reglab/housing_qa huggingface dataset:
NY Ins L § 1402 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1402 - Minimum Capital or Minimum Surplus to Policyholder Investments.

§   1402.   Minimum   capital   or  minimum  surplus  to  policyholder investments. (a) Before investing its funds in  any  other  investments, every  domestic insurer shall invest and maintain an amount equal to the greater of the minimum capital required by law or the minimum surplus to policyholders required to be maintained by  law  for  a  domestic  stock corporation  authorized to transact the same kinds of insurance, only in investments of the types specified in this  section  which  are  not  in default  as  to  principal  or  interest.  Investments  equal  in value, determined pursuant to section one thousand  four  hundred  fourteen  of this  article,  to  such  amount and of such types shall at all times be maintained free and clear from  any  security  interest  other  than  as impressed  upon  a  deposit with any government within the United States for the security of all policyholders or all policyholders and creditors of the insurer or upon trusteed assets held in trust for the security of all policyholders and creditors of the insurer.  (b) Not less than sixty percent of the amount of the required  minimum capital  or  surplus  to  policyholder  investments shall consist of the types specified in paragraphs one and two hereof:  (1) Obligations of the United States or of any agency thereof provided such agency obligations are guaranteed as to principal and  interest  by the United States.  (2)  Direct  obligations  of  this state or of any county, district or municipality thereof.  (3) Direct obligations of any state of the United States.  (4) Obligations  secured  by  first  mortgage  loans  which  meet  the standards  specified  in paragraph four of subsection (a) of section one thousand four hundred four of this article on property located  in  this state.
NY Ins L § 1406 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1406 - Policy Loans.

§  1406.  Policy loans. (a) Any life insurance company may lend to any policyholder upon the security of the value of  his  policy  a  sum  not exceeding the legal reserve which it is required to maintain thereon.  (b)  A fraternal benefit society may make similar loans subject to the provisions of article forty-five of this chapter.
NY Ins L § 1409 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1409 - Limitation of Investments.

§  1409.  Limitation  of  investments. (a) Except as more specifically provided in this chapter, no domestic insurer shall have more  than  ten percent  of  its  admitted assets as shown by its last statement on file with the superintendent invested in,  or  loaned  upon,  the  securities (including   for  this  purpose  certificates  of  deposit,  partnership interests and other equity interests) of any one institution.  (b) The restriction of subsection (a) hereof shall not  apply  to  the classes  of  governmental  obligations (including obligations secured by mortgages upon real property guaranteed or insured  under  the  National Housing  Act,  12  U.S.C.  §§ 1701-1750) eligible for minimum capital or surplus to  policyholder  investments  pursuant  to  the  provisions  of section one thousand four hundred two of this article nor to investments in  shares  of  other  insurance companies pursuant to the provisions of section one thousand four hundred eight of this article.  (c) The limitations of investments set forth in this section shall not apply to mortgage-related securities or securities issued or  guaranteed by  the  Federal  Home Loan Mortgage Corporation or the Federal National Mortgage Association; provided, however, that for an insurer maintaining an aggregate investment in excess of seventy  percent  of  its  admitted assets as shown by its last statement on file with the superintendent in such  securities,  the  balance of such investments greater than seventy percent thereon shall be limited by and apportioned according to a ratio of one to two respectively, between investment in  such  securities  and investment  in  government  obligations,  as  that  term  is  defined in paragraph one of subsection (a) of section fourteen hundred four of this chapter.  (d) The superintendent shall not promulgate any rules  or  regulations to  limit  or  otherwise  alter  the  provisions  of  paragraph  two  of subsection (a) of section  fourteen  hundred  one  of  this  article  or subsection  (c) of this section. The superintendent shall not promulgate any rules or regulations that limit the  authority  of  any  insurer  to invest in mortgage related securities.
NY Ins L § 1412 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1412 - Disposal or Deduction of Investments Unlawfully Acquired.

§  1412. Disposal or deduction of investments unlawfully acquired. (a) Every  domestic  insurer  shall  forthwith  dispose  of  any  investment acquired in violation of the law in force at the date of acquisition.  (b)  In  determining  the financial condition of any such insurer, the value of any  wholly  ineligible  investments,  and  the  value  of  any investment in excess of any limitation prescribed in this chapter, shall be deducted as a non-admitted asset of such insurer.
NY Ins L § 1415 (2021)
2021 New York Laws ISC - Insurance Article 14 - Investments 1415 - Investments of Domestic Insurers in Persons Included on List of Persons Engaged in Investment Activities in Iran Treated as Nonadmitted Assets.

