reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.3 - Contents of annual audited financial report

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The annual
				  audited financial report shall report the financial position of the company as
				  of the end of the most recent calendar year and the results of its operations,
				  cash flows and changes in capital and surplus for the year then ended in
				  conformity with statutory accounting practices prescribed, or otherwise
				  permitted, by the insurance department of the state of domicile. In addition, a
				  company may comply by filing statements prepared in accordance with generally
				  accepted accounting principles, provided that appropriate reconciliation is
				  made as required by Insurance Law, section
				  307(b). The annual audited
				  financial report shall include the following:
(1) report of CPA;
(2) balance sheet reporting admitted assets,
				  liabilities, capital and surplus;
(3) statement of operations;
(4) statement of cash flow; and
(5) statement of changes in capital and
				  surplus.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.4 - Designation of CPA

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  company that files an annual audited financial report shall provide to the
				  superintendent in writing the name, address, telephone number and email address
				  of its CPA by March 1, 2010, and except as otherwise provided in this section,
				  provide updated information within 60 days of any change in CPA
				  thereafter.
(b) The company shall
				  obtain a letter from the CPA, and file a copy with the superintendent, stating
				  that the CPA is aware of the provisions of the insurance law and the
				  regulations thereunder of the state of domicile that relate to accounting and
				  financial matters and affirming that the CPA will express his or her opinion on
				  the financial statements in terms of their conformity to the statutory
				  accounting practices prescribed or otherwise permitted by that insurance
				  department, specifying such exceptions as the CPA may believe
				  appropriate.
(c) If the CPA is
				  dismissed or resigns:
(1) The company shall
				  submit notification to the superintendent within five business days of the
				  event.
(2) The company shall submit
				  a letter to the superintendent within 15 business days of the event stating
				  whether there were any disagreements at the decision-making level with the
				  former CPA within the previous two years (whether or not resolved to the CPA's
				  satisfaction) on any matter of accounting principles or practices, financial
				  statement disclosure, or auditing scope or procedure that might or could have
				  been referenced in the CPA's opinion attached to the audited financial report
				  and detailing with specificity the nature and extent of any such
				  disagreements.
(3) The company
				  shall submit, with the letter required by paragraph (2) of this subdivision, a
				  letter from the former CPA to the superintendent stating whether the CPA agrees
				  with the statements contained in the company's letter and, if not, stating the
				  reasons for which the CPA does not agree.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.5 - Qualifications of CPA

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A company
				  may utilize a CPA for the purposes specified in this Part provided that the
				  CPA:
(1) meets the definition of a CPA set
				  forth in section
				  89.1(g) 
				  of this Part;
(2) has not either
				  directly or indirectly entered into an agreement of indemnity or release from
				  liability (collectively referred to as indemnification) with respect to the
				  audit of the company;
(3) acts in
				  conformity with the standards of the accounting profession, such as set forth
				  in the Code of Professional Ethics of the AICPA and Rules and Regulations and
				  Code of Ethics of Professional Conduct of the New York Board of Public
				  Accountancy, or similar code; and
(4) utilizes its staff consistent with the
				  standard prescribed by generally accepted auditing standards.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.6 - Consolidated or combined audits

Current through Register Vol. 46, No. 28, July 10, 2024
A company may make written application to the
					 superintendent for approval to file audited consolidated or combined financial
					 statements, in lieu of separate annual audited financial statements, if the
					 company is part of a group of companies that utilizes a pooling or 100 percent
					 reinsurance agreement that affects the solvency and integrity of the company's
					 reserves and the company cedes all of its direct and assumed business to the
					 pool. In such cases, a columnar consolidating or combining worksheet shall be
					 filed with the report, as follows:
(a)
				  amounts shown on the consolidated or combined audited financial report shall be
				  shown on the worksheet;
(b) amounts
				  for each company subject to this section shall be stated separately;
(c) noninsurance operations must be shown on
				  the worksheet on a combined or individual basis;
(d) explanations of consolidating and
				  eliminating entries shall be included; and
(e) a reconciliation shall be included of any
				  differences between the amounts shown in the individual company columns of the
				  worksheet and comparable amounts shown on the annual statements of the
				  companies.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.7 - Scope of audit and report of CPA

