2023 New York Laws › ISC - Insurance › Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies › 4233 - Annual Statements of Life Insurance Companies.

§ 4233. Annual statements of life insurance companies. (a) In addition
to  any  other matter which may be required to be stated therein, either
by law or by the superintendent pursuant to law, every annual  statement
of  every  life  insurance  company  doing  business in this state shall
conform substantially to the form of statement adopted from time to time
for such purpose by, or by the authority of, the National Association of
Insurance Commissioners, together  with  such  additions,  omissions  or
modifications,  similarly  adopted from time to time, as may be approved
by the superintendent.
(b) The annual statement  required  by  subsection  (a)  hereof  shall
include  an  accurate,  concise  and complete statement of the following
matters:
(1) All moneys expended in connection with any matter  pending  before
any  legislative body or any officer or department of government, giving
particulars with respect to all items of one hundred dollars or more  as
to  dates,  amounts,  names  and  addresses  of  payees,  the measure or
proceeding in connection with  which  the  payment  was  made,  and  the
interest of the company therein.
(2)  The  names  of  the officers and directors of the company and the
proceedings at the last annual election of directors, giving  the  names
of  candidates  and  the  number  of  votes cast for each and whether in
person, by proxy or by mail.
(3) The compensation and names of the  chief  executive  officer,  the
four most highly paid other executive officers, regardless of the amount
of  the  compensation,  the next five highly compensated employees whose
individual total compensation exceeds one hundred thousand  dollars  and
all  directors, other than those officers or employees who may otherwise
have been disclosed pursuant to this paragraph and  who  also  serve  as
directors.  A list of the job titles and compensation for any officer or
employee not otherwise disclosed pursuant to this  paragraph  where  the
individual's  total  compensation  is  in  excess of seven hundred fifty
thousand dollars. Compensation shall consist of any and all remuneration
paid to or on behalf of an officer, employee or director provided for in
this paragraph during the  year,  including  wages,  salaries,  bonuses,
commissions,  stock grants, gains from the exercise of stock options and
any other emolument. Amounts disclosed for directors  must  include  all
compensation  paid  for services on the board and committees, as well as
any other compensation for  any  other  activity  or  service,  such  as
consulting agreements.
(4)  All  banks and trust companies in which an account was maintained
at any time during the year, and the balance at the end of the year,  if
any,  carried by such company in each such bank or trust company and the
largest balances carried by such company during each month of  the  year
in  each  bank  or trust company in which the largest balance during the
year exceeded one-fortieth of one percent  of  admitted  assets  at  the
beginning  of  the  year  or five hundred thousand dollars, whichever is
smaller.
(5) All death claims resisted or compromised by  such  company  during
the  year,  and,  for each such case the sums insured, the sums paid and
the reasons for resisting or compromising the claim.
(6) A complete statement of the gains  and  losses  upon  all  of  its
business  transacted  during  the year and the sources of such gains and
losses. Any life insurance company which is authorized or  permitted  to
issue  in  this  state  participating  policies  or contracts, and which
issues in the United States  both  participating  and  non-participating
policies or contracts, shall make a separate statement showing gains and
losses,  with  respect  to  each  of  such classes of business, and also
showing the manner in which any general gains and outlays of the company

have been apportioned to each of such classes of business, in conformity
with section four thousand two hundred thirty-one of this  article.  Any
life  insurance company issuing industrial life insurance policies shall
make  a similar separate statement showing gains and losses with respect
to such industrial business and with  respect  to  the  company's  other
business  and  also  showing  the  manner in which any general gains and
outlays of the company have been apportioned to each of such classes  of
business.
(7)  A  statement  showing separately the first year and total expense
limits and the first year and total expenses, determined  in  accordance
with section four thousand two hundred twenty-eight of this article. Any
life insurance company which is authorized or permitted to issue in this
state  both  participating  and  non-participating policies or contracts
shall make  a  separate  statement  showing  these  expense  limits  and
expenses, with respect to each of such classes of business.
(8)  The  rates  of  annual dividends declared during the year for all
plans of insurance for policies issued during  each  of  the  last  five
years  and during each fifth year of the preceding seventy years and for
ages at entry, twenty-five, thirty-five, forty-five and fifty-five,  and
the precise method by which such dividends have been calculated.
(9)  All income, disbursements and reserves relative to noncancellable
disability insurance issued  in  connection  with  or  supplementary  to
policies  of  life  insurance  or annuity contracts shall be reported in
such annual statement.
(10) With respect to participating policies subject to the  provisions
of section four thousand two hundred twenty or four thousand two hundred
twenty-one  of  this  article  upon  which  the  reserves  determined in
accordance with section four thousand  two  hundred  seventeen  of  this
article  were  calculated  at  an  interest rate lower than that used in
calculating the cash surrender values permanently  guaranteed  for  such
policies:
(A)  The approximate amount by which such reserves for policies issued
prior to January first, nineteen hundred forty-eight, are  greater  than
they would have been had they been computed at the interest rate used in
computing  the  reserves  for such policies as of December thirty-first,
nineteen hundred forty-seven.
(B) The approximate amount by which such reserves for policies  issued
on  and  after  January first, nineteen hundred forty-eight, are greater
than they would have been had they been computed at  the  interest  rate
used  in  computing the cash surrender values permanently guaranteed for
such policies.
(C) A schedule supporting the amounts shown in subparagraphs  (A)  and
(B)  hereof,  in  accordance  with  the  same  paragraphs as are used in
reporting the reserve in the annual statement.
(D) A statement of the  nature  of  increase,  if  any,  in  the  cash
surrender values and nonforfeiture benefits allowed on policies on which
a  default  in  payment of a premium occurred during the year over those
permanently guaranteed for such policies and  the  aggregate  amount  in
excess  of  guaranteed  values  paid  out  during  the  year on policies
surrendered for cash.
(11) A statement setting  forth  a  description  of  the  investments,
activities  or  other  contributions of the company relating to New York
state, its residents, municipalities, businesses and institutions  shall
be   considered   to   fulfill   the  requirements  of  this  paragraph.
Investments, activities or contributions shall include, but need not  be
limited   to:   obligations   of   state   government,   its   agencies,
municipalities or other instrumentalities; real  estate  and  mortgages,
including  financing  of  housing, the construction or rehabilitation of

which is undertaken in conjunction with federal, state or local  housing
assistance programs, including the federal low-income housing tax credit
program;  common  stock  and  other securities of business and industry,
including  existing and new small business, and commercial enterprise in
state empire  zones  or  in  federal  empowerment  zones  or  enterprise
communities;  charitable  and  philanthropic  contributions;  activities
conducted by the company to make its customers aware of the investments,
activities, or other contributions described in the statement; and  such
other  investment,  activities or contributions within the intent of the
requirements  of  this  paragraph  as  the   superintendent   may   deem
appropriate pursuant to rules or regulations of the department.