reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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-five,  those  stock   and
  non-stock insurance companies to which subparagraph (B) of paragraph two
  of subsection (b) of such section applies.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 New York Laws › ISC - Insurance › Article 15 - Holding Companies › 1511 - Expenses for Group-Wide Supervision.

§  1511.  Expenses  for  group-wide  supervision. A controlled insurer
  shall be liable for  and  shall  pay  the  reasonable  expenses  of  the
  superintendent's  participation  in  the  administration  of  group-wide
  supervision of internationally active insurance  groups,  including  the
  engagement  of attorneys, actuaries, and any other professionals and all
  reasonable travel expenses.
2023 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.
2023 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.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1605 - When Corporation Is Deemed a Subsidiary.

§  1605. When corporation is deemed a subsidiary. (a) For the purposes
of this article:
(1) any corporation a majority of whose outstanding voting  shares  is
owned  or controlled by another corporation shall be deemed the latter's
subsidiary, and
(2) any corporation  whose  voting  shares  are  held  by  a  domestic
insurance  company pursuant to section one thousand six hundred two, one
thousand six hundred three or one thousand  six  hundred  four  of  this
article shall be deemed the subsidiary of the insurer, provided that for
purposes  of  section  one  thousand  six hundred six of this article, a
corporation shall be deemed the insurer's subsidiary only so long as the
insurer owns a majority of the total voting shares or retains direct  or
indirect control of such subsidiary.
(b)  For  purposes of this article "voting shares" means shares of any
class  having  voting  power  for  the  election  of  the  corporation's
directors  except  shares  having  such  power  only  by  reason  of the
happening of a contingency.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1606 - Valuation of Shares of Subsidiary.

§  1606.  Valuation  of  shares  of  subsidiary.  In  determining  the
  financial condition of a domestic insurance company, all shares  of  its
  subsidiaries held pursuant to this article shall be valued in accordance
  with  subsections  (c), (f) and (g) of section one thousand four hundred
  fourteen of this chapter.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1609 - Prohibitions on Investments of Subsidiaries.

§  1609.  Prohibitions  on  investments of subsidiaries. No subsidiary
  acquired by a domestic insurance company pursuant to this article  shall
  make any investment prohibited by subsection (a) of section one thousand
  four  hundred  seven of this chapter except that an alien subsidiary may
  make investments in excess of the  limitations  described  in  paragraph
  seven of such subsection if found by the superintendent to be reasonably
  necessary to protect the interests of the parent corporation or those of
  its  alien subsidiary and not prejudicial to the interests of the people
  of this state.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1610 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.

§  1610.  Authority  to  conduct  certain business directly instead of
through subsidiary. (a) A domestic insurance  company  subject  to  this
article  may,  provided  that  it  maintains  books  and  records  which
separately account for such business, engage directly  in  any  business
referred  to  in paragraphs one, two and three of this subsection to the
extent any such business is necessarily or properly  incidental  to  the
insurance business the insurer is authorized to do in this state:
(1) rendering investment advice;
(2)  rendering  services  related  to  the  functions  involved in the
operation of an insurance business including actuarial, loss prevention,
safety engineering, data  processing,  accounting,  claims,  appraisals,
collections  and soliciting and engaging in the business of representing
self-insurers pursuant to section fifty  of  the  workers'  compensation
law; and
(3)  acting  as  administrative agent for a government instrumentality
which is performing an insurance function or is responsible for a health
or welfare program.
(b) A domestic insurance company subject to this article may, provided
that it maintains books and records which separately  account  for  such
business,  engage  directly  in  any  other business activity reasonably
ancillary to an insurance business to the extent any  such  business  is
approved  by  the  superintendent  and subject to any limitations he may
prescribe to protect the interests of the policyholders of  the  insurer
after taking into account:
(1)  the  effect  of such business on the insurer's existing insurance
business and its surplus,
(2) the proposed allocation of the estimated cost of such business,
(3) the risks inherent in such business, and
(4) the relative advantages to the insurer and  its  policyholders  of
conducting such business directly instead of through a subsidiary.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1611 - Aggregate Limitations.