Current through Register Vol. 46, No. 28, July 10, 2024
A company shall have financial statements furnished
					 pursuant to section
					 89.3 
					 of this Part audited by the CPA. The audit of the company's financial
					 statements shall be conducted in accordance with generally accepted auditing
					 standards.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.8 - Notification of adverse financial condition

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  company required to furnish an annual audited financial report shall require
				  the CPA to submit written notification to the superintendent, the board of
				  directors and the company's audit committee within five business days of any
				  determination by the CPA that the company has materially misstated its
				  financial condition as reported to the superintendent as of the balance sheet
				  date currently under audit or that the company does not meet the minimum
				  capital or surplus requirement of the insurance law as of that date, including,
				  for applicable MCOs, the contingent reserve requirement of 10 NYCRR section
				  98-1.11(e).
(b) A company shall
				  require that if the CPA, subsequent to the date of the audited financial report
				  filed pursuant to this Part, becomes aware of facts that might have affected
				  the report, the CPA acts in accordance with professional obligations imposed by
				  the AICPA and PCAOB.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.9 - Communication of internal control related matters noted in an audit

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In addition
				  to the annual audited financial report, every company shall obtain from its CPA
				  a written communication stating whether or not the CPA has noted any
				  unremediated material weaknesses in the company's internal control over
				  financial reporting during the audit. The communication prepared by the CPA
				  shall also contain a description of any unremediated material weakness as of
				  December 31st of the immediately preceding year. The company shall submit the
				  written communication to the superintendent as part of the filing of each
				  annual audited financial report required to be filed with the superintendent as
				  required by Insurance Law, section
				  307 or 10 NYCRR section
				  98-1.16(c).
(b) The company shall
				  provide a description of remedial actions taken or proposed to correct
				  unremediated material weaknesses, if the actions are not described in the CPA's
				  communication.
(c) The company
				  shall submit the written communication to the superintendent as part of the
				  filing of each annual audited financial report filed with the superintendent,
				  as required by Insurance Law, section
				  307(b) or 10 NYCRR
				  98-1.16(c).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.10 - CPA's letter of qualifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  company subject to this Part shall retain a CPA who agrees by written contract
				  with such company to comply with the provisions of Insurance Law, section
				  307(b) and this Part. The
				  contract must specify:
(1) that the CPA is
				  independent with respect to the company and is acting in conformity with the
				  standards of the CPA's profession, such as contained in the Code of
				  Professional Ethics and pronouncements of the AICPA and the Rules of
				  Professional Conduct of the New York Board of Public Accountancy, or similar
				  code and meets the definition of a CPA set forth in section
				  89.1(g) 
				  of this Part;
(2) that the CPA
				  understands the annual audited financial report, that the CPA's opinion thereon
				  will be filed in compliance with this Part and that the superintendent will be
				  relying on this information in the monitoring and regulation of the financial
				  condition of the company;
(3) that
				  the CPA consents to the requirements of section
				  89.11 
				  of this Part and that the CPA consents and agrees to make available the work
				  papers for review by the superintendent; and
(4) that the CPA represents that it is in
				  compliance with the requirements of section
				  89.5  of
				  this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.11 - Availability and maintenance of CPA work papers

Current through Register Vol. 46, No. 28, July 10, 2024
Every company shall require the CPA to make available for
					 review by department examiners, all work papers prepared in the conduct of the
					 CPA's audit and any communications related to the audit between the CPA and the
					 company, at the offices of the company, at the department, or at any other
					 reasonable place designated by the superintendent. Every company shall require
					 that the CPA retain the audit work papers and communications for six calendar
					 years from the date of the audit report or until the filing of the report on
					 examination covering the period of the audit, whichever is longer as required
					 by Part 243 of this Title (Regulation 152).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.12 - Requirements for audit committees

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) The audit committee shall be directly
				  responsible for the appointment, compensation and oversight of the work of any
				  CPA (including resolution of disagreements between management and the CPA
				  regarding financial reporting) for the purpose of preparing or issuing the
				  audited financial report or related work pursuant to this Part. Every CPA shall
				  report directly to the audit committee.
(2) The audit committee shall be responsible
				  for overseeing the company's internal audit function and granting the person or
				  persons performing the function suitable authority and resources to fulfill
				  their responsibilities if required by section
				  89.16 
				  of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.13 - Conduct of company in connection with the preparation of required reports and documents

