2023 New York Laws › ISC - Insurance › Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities › 1717 - Registration.

§ 1717. Registration. (a) A parent corporation shall register with the
superintendent  within  thirty  days of becoming subject to registration
and shall amend  the  registration  within  thirty  days  following  any
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 parent corporation, other than a parent corporation required to
register as a controlled insurer pursuant to section one  thousand  five
hundred  three  of  this  chapter,  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  parent  corporation's  knowledge and belief, identify the
material risks within any subsidiary that could pose enterprise risk  to
the parent corporation.
(c) (1) A parent corporation, other than a parent corporation required
to  register  as  a  controlled insurer pursuant to section one thousand
five hundred three of this chapter, shall file with  the  superintendent
an  annual group capital calculation by June thirtieth of each year when
this state is the lead  state  as  determined  in  accordance  with  the
procedures  within  the financial analysis handbook adopted by the NAIC,
as amended from time to time.
(2) When the lead state is not this state, a parent corporation  shall
file  with  the  superintendent  the annual group capital calculation as
adopted by its lead state if the parent corporation has filed the annual
group capital calculation with the lead state but the lead state is  not
willing  or  able to share the annual group capital calculation with the
superintendent.
(3) When this state is the lead state, the  parent  corporation  shall
complete  the  annual  group  capital calculation in accordance with the
group  capital  calculation   instructions,   which   may   permit   the
superintendent  to  allow  a subsidiary to file the annual group capital
calculation.
(4) When this state is the lead state, a parent corporation  shall  be
exempt from filing an annual group capital calculation if it:
(A)  has  only one insurer subsidiary that only writes business and is
only licensed in its domestic state and assumes  no  business  from  any
other insurer;
(B)  is  required  to perform a group capital calculation specified by
the  United  States  Federal  Reserve  Board,  except  that  the  parent
corporation shall not be exempt if the superintendent requests the group
capital  calculation  from the United States Federal Reserve Board under
the terms of information sharing agreements in effect  and  the  Federal
Reserve Board cannot share the calculation with the superintendent;
(C)  has  a  non-United  States  group-wide supervisor that is located
within a reciprocal jurisdiction,  as  described  in  part  one  hundred
twenty-five  of title eleven of the official compilation of codes, rules
and regulations of this state, that recognizes the United  States  state
regulatory approach to group supervision and group capital; or
(D)(i)  provides information to the superintendent, either directly or
indirectly through the group-wide supervisor, who  has  determined  such
information  is  satisfactory to allow the superintendent to comply with
the NAIC group supervision approach, as detailed in the  NAIC  financial
analysis handbook; and
(ii)  has  a  non-United States group-wide supervisor that is not in a
reciprocal jurisdiction that recognizes and accepts, as specified by the
superintendent in a regulation, the group  capital  calculation  as  the

world-wide  group  capital  assessment  for  United  States systems that
operate in that jurisdiction.
(5)  Notwithstanding  subparagraphs  (C)  and (D) of paragraph four of
this subsection, when this state is the lead state,  the  superintendent
shall require the group capital calculation for United States operations
of  any  non-United  States-based  system  where,  after  any  necessary
consultation  with  other  supervisors  or  officials,  it   is   deemed
appropriate  by the superintendent for prudential oversight and solvency
monitoring purposes or for ensuring the competitiveness of the insurance
marketplace.
(6) Notwithstanding the  exemptions  from  filing  the  group  capital
calculation  set  forth  in paragraph four of this subsection, when this
state is the lead state, the superintendent has the discretion to exempt
a parent corporation from filing an annual group capital calculation  or
accept  a  limited  annual group capital calculation filing or report in
accordance with  criteria  as  specified  by  the  superintendent  in  a
regulation.
(7)  When  this  state  is  the  lead  state,  if  the  superintendent
determines that a parent corporation no longer meets one or more of  the
requirements  for an exemption from filing the group capital calculation
under this subsection, the  parent  corporation  shall  file  the  group
capital  calculation  at  the  next  annual  filing date unless given an
extension by the superintendent based on reasonable grounds shown.
(d)(1) A parent corporation, other than a parent corporation  required
to  register  as  a  controlled insurer pursuant to section one thousand
five hundred three of this chapter, that has a subsidiary that is scoped
into the NAIC liquidity stress test framework shall file the results  of
a  specific  year's  liquidity  stress test with the superintendent when
this state is the lead state as determined by the procedures within  the
financial analysis handbook adopted by the NAIC and as amended from time
to time.
(2)  When the lead state is not this state, a parent corporation shall
file with the superintendent the results of a specific year's  liquidity
stress  test  as adopted by its lead state if the parent corporation has
filed the results with the lead state but the lead state is not  willing
or able to share the results with the superintendent.
(3)  When this state is the lead state, the performance of, and filing
of the results from, a  specific  year's  liquidity  stress  test  shall
comply with the NAIC liquidity stress test framework.
(4)  When  the  lead  state  is  this  state,  any  change to the NAIC
liquidity stress test framework or to the data year for which the  scope
criteria  are  to be measured shall be effective on January first of the
year following the calendar year when such changes are adopted.
(5) When this state is the lead state, an insurer meeting at least one
threshold of the scope criteria shall be considered scoped into the NAIC
liquidity stress test framework for the specified data year  unless  the
superintendent,  in  consultation with the NAIC financial stability task
force, or its successor, determines the insurer shall not be scoped into
the NAIC liquidity stress test framework for that data year.
(6) When this state is the  lead  state,  an  insurer  that  does  not
trigger at least one threshold of the scope criteria shall be considered
scoped out of the NAIC liquidity stress test framework for the specified
data  year,  unless  the  superintendent,  in consultation with the NAIC
financial stability task force, or its successor, determines the insurer
shall be scoped into the NAIC liquidity stress test framework  for  that
data year.
(7)  The  superintendent,  in  consultation  with  the  NAIC financial
stability task force, or its successor,  shall  assess  the  concern  of

wishing to avoid having insurers scoped in and out of the NAIC liquidity
stress  test  framework on a frequent basis as part of the determination
for an insurer.
(e)  No  insurer,  insurance  producer,  or  other  person shall make,
publish, disseminate, circulate, issue, or place before the  public,  or
cause  directly  or  indirectly  to  be  made,  published, disseminated,
circulated, issued, or placed before the public, in  this  state,  in  a
newspaper,  magazine,  or other publication, or in the form of a notice,
circular, pamphlet, letter, or poster, or over any radio  or  television
station  or  any  electronic  means  of  communication  available to the
public, or in any  other  way  as  an  advertisement,  announcement,  or
statement  containing  a  representation or statement with regard to the
group capital calculation, group capital ratio,  liquidity  stress  test
results  or  supporting  disclosures  for  such  test,  or any component
derived in  the  calculation  thereof,  of  any  parent  corporation  or
subsidiary  thereof,  provided,  however,  that a parent corporation may
publish, with the superintendent's prior approval,  announcements  in  a
written publication to rebut any materially false statement with respect
to  the  foregoing  if  the  insurer  is  able  to  demonstrate  to  the
superintendent with substantial proof the falsity of such  statement  or
the  inappropriateness,  as  the case may be, and if the sole purpose of
the announcement is to rebut the materially false statement.