§  1415.  Investments of domestic insurers in persons included on list of  persons  engaged  in  investment  activities  in  Iran  treated   as nonadmitted   assets.   1.  As  used  in  this  section,  the  following definitions shall apply:  (a) "Iran" shall have the same  definition  as  used  in  section  one hundred sixty-five-a of the state finance law.  (b)  "Person"  shall  have  the same definition as used in section one hundred sixty-five-a of the state finance law.  (c) "Investment" shall mean any  investment  permitted  under  section fourteen hundred four or fourteen hundred five of this article.   2.  Investments by a domestic insurer in persons which are included on the list of persons created by the office of general  services  pursuant to   paragraph   (b)   of  subdivision  three  of  section  one  hundred sixty-five-a of the state finance law shall be  treated  as  nonadmitted assets.   3.  On  or  before  December  thirtieth,  two  thousand  thirteen, and annually thereafter, the insurer shall determine what investments it had in  the  past  calendar  year,  including   any   transfers   or   other transactions,  in  persons  which  are  included  on the list of persons created by the office of general services pursuant to paragraph  (b)  of subdivision  three  of  section  one  hundred  sixty-five-a of the state finance law.   4. On March first, two thousand fourteen, and annually thereafter, the insurer shall provide the department with a list of investments  it  had in   the   past   calendar   year,  including  any  transfers  or  other transactions, in persons included on the list of persons created by  the office  of  general  services  described  in  subdivision  three of this section, including, but not limited to, the issuer, by name, of all  the stock, bonds, securities, and other evidence of indebtedness.   5.  This  section shall cease to be operative if both of the following apply:  (a) Iran is removed from the United States department of state's  list of countries that have been determined to repeatedly provide support for acts of international terrorism.  (b)  Pursuant to the appropriate federal statute, the president of the United States determines and certifies to the appropriate  committee  of the  congress  of  the United States that Iran has ceased its efforts to design, develop, manufacture, or acquire a nuclear explosive  device  or related materials and technology.
NY Ins L § 1502 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1502 - Exemptions.

§  1502.  Exemptions.  (a) Notwithstanding any other provision of this article the following shall not be deemed holding companies:  (1) authorized insurers, including alien insurers transacting business in this state through United States branches, or their subsidiaries; or  (2) the United States, a state or any political subdivision, agency or instrumentality thereof, or any corporation  wholly  owned  directly  or indirectly by one or more of the foregoing.  (b) The superintendent may conditionally or unconditionally exempt any specified  person  or  class of persons from any obligation or liability under this article,  if  and  to  the  extent  he  finds  the  exemption necessary  or  appropriate  in the public interest or not adverse to the interests of policyholders  or  shareholders  and  consistent  with  the purposes of this article.
NY Ins L § 1503 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1503 - Registration.

§  1503.  Registration.  (a)  Every  person  who  becomes a controlled insurer  shall,  within  thirty  days  thereafter  register   with   the superintendent  and  shall  amend  the  registration  within thirty days following any change in the identity of its holding company or any other material change to the information provided  in  the  registration.  The registration shall be in such form and shall contain such matters as the superintendent  prescribes.  The  superintendent  may  grant  reasonable extensions of the time to register.  (b) A holding company that directly or indirectly controls an  insurer shall  adopt a formal enterprise risk management function and shall file an enterprise risk report with the superintendent by April thirtieth  of each  year.  The  report  shall,  to  the  best of the holding company's knowledge and belief, identify the material  risks  within  the  holding company system that could pose enterprise risk to the insurer.
NY Ins L § 1504 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1504 - Reporting; Examination; Publication.

§  1504. Reporting; examination; publication. (a) (1) Every controlled insurer shall file with the superintendent such reports or  material  as the  superintendent may direct for the purpose of disclosing information concerning the operations of persons within the holding  company  system that  may  materially  affect  the  operations,  management or financial condition of the insurer.  (2) To determine compliance with this article, the superintendent  may order any controlled insurer to produce information not in the insurer's possession  if the insurer can obtain access to the information pursuant to contractual relationships, statutory obligations, or other method. In the event the insurer cannot obtain the  information  requested  by  the superintendent,  the insurer shall provide the superintendent a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of information. Whenever  it  appears  to the  superintendent  that  the detailed explanation is without merit, in addition to any other penalty provided by law, the superintendent, after notice and an opportunity to be heard, may levy a  penalty  against  the insurer  not  to exceed five hundred dollars per day for each day beyond the date specified by the superintendent for response.  (b) Every holding company and every controlled person within a holding company  system  shall  be  subject  to  examination  by  order  of  the superintendent  if  the  superintendent  has  cause  to believe that the operations  of  such  persons  may  materially  affect  the  operations, management  or  financial condition of any controlled insurer within the system, including by posing enterprise risk to the insurer, and that the superintendent is  unable  to  obtain  relevant  information  from  such controlled  insurer.  The  grounds relied upon by the superintendent for such examination shall be stated in  the  superintendent's  order.  Such examination  shall  be  confined  to matters specified in the order. The cost of such examination shall be assessed against the  person  examined and  no portion thereof shall thereafter be reimbursed to it directly or indirectly by the controlled insurer.  (c) The superintendent shall keep the contents  of  each  report  made pursuant  to  this  article  and  any information obtained in connection therewith confidential and shall not make the same  public  without  the prior  written  consent  of  the controlled insurer to which it pertains unless the superintendent after notice and an opportunity to  be  heard, shall determine that the interests of policyholders, shareholders or the public  will  be  served  by  the  publication thereof. In any action or proceeding by the superintendent against  the  person  examined  or  any other  person  within  the  same holding company system a report of such examination published by  the  superintendent  shall  be  admissible  as evidence of the facts stated therein.
NY Ins L § 1507 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1507 - Management of Controlled Insurers.

