2023 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) (1) The contents of each report and filing made pursuant  to  this
article  and  any  information obtained in connection therewith shall be
confidential and proprietary and shall not be  subject  to  subpoena  or
discovery or admissible in evidence in any private civil action, and the
superintendent  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.
(2) Neither the superintendent nor any person who received a report or
filing  made  pursuant  to  this article and any information obtained in
connection therewith, through examination  or  otherwise,  while  acting
under  the  authority  of  the  superintendent or with whom such report,
filing, or information are shared pursuant to  this  chapter,  shall  be
permitted  or required to testify in any private civil action concerning
the report, filing, or information.