state deposits and its trusteed assets comply with the requirements and limitations of  this  chapter  applicable  to  like foreign  insurers  hereafter  licensed  to  do the same kind or kinds of insurance business, except that foreign investments shall be allowed  to the following extent only:  (1)  Obligations issued or guaranteed by the government of the country in which the alien insurer was organized or by  any  province  or  other major  political  subdivision thereof and not in default as to principal or interest, may be recognized as reserve investments under section  one thousand  four  hundred  four  of  this article (in the case of insurers making investments under section one thousand four hundred four of  this article)  or as investments under section one thousand four hundred five (in the case of insurers making investments under section  one  thousand four  hundred  five  of  this  article)  in  an amount not exceeding the statutory deposit required by the provisions  of  section  one  thousand three hundred twenty of this chapter.  (2)  Except as provided in paragraph one hereof, for an alien non-life insurer  foreign  investments  that  qualify  as  a  reserve  investment pursuant to the provisions of paragraph six of subsection (a) of section one  thousand  four hundred four of this article may be included in such alien insurer's trusteed assets in an aggregate amount not exceeding ten percent of the admitted assets of such insurer's United States branch as shown by its last statement on file with the superintendent, or, for  an alien  life  insurer,  foreign  investments that qualify pursuant to the provisions of paragraph seven of subsection (a) of section one  thousand four  hundred  five  of  this  article  may  be  included  in such alien insurer's trusteed assets in  an  aggregate  amount  not  exceeding  the applicable  quantitative  limitations,  as  set  forth in such paragraph seven.  (c) The superintendent may refuse a new  or  renewal  license  to  any foreign  or  alien  insurer  which  holds a direct or indirect ownership interest in a risk retention group, as defined in article fifty-nine  of  this  chapter, other than in a risk retention group all of whose members are insurance companies.  (d)  This  section shall not relieve any foreign or alien insurer from compliance with any other provision of this chapter.