2023 New York Laws › ISC - Insurance › Article 27 - Holocaust Victims Insurance Act of 1998 › 2709 - Substantial Compliance.

§ 2709. Substantial compliance.  (a) An insurer which, pursuant to the
laws  of  another  jurisdiction is required (or whose holding company is
required)  to  report,  certify  or   otherwise   disclose   information
substantially  equivalent to that required by section two thousand seven
hundred five of this article, may satisfy the  requirements  of  section
two  thousand  seven  hundred  five  of  this article by filing with the
superintendent  within  the  applicable  periods  prescribed  hereunder,
copies  of such material filed with such jurisdiction. The determination
as to whether the requirements of a given jurisdiction are substantially
equivalent to those of section two thousand seven hundred five  of  this
article  shall  be  made by the superintendent in his or her discretion.
The superintendent may require that any such filing be supplemented by a
schedule or index referring to the specific requirements of section  two
thousand seven hundred five or the regulations promulgated thereunder.
(b)  The  superintendent,  in  his  or her discretion, may suspend the
application of section two thousand seven hundred five of  this  article
to  any  insurer  upon a finding that such insurer, a subsidiary of such
insurer, or any member of the holding company system that includes  such
insurer,  has  subjected  itself  in  good faith to the authority of the
international commission referenced in a  memorandum  of  intent,  dated
April   eighth,   nineteen   hundred   ninety-eight   executed   by  the
superintendent, other  United  States  insurance  regulators,  worldwide
Jewish  organizations  and  insurers,  or any successor thereto, and has
meaningfully participated in such commission or successor  entity  in  a
manner  reasonably  calculated  to  effect  the prompt investigation and
resolution of claims of Holocaust victims and  upon  a  finding  by  the
superintendent  that  such commission or successor entity is effectively
moving toward the swift and equitable resolution of claims made  against
such insurer by Holocaust victims.
(c)  Each  such  suspension granted pursuant to subsection (b) of this
section shall be valid for  a  one  year  period  and  may  be  extended
annually  for  additional  one year periods upon a finding (i) that such
insurer, a subsidiary of such insurer, or  any  member  of  the  holding
company  system  that  includes  such  insurer, continues to satisfy the
requirements set forth in subsection (b) of this section and  (ii)  that
the  commission or successor entity is effective in achieving the prompt
identification of Holocaust victims  to  whom  insurance  policies  were
issued  between  January  first,  nineteen  hundred  twenty and December
thirty-first, nineteen hundred forty-five,  and  the  investigation  and
resolution  of  claims  of  those Holocaust victims. Each insurer who is
exempted or seeks continued exemption pursuant  to  this  section  shall
file   such   reports   or   provide   such  other  information  as  the
superintendent may require in his or her discretion.
(d) The superintendent shall have the discretion  to  discontinue  any
exemption   made  in  accordance  with  this  section  if  a  reasonable
determination is made  by  the  superintendent  that  the  insurer,  its
subsidiary or division, or the member of the holding company system that
includes such insurer, as applicable, is not cooperating fully with such
commission  or  successor  entity  or  that such commission or successor
entity is not effective in promptly  investigating  and  resolving  such
claims.