§  1507.  Management  of  controlled insurers. (a) Notwithstanding the control of an authorized insurer by any person, the  insurer's  officers and  directors  shall  not  thereby  be  relieved  of  any obligation or liability to which they would otherwise  be  subject  by  law,  and  the insurer shall be managed so as to assure its separate operating identity consistent with this chapter.  (b) Nothing herein shall preclude an authorized insurer from having or sharing  a  common  management or cooperative or joint use of personnel, property or services with one or more other persons  under  arrangements meeting  the  standards  of  subsection (a) of section one thousand five hundred five of this article.
NY Ins L § 1508 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1508 - Acceptance of Reports Filed With Government Agencies.

§  1508.  Acceptance of reports filed with government agencies. To the   extent that any information or material is set forth in forms  or  other   matter  on  file  with  any  government agency or in a registration form   filed with the superintendent by another person within the same  holding   company  system, the controlled insurer may comply with the registration   or  reporting  requirements  of  this  article  by  referring   in   its   registration  form  or report to such other filed matter and attaching a   copy thereof certified by the insurer as a true and  complete  copy,  to   such  registration  form  or report or, if such other filed matter is on   file with the superintendent, incorporating such matter by reference.
NY Ins L § 1509 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1509 - Prohibition of Indirect Action.

§  1509.  Prohibition  of  indirect  action.  No  holding  company  or   controlled person shall directly or indirectly or through another person   do or cause to be done for or in behalf of the  controlled  insurer  any   act intended to affect the insurance operations of the insurer which, if   done  by  the  insurer,  would violate section four thousand two hundred   twenty-eight, four thousand two hundred twenty-nine, four  thousand  two   hundred  thirty  or  any sections specified in section two thousand four   hundred two of this chapter.
NY Ins L § 1510 (2021)
2021 New York Laws ISC - Insurance Article 15 - Holding Companies 1510 - Violations; Penalties; Jurisdiction Over Non-Domiciliaries.

§  1510.  Violations;  penalties; jurisdiction over non-domiciliaries. (a) In addition to any other penalty provided by law, the superintendent may, upon the wilful failure of any  person  within  a  holding  company system   to  comply  with  this  article  or  any  regulation  or  order promulgated hereunder:  (1) proceed under article seventy-four of this chapter with respect to a domestic insurer within the holding company system;  (2) revoke or refuse to renew the authority to  do  business  in  this state  of  an  authorized  foreign  or  alien insurer within the holding company system or refuse to issue such authority to any other insurer in the system;  (3) request the attorney general to commence  a  proceeding  utilizing the  procedures  of  sections  seven thousand four hundred seventeen and seven  thousand  four  hundred  eighteen  of  this  chapter  to  enforce compliance or, where appropriate, for an order directing the termination of control of a domestic insurer; or  (4)  direct  that,  in  addition to any other penalty provided by law, such person forfeit to the people of this state a sum not exceeding five hundred dollars for a first violation  and  two  thousand  five  hundred dollars  for  any  subsequent violation. An additional sum not exceeding two thousand five hundred dollars shall be imposed for each month during which any such violation shall continue.  (b) If the superintendent finds after notice  and  opportunity  to  be heard  that  any domestic controlled insurer or any policyholder thereof has suffered any loss or damage because of the wilful violation of  this article,  or  of  any  regulation or order promulgated hereunder, by any person within the insurer's holding company system, he may  request  the attorney general to maintain a civil action in the name of the people of the  state  or  intervene  in  an  action brought by or on behalf of the insurer or policyholder for the recovery of compensatory damages for the benefit of the insurer or policyholder or for other appropriate relief.  (c) As to any cause of action enumerated in this section a  court  may exercise  personal jurisdiction over any non-domiciliary who controls or is an officer or director of a person who controls a domestic insurer.  (d) Whenever it appears to the  superintendent  that  any  person  has committed  a  violation of section one thousand five hundred six of this article that prevents the full  understanding  of  the  enterprise  risk posed  to  the  insurer by the holding company system, the violation may serve  as  an  independent   basis   for   disapproving   dividends   or distributions  or  as grounds for rehabilitation or liquidation pursuant to article seventy-four of this chapter.
NY Ins L § 1601 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1601 - Authority to Invest in Subsidiaries; Businesses of Subsidiaries.

