2023 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.
(c) (1) An ultimate holding company shall file with the superintendent
an  annual group capital calculation by June thirtieth of each year when
this state is the lead state of the holding company system as determined
in accordance with the procedures within the financial analysis handbook
adopted by the NAIC, as amended from time to time. When the  lead  state
is  not  this  state,  an  ultimate  holding company shall file with the
superintendent the annual group capital calculation as  adopted  by  its
lead  state  if  the ultimate holding company 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.
(2) When this state is the lead state, the  ultimate  holding  company
shall  complete  the annual group capital calculation in accordance with
the  group  capital  calculation  instructions,  which  may  permit  the
superintendent  to  allow  a  holding  company  that is not the ultimate
holding company to file the annual group capital calculation.
(3) When this state is the lead state,  an  ultimate  holding  company
shall be exempt from filing an annual group capital calculation if it is
part of a holding company system that:
(A)  has  only one insurer within its system 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 holding company
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  holding  company
systems that operate in that jurisdiction.
(4)  Notwithstanding  subparagraphs  (C) and (D) of paragraph three 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 holding company 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.
(5) Notwithstanding the  exemptions  from  filing  the  group  capital
calculation  set  forth in paragraph three of this subsection, when this
state is the lead state, the superintendent has the discretion to exempt
a holding company from filing an annual  group  capital  calculation  or
accept   a  limited  group  capital  calculation  filing  or  report  in
accordance with  criteria  as  specified  by  the  superintendent  in  a
regulation.
(6)  When  this  state  is  the  lead  state,  if  the  superintendent
determines that a holding company no longer meets one  or  more  of  the
requirements  for an exemption from filing the group capital calculation
under this subsection, the holding company 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)  An  ultimate  holding  company  that  directly  or  indirectly
controls  an insurer subject to registration and that is scoped into the
NAIC liquidity stress  test  framework  shall  file  the  results  of  a
specific  year's  annual  liquidity  stress test with the superintendent
when this state is the lead state  of  the  holding  company  system  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, an ultimate holding company
shall file with the superintendent the  results  of  a  specific  year's
liquidity  stress  test  as  adopted  by  its lead state if the ultimate
holding company 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 this state  is  the  lead  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  any
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 insurer  or  holding  company
system,  provided,  however,  that  an  insurer  may  publish,  with the
superintendent's  prior  approval,  an   announcement   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
inappropriateness, as the case may be, and if the sole  purpose  of  the
announcement is to rebut the materially false statement.