§  1611.  Aggregate  limitations.  (a) The aggregate investment by the
insurer and its subsidiaries in  assets  which  are  owned,  managed  or
acquired  pursuant  to  this article shall not exceed the limitations of
this chapter otherwise applicable to such investments if  held  directly
by the insurer.
(b)  The  aggregate amount of the insurer's investment in subsidiaries
shall not exceed fifteen percent of the insurer's  invested  assets,  as
defined  in  subsection  (a) of section one thousand four hundred one of
this chapter and as shown  by  its  last  statement  on  file  with  the
superintendent,   but   excluded  from  this  limitation  shall  be  any
investment in a  subsidiary  which  is  an  insurance  company  and  any
investment  in  a  subsidiary of the type described in paragraph nine of
subsection (a) of section one thousand four hundred four or subparagraph
(B) of paragraph four of subsection (a) of  section  one  thousand  four
hundred seven of this chapter.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1612 - Regulations.

§ 1612. Regulations. In addition to the powers expressly given by this
  article,  the  superintendent  shall  have the power to promulgate, from
  time to time, such regulations, not inconsistent with this  chapter,  as
  may  be appropriate to carry out this article and, insofar as applicable
  to this article, other provisions of this chapter.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1613 - Expenses for Group-Wide Supervision.

§ 1613. Expenses  for  group-wide  supervision. An authorized domestic
  insurer shall be liable for and shall pay the reasonable expenses of the
  superintendent's  participation  in  the  administration  of  group-wide
  supervision  of  internationally  active insurance groups, including the
  engagement of attorneys, actuaries, and any other professionals and  all
  reasonable travel expenses.
2023 New York Laws › ISC - Insurance › Article 16 - Subsidiaries of Domestic Property/casualty Insurance Companies and Certain Other Entities › 1614 - Confidentiality of Reports and Filings.

§ 1614. Confidentiality  of  reports and filings. The contents of each
  report and filing submitted pursuant to  this  article  and  information
  pertaining  thereto  shall be kept confidential, shall not be subject to
  subpoena or discovery, shall  not  be  admissible  in  evidence  in  any
  private  civil action, and shall not be made public unless, after notice
  and opportunity to be heard,  the  superintendent  determines  that  the
  interests of policyholders, subscribers, stockholders or the public will
  be served by the publication thereof. Neither the superintendent nor any
  person  who  received  a  report  or  filing  submitted pursuant to this
  article and  information  pertaining  thereto,  through  examination  or
  otherwise,  while  acting  under  the authority of the superintendent or
  with whom such  report  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.
2023 New York Laws › ISC - Insurance › Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities › 1701 - Authority to Invest in Subsidiaries; Businesses of Subsidiaries.

§   1701.   Authority   to   invest  in  subsidiaries;  businesses  of
subsidiaries.  Subject to the provisions of  section  one  thousand  two
hundred eighteen of this chapter:
(a)  A  domestic life insurance company may, subject to the provisions
of subsection (d) of section one thousand  four  hundred  five  of  this
chapter,  invest  in,  or  otherwise  acquire,  subsidiaries  engaged or
organized to engage in  any  business  lawful  under  the  laws  of  the
jurisdictions in which such subsidiaries are organized;
(b)  A  domestic  corporation  subject  to article forty-three of this
chapter may invest in, or otherwise acquire, subsidiaries of  the  types
described  in  subsection (b) of section one thousand seven hundred four
of this article and subsidiaries engaged or organized to engage  in  (i)
activities   that  such  corporation  could  engage  in  directly,  (ii)
management or information services reasonably related to  the  provision
of  health insurance, (iii) the delivery or financing of health care, or
(iv) any other business directly related to providing administration  or
sales  of  any employer provided or arranged employee health and welfare
benefits, provided that notice of any  such  acquisition  or  investment
shall be given to the superintendent within five days thereafter; and
(c)  A domestic retirement system subject to article forty-six of this
chapter may invest in, or otherwise acquire, subsidiaries of  the  types
described  in  subsection (b) of section one thousand seven hundred four
of this article and subsidiaries  of  the  type  authorized  by  article
forty-six of this chapter.
2023 New York Laws › ISC - Insurance › Article 17 - Subsidiaries of Domestic Life Insurance Companies and Certain Other Entities › 1703 - Standard of Care for Investments in Subsidiaries.

§  1703. Standard of care for investments in subsidiaries. In addition
  to other requirements of law (statutory or otherwise)  that  affect  the
  standard  of  care  of directors and officers of corporations, directors
  and officers shall perform their duties in connection  with  investments
  in,  or  other acquisitions of, subsidiaries in good faith and with that
  degree of care that an ordinarily prudent individual in a like  position
  would use under similar circumstances.