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any
				  director or officer of a company, or any other person acting under the
				  direction thereof, shall not, directly or indirectly:
(1) make or cause to be made a materially
				  false or misleading statement to a CPA in connection with any audit, review or
				  communication required under this Part; or
(2) omit to state, or cause another person to
				  omit to state, any material fact necessary in order to make statements made, in
				  light of the circumstances under which the statements were made, not misleading
				  to a CPA in connection with any audit, review or communication required under
				  this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.14 - Management's report of internal control over financial reporting

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  company required to file an audited financial report pursuant to this Part that
				  has annual direct written and assumed premiums, excluding premiums reinsured
				  with the Federal Crop Insurance Corporation and Federal Flood Program, of
				  $500,000,000 or more shall prepare a report of the company's or group of
				  companies' internal control over financial reporting. This report of internal
				  control over financial reporting, together with any communication about
				  unremediated material weaknesses discovered during the CPA's audit described
				  under section
				  89.9 
				  of this Part shall be submitted to the superintendent upon the filing date upon
				  which each audited financial report is required to be filed. Management's
				  report of internal control over financial reporting shall be as of December
				  31st immediately preceding.
(b)
(1) In lieu of the report required by
				  subdivision (a) of this section, a company may file its or its parent's SOX
				  section 404 report with the superintendent, if the company is:
(i) directly subject to SOX section
				  404;
(ii) not directly subject to
				  SOX section 404 but is a SOX compliant company; or
(iii) a member of a holding company system
				  whose parent is:
(a) directly subject to SOX
				  section 404; or
(b) not directly
				  subject to SOX section 404, but is a SOX compliant company.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.15 - Canadian and British insurer

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the case
				  of a United States branch of a Canadian or British insurer, the annual audited
				  financial report shall be the annual statement of total business on the form
				  filed by the insurer with its supervision authority duly audited by an
				  independent chartered accountant.
(b) For each insurer described in subdivision
				  (a) of this section, the letter required in section
				  89.4(b) 
				  of this Part shall state that the CPA is aware of the requirements relating to
				  the annual audited financial report filed with the superintendent pursuant to
				  section
				  89.3 
				  of this Part and shall affirm that the opinion expressed is in conformity with
				  those requirements.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.16 - Internal audit function requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A company shall establish an internal
				  audit function, which shall be provided by performing general and specific
				  audits, reviews, and tests and by employing other techniques deemed necessary
				  to protect assets, evaluate control effectiveness and efficiency, and evaluate
				  compliance with policies and regulations.
(b) In order to ensure that internal auditors
				  remain objective, the internal audit function shall be organizationally
				  independent. The internal auditors shall not defer ultimate judgment on audit
				  matters to other persons, and shall appoint an individual to head the internal
				  audit function who shall have direct and unrestricted access to the board of
				  directors. Organizational independence shall not preclude dual-reporting
				  relationships.
(c) The head of the
				  internal audit function shall report to the audit committee regularly, but no
				  less than annually, on the periodic internal audit plan, factors that may
				  adversely impact the internal audit function's independence or effectiveness,
				  material findings from completed internal audits, and the appropriateness of
				  corrective actions implemented by management as a result of internal audit
				  findings.
(d) If a company is a
				  member of a group of companies, then the company may satisfy the internal audit
				  function requirements set forth in this section at the ultimate group level, an
				  intermediate group level, or the individual legal entity level; provided,
				  however, that the company may only satisfy the internal audit function
				  requirements at the ultimate group level or intermediate group level if the
				  internal audit function addresses risk management, control, and governance
				  processes of the company.
(e) A
				  company shall be exempt from the requirements of this section if:
(1) the company has annual direct written and
				  unaffiliated assumed premium, including international direct and assumed
				  premium but excluding premiums reinsured with the Federal Crop Insurance
				  Corporation and Federal Flood Program, of less than $500 million; and
(2) the company is a member of a group of
				  companies and the group has annual direct written and unaffiliated assumed
				  premium, including international direct and assumed premium, but excluding
				  premiums reinsured with the Federal Crop Insurance Corporation and Federal
				  Flood Program, of less than $1 billion.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter A - Rules of General Application › Part 89 - AUDITED FINANCIAL STATEMENTS › Section 89.17 - Effective date and special rules