§   1601.   Authority   to   invest  in  subsidiaries;  businesses  of subsidiaries. (a) (1) A domestic insurer authorized to make  investments by  subsection  (c)  of  section one thousand four hundred three of this chapter may, subject to section one thousand  two  hundred  eighteen  of this  chapter  invest  in, or otherwise acquire, subsidiaries engaged or organized to engage in  any  business  lawful  under  the  laws  of  the jurisdiction in which such subsidiaries are organized.  (2)   Notwithstanding   the   provisions  of  paragraph  one  of  this subsection, no assessment corporation, as defined in subsection  (b)  of section six thousand six hundred two of this chapter, shall invest in or otherwise  acquire, directly or indirectly, an insurance company if such investment or acquisition results  in  the  control  of  such  insurance company by the assessment corporation.  (b)  Except  as  prohibited by paragraph two of subsection (a) of this section, subsidiaries engaged or  organized  to  engage  exclusively  in owning  or investing in insurers, directly or indirectly, are subject to the limitations set forth in sections one thousand two hundred  eighteen and one thousand four hundred eight of this chapter.
NY Ins L § 1602 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1602 - Minimum Ownership of Subsidiaries' Shares.

§ 1602. Minimum ownership of subsidiaries' shares.  A domestic insurer   shall  own not less than fifty-one percent of the issued and outstanding   voting shares of each of its subsidiaries.
NY Ins L § 1603 (2021)
2021 New York Laws ISC - Insurance Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities 1603 - Notice of Intent to Acquire or Divest.

§  1603. Notice of intent to acquire or divest. (a) A domestic insurer shall not acquire control of any  other  domestic  insurer,  whether  by purchase of its securities or otherwise, unless:  (1) a notice of intention of such proposed acquisition shall have been filed with the superintendent not less than ninety days, or such shorter period  as  may  be  permitted by the superintendent, in advance of such proposed acquisition; and  (2) the insurer receives the superintendent's prior approval.  (b) The  superintendent  shall  disapprove  such  acquisition  if  the superintendent  determines  that the proposed acquisition is contrary to law or determines that such proposed acquisition would  be  contrary  to the  best  interests  of  the  parent  insurer's policyholders or of the people of this state. Only the following factors shall be considered  in making the foregoing determination:  (1)  the  availability  of  the  funds  or  assets  required  for such acquisition;  (2) the fairness of any exchange of  shares,  assets,  cash  or  other consideration for the shares or assets to be received;  (3)  the  impact  of the new operation on the parent insurer's surplus and existing insurance business and the risks  inherent  in  the  parent insurer's investment portfolio and operations;  (4)  the  fairness  and  adequacy  of  the  financing proposed for the subsidiary;  (5) the likelihood of undue concentration of economic power;  (6) whether the effect of the  acquisition  may  be  substantially  to lessen  competition  in  any line of commerce in insurance or to tend to create a monopoly therein; and  (7) whether the acquisition might result in an excessive proliferation of  subsidiaries  that  would   tend   to   unduly   dilute   management effectiveness  or weaken financial strength, or otherwise be contrary to the best interests of the  parent  insurer's  policyholders  or  of  the people of this state.  (c)  At any time after an acquisition the superintendent may order its disposition if the superintendent finds, after notice and an opportunity to be heard, that its continued retention is hazardous or prejudicial to the interests of the parent insurer's policyholders.  (d) Any domestic insurer seeking to divest its controlling interest in another  domestic  insurer,  in  any  manner,  shall   file   with   the superintendent,  with  a  copy  to  the  insurer, notice of its proposed divestiture at least thirty days prior to the cessation of control.  (e) The contents of each notice of intention of a proposed acquisition or divestiture filed hereunder and information pertaining thereto  shall be  kept confidential, shall not be subject to subpoena and shall not be made public  unless  after  notice  and  opportunity  to  be  heard  the superintendent   determines   that   the   interests  of  policyholders, shareholders or the public will be served by publication.