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Effective date.
(1) The
				  requirements of this Part, subject to subdivision (b) of this section, shall
				  apply beginning with the reporting period ending December 31, 2010.
(2) A company acquired in a business
				  combination shall have two calendar years following the date of acquisition or
				  combination to comply with this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 90 - Corporate Governance › Section 90.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
					 meaning ascribed to them:
(a) Article
				  16 system means an authorized domestic insurer registered or required to
				  register under Insurance Law article 16 and all of the insurer's
				  subsidiaries.
(b) Article 17 system
				  means a parent corporation registered or required to register under Insurance
				  Law article 17 and all of the parent corporation's subsidiaries.
(c) Corporate governance framework means the
				  structures, processes, information, and relationships used for the oversight,
				  direction, control, and management of an insurer or system and for ensuring
				  compliance with legal and regulatory requirements.
(d) Holding company system has the meaning
				  set forth in Insurance Law section 1501(a)(6).
(e) Insurer means an insurer authorized to do
				  an insurance business in this State, including a domestic corporation organized
				  pursuant to Insurance Law article 43.
(f) Key person means any individual who may
				  exercise discretion over, or have a material effect or significant influence
				  on, an insurer's or system's business plans, operations, or funds.
(g) Most senior governing entity means the
				  level at which:
(1) the insurer's or system's
				  risk appetite is determined;
(2)
				  the earnings, capital, liquidity, operations, and reputation of the insurer are
				  overseen collectively and at which the supervision of those factors are
				  coordinated and exercised; or
(3)
				  legal responsibility for failure to oversee or supervise general corporate
				  governance duties is placed.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 90 - Corporate Governance › Section 90.2 - Corporate governance framework

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer shall adopt a corporate governance framework
					 that shall be appropriate for the nature, scale, and complexity of the insurer.
					 An insurer may satisfy this section if it is a member of a system and the
					 system has a corporate governance framework.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 90 - Corporate Governance › Section 90.4 - Exemptions from electronic filing requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer required to make an electronic
				  filing pursuant to this Part may apply to the superintendent for an exemption
				  from the requirement that the filing be electronic by submitting a written
				  request to the superintendent for approval at least 30 days before the insurer
				  is due to submit to the superintendent the particular filing that is the
				  subject of the request.
(b) The
				  request for an exemption shall:
(1) set forth
				  the insurer's NAIC number;
(2)
				  identify the specific filing as to which the insurer is applying for the
				  exemption;
(3) specify whether the
				  insurer is making the request for an exemption based upon undue hardship,
				  impracticability, or good cause, and set forth a detailed explanation as to the
				  reason that the superintendent should approve the request; and
(4) specify whether the request for an
				  exemption extends to future filings, in addition to the specific filing
				  identified in paragraph (2) of this subdivision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 91 - Allocation Of Income (receipts) And Expenses › Section 91.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Equitable
				  allocation of income and expenses of a life insurer is the responsibility of
				  its management. Its exercise of such responsibility, while shaped by
				  appropriate consideration of such factors as size, mode of operation and
				  classes of business written by the insurer, must accord with sound accounting
				  practice and comply with Insurance Law requirements that holders of insurance
				  policies and annuity contracts be treated equitably (§§ 4216, 4224,
				  4231, 4235, 4238, and 4239) and that insurance policies and annuity contracts
				  be self-supporting on reasonable assumptions as to mortality, morbidity,
				  interest and expense (§§ 4228 and 4235).
(b) In exercise of his statutory
				  responsibilities, the superintendent is empowered to issue interpretations and
				  rules for enforcement of the Insurance Law, including standards announced in
				  advance. To this end these instructions are issued to all life insurers
				  licensed by the State of New York to facilitate their compliance with the
				  aforementioned sections of the Insurance Law in allocating income and expenses.
				  These instructions give due recognition to accounting systems for analysis of
				  income and expenses in use by life insurers as a part of over-all programs for
				  cost control and for allocation of income and expenses. Nothing herein
				  contained is intended, nor should be construed, to permit any segregation of
				  assets, or income therefrom, as separate and distinct funds except as
				  specifically authorized or required by law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 91 - Allocation Of Income (receipts) And Expenses › Section 91.3 - Investment expenses

Current through Register Vol. 46, No. 28, July 10, 2024
Distribution of expenses to investment activities shall be
					 made on the same principles as used for subdivision of expenses by major annual
					 statement lines of business. Investment expenses (column [4] of exhibits 2 and
					 3) shall include all amounts reported as "real estate expenses" (exhibit 2,
					 line 9.1), "investment expenses not included elsewhere" (exhibit 2, line 9.2),
					 and "real estate taxes" (exhibit 3, line 1) and all other costs incurred in
					 connection with the investing of funds, servicing of investments, and the
					 obtaining of investment income, or chargeable against investment
					 income.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 91 - Allocation Of Income (receipts) And Expenses › Section 91.4 - Standards and rules for allocation of income (receipts) and expenses

Current through Register Vol. 46, No. 28, July 10, 2024
(a) General
				  instructions.
(1) It is the responsibility of
				  each life insurer to use only such methods of allocation as will produce a
				  suitable and equitable distribution of income and expenses by lines of
				  business. Unless impractical or unfeasible, an insurer may use only such
				  methods of allocation in its distribution of income and expenses within annual
				  statement lines of business as are compatible with the methods it uses for
				  distribution between annual statement lines of business.
(2) Each life insurer shall maintain records
				  sufficient detail to show fully:
(i) the
				  system actually used for allocation of income and expenses;
(ii) the actual bases of
				  allocation;
(iii) the actual
				  monetary distribution of the respective items of income, salaries, wages,
				  expenses, and taxes to:
(a) units of activity
				  or functions, if any distribution is made on such basis;
(b) fund accounts, if any distribution is
				  made on the basis thereof, reflecting separately, for each fund, premiums or
				  considerations, investment income, capital gains and losses, benefit payments,
				  expenses, and provision for reserves;
(c) annual statement lines of
				  business;
(d) companies;
				  and
(e) a recapitulation and
				  reconciliation of clauses (a), (b), (c) and (d) of this subparagraph with the
				  insurer's books of account and annual statement.
(3) Such records shall be
				  classified and indexed in such form as to permit ready identification between
				  the item allocated and the basis upon which it was allocated, and shall be
				  maintained in such a manner as to be readily accessible for examination. These
				  records shall bear a date and shall identify the person responsible for the
				  preparation thereof.
(4) Bases of
				  allocation shall be reviewed periodically to ascertain their suitability for
				  continued use.
(5) Allocations of
				  income and expenses between companies shall be treated in the same manner as if
				  made for major annual statement lines of business.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 91 - Allocation Of Income (receipts) And Expenses › Section 91.5 - Investment year method of distributing net investment income

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Distribution of net investment income
				  shall be made in accordance with section
				  91.4(c)(2) 
				  of this Part or by use of an investment year method in accordance with the
				  following rules, which are designed to assure that a life insurer's use of an
				  investment year method is in accordance with Insurance Law requirements that
				  holders of insurance policies and annuity contracts be treated equitably
				  (§§ 4216, 4224, 4231, 4235, 4238, 4239) and which are subject to
				  subdivision (b) of this section.
(1) In the
				  application of the investment year method, suitable adjustment may be made for
				  net investment income from assets that have characteristics to justify
				  allocation by some other method, such as real estate, stocks, short-term notes
				  and bills, and cash and bank deposits.
(2) Such method is used for the distribution
				  of net investment income to each major annual statement line of
				  business.
(3) Such method or one of
				  the methods described in section
				  91.4(c)(2) 
				  of this Part is used for the distribution of net investment income to each
				  secondary annual statement line of business.
(4) The distribution of net investment income
				  within annual statement lines of business is made on an equitable basis, and to
				  the extent feasible by the same method as used for distribution of net
				  investment income to such lines of business.
(5) Capital gains and losses are distributed
				  by the same method.
(6) Such method
				  treats as a single period all years of investment prior to the year of
				  investment as to which the method first became effective.
(7) Such method treats as separate periods of
				  investment either each year of investment commencing with the year as to which
				  the method first became effective, or groups of consecutive investment years
				  having a limited range of differing investment returns, provided, however, that
				  an insurer may transfer one or more years of investment on a first-in,
				  first-out basis to the single period referred to in paragraph (6) of this
				  subdivision after demonstration to the satisfaction of the superintendent that
				  such transfer would be equitable.
(8) In computing investment yield rates for
				  each of the periods referred to in paragraphs (6) and (7) of this subdivision,
				  such method takes into account the incidence, by year of investment, of receipt
				  of premiums and considerations and of payout of benefits and expenses, and also
				  takes into account the assets referred to in paragraph (1) of this subdivision
				  that are not subject to the investment year method and funds made available for
				  reinvestment.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 91 - Allocation Of Income (receipts) And Expenses › Section 91.6 - Separability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
					 any person or circumstances is held unauthorized by law, the remainder of the
					 Part and the application of such provision to other persons or circumstances
					 shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 92 - Valuation Of Policies And Annuities › Section 92.1 - Form and contents of report

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Pursuant to sections 4217, 4234 and
				  4516  of the Insurance Law, every domestic
				  life insurance company and every domestic fraternal benefit society shall file
				  annually with the superintendent, on or before the date for filing its annual
				  statement pursuant to section 307  of the Insurance Law, valuation
				  schedules for the calculation of the reserves under its outstanding:
(1) life insurance policies and annuity
				  contracts, including additions thereto, and including provisions and
				  supplemental contracts providing for any disability and accidental death
				  benefit;
(2) accident and health
				  insurance policies.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 92 - Valuation Of Policies And Annuities › Section 92.2 - Certificate of valuation

Current through Register Vol. 46, No. 28, July 10, 2024
As soon as practicable after January 1 in each year, the
					 superintendent will issue to each such company or society a certificate showing
					 the aggregate amount, as determined on the basis of its filed valuation
					 schedules, of the reserves on all such policies and
					 contracts.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 92 - Valuation Of Policies And Annuities › Section 92.3 - Valuation of other items

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may determine the amount of the
					 liability for other items involving actuarial calculations, such as
					 supplementary contracts not involving life contingencies, unreported claims,
					 and dividends payable during the next calendar year.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 92 - Valuation Of Policies And Annuities › Section 92.4 - Basis of valuation

Current through Register Vol. 46, No. 28, July 10, 2024
The basis of valuation of all such policies and contracts
					 shall be that specified in the Insurance Law for the respective types of
					 insurers above referred to.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The large
				  financial risks inherent in jumbo jets placed a considerable burden upon the
				  United States reinsurance market in the early 1970's. To provide sufficient
				  underwriting capacity to meet the needs of the jumbo jet age, the New York
				  Insurance Law was amended in 1971 by adding a new subsection (d) to section
				  1114 and amending section 4205, to permit authorized life insurers, acting
				  either individually or together with other insurers, to reinsure risks "arising
				  from, related to, or incident to the manufacture, ownership or operation of
				  aircraft."
(b) The 1971 amendments,
				  which were implemented by the prior Part 93 of this Title, have enabled the
				  life insurance industry to provide such additional capacity. Since 1971
				  technology has progressed and vehicles capable of sustained travel throughout
				  both air and space have been developed, creating new and additional problems of
				  capacity for which the resources of life insurance companies must continue to
				  be available.
(c) This regulation
				  is intended to accommodate advancing technology and provide adequate protection
				  for life insurance companies and their policyholders by enlarging their scope
				  of permitted activities, inter alia redefining the term "aircraft."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the term aircraft means any
					 contrivance, now or hereafter invented, which is capable of sustained travel,
					 throughout air, space or both. Such term shall include:
(a) conventional aircraft means a vehicle
				  used or designed solely for navigation of, or flight in, the air; and
(b) space vehicle means an object intended
				  for launch, launched or assembled in outer space (including by way of example,
				  space shuttles), any equipment components, devices and parts of a
				  transportation, communication, information or other system employed in outer
				  space.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.2 - Notice of intention; approval

Current through Register Vol. 46, No. 28, July 10, 2024
Any authorized life insurance company which, pursuant to
					 the authority granted by section 1114 (d)  of the Insurance
					 Law, intends to enter the aircraft reinsurance business whether individually or
					 together with other insurers, must:
(a) file a notice of intention in writing to
				  the superintendent. Such notice of intention shall set forth the amount of
				  surplus it proposes to allocate to the aircraft reinsurance business; its
				  proposed plan of operations; whether it intends to reinsure conventional
				  aircraft, space vehicles or both; the qualifications of its staff to engage in
				  the aircraft reinsurance business; proof that its charter and, in the case of a
				  foreign or alien life insurer, the laws of its place of domicile authorize it
				  to engage in such kind of business; and proof, in the case of a foreign or
				  alien life insurer, the laws of its place of domicile authorize it to engage in
				  such kind of business; and proof, in the case of a foreign or alien life
				  insurer, that the insurance regulatory authorities of its place of domicile
				  have been informed of its intended participation and have not objected to such
				  participation; and
(b) obtain the
				  advance written approval of the superintendent prior to such
				  entrance.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.3 - Financial requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  conventional operations of such life insurance company shall, to the extent
				  possible, be accounted for separately from its aircraft reinsurance business.
				  Accordingly, each life insurance company proposing to engage in such business
				  shall account for this business as a separate line of business with its own
				  allocated surplus. Life insurers transacting the business of aircraft
				  reinsurance shall be subject to the same statutory provisions and
				  administrative rules relating to net annual premium volume and the maintenance
				  of reserves for unearned premiums and unpaid losses as are applicable to fire
				  and casualty insurers transacting aviation reinsurance.
(b) As a condition precedent to approval of
				  the entry of a life insurer into the business of aircraft reinsurance, the
				  insurer shall demonstrate that 20 percent of its total capital and surplus as
				  of the preceding year-end is at least equal to the sum of the capital and
				  surplus required of a fire or casualty insurer transacting the same kind of
				  business. As a condition for remaining in this business, the life insurer
				  should be prepared to demonstrate continuing conformity to the foregoing
				  requirement at each succeeding year-end.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.4 - Limitation of risk

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding the provisions of section 1115  of the Insurance Law, the amount of
					 any single aircraft risk shall be limited to not more than two percent of the
					 life insurer's total capital and surplus as of the preceding
					 year-end.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.5 - Records and reporting

Current through Register Vol. 46, No. 28, July 10, 2024
Each life insurer engaging in the aircraft reinsurance
					 business shall maintain accounting records which adequately reflect the
					 operations of its aircraft reinsurance line of business in a manner similar to
					 that of a fire or casualty insurer doing the same kind of business. Such
					 records shall distinguish, as reasonably practical, between the reinsurance of
					 conventional aircraft and space vehicles. In this respect Insurance Department
					 Regulation 33 (11 NYCRR 90-91) will be applicable to the allocation of expenses
					 to such line of business. Each life insurer engaging in such business shall
					 report to the superintendent in such manner and at such times as the
					 superintendent may hereafter prescribe with respect to this line of business
					 and the funds applied thereto.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.6 - Pooling agreements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Pooling agreements for aircraft reinsurance risks shall be filed with the
				  superintendent for his advance written approval. The superintendent shall
				  approve the agreement upon his making a determination that:
(1) the agreement conforms to the
				  requirements of the Insurance Law and this Part;
(2) the agreement will not unreasonably
				  restrain competition or tend to create a monopoly;
(3) there exists a reasonable basis for the
				  admission of additional members; and
(4) the agreement permits any member to
				  accept reinsurance on its own behalf outside the pool.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.7 - Prior transactions

Current through Register Vol. 46, No. 28, July 10, 2024
Aircraft reinsurance transactions entered into by an
					 authorized life insurer before the effective date of this Part shall be
					 included in the accounting reports and records of such insurer. Insurers shall
					 be subject to this Part as to all transactions, including renewals, entered
					 into on or after the effective date hereof.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 93 - Aircraft Reinsurance By Life Insurers › Section 93.8 - Separability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
					 any person is for any reason held invalid, the remainder of this Part and the
					 application of such provision to other persons shall not be affected
					 thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.1 - Purposes

Current through Register Vol. 46, No. 28, July 10, 2024
The purposes of this Part are:
(a) to implement sections 1303, 4117, 4217 (d), 4517 (d) and
				  4517 (f)  of the Insurance
				  Law regarding reserves for accident and health insurance policies;
				  and
(b) to prescribe rules for
				  valuing certain specified accident and health benefits in life insurance
				  policies and annuity contracts.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to every insurance company and
					 fraternal benefit society doing business in this State and every insurance
					 company and fraternal benefit society holding a certificate from the
					 superintendent as being accredited for the reinsurance of life insurance,
					 annuities or accident and health insurance. It shall apply to all individual
					 and group accident and health insurance policies including credit disability
					 insurance policies issued by such insurers, whether funded in the general
					 account or in a separate account, no matter where issued or assumed, and no
					 matter where shown in the annual statement. This Part shall also apply to
					 certain specified accident and health benefits in life insurance policies and
					 annuity contracts. This Part shall be applicable to such societies and insurers
					 for all statements filed after the effective date of this Part. For the
					 purposes of this Part, insurer shall mean such a society or
					 insurer.