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 80 - Controlled insurers › Subpart 80-1 - Holding companies › Section 80-1.4 - Reporting

Current through Register Vol. 46, No. 28, July 10, 2024
Every controlled insurer registered or required to
						register pursuant to Insurance Law section 1503 shall, within 120 days
						following the end of its ultimate holding company's fiscal year, and within 120
						days following the end of each succeeding fiscal year, furnish to the
						superintendent a report containing the following:
(a) A brief description of all transactions
					 during the preceding fiscal year with persons within its holding company system
					 to which it was a party (other than any transactions otherwise reported to or
					 approved by the superintendent under any provision of the Insurance Law),
					 inclusive of arrangements for common management or cooperative or joint use of
					 personnel, property or services. (Transactions not deemed material,
					 transactions in series or numerous similar transactions may be reported in the
					 aggregate, provided that they are reasonably described.) The issuance of
					 contracts of insurance issued in the normal course of business, other than
					 contracts of reinsurance, shall not be deemed transactions hereunder.
(b) Copies of the latest annual reports to
					 shareholders of the ultimate corporate holding company and of all significant
					 persons within the holding company system that issued such reports.
(c) A consolidated balance sheet of the
					 ultimate holding company and each significant person within the holding company
					 system, as of the end of the holding company's fiscal year, and related
					 consolidated statements of income and surplus for the year then ended. Such
					 financial statements shall be accompanied by an opinion of an independent
					 certified public accountant to the effect that such financials present fairly
					 the consolidated financial position of the ultimate holding company and such
					 persons, and the results of their operations for the year then ended, in
					 conformity with generally accepted accounting principles or with requirements
					 of insurance or other accounting principles prescribed or permitted under law.
					 In lieu of fully consolidated statements, registrant may furnish separate
					 certified financial statements with respect to any person or persons, and
					 certified consolidated or combined statements with respect to any group of
					 persons, within the holding company system. Upon written application of a
					 significant person who is an individual, the superintendent may permit the
					 significant person to submit a certified public accountant compilation rather
					 than an opinion of an independent certified public accountant, if the
					 superintendent finds, upon review of the application, that submitting an
					 opinion of an independent certified public accountant would constitute a
					 hardship upon the significant person. The written application shall explain how
					 submitting an opinion of an independent certified public accountant would
					 constitute a hardship upon the significant person.
(d) A list that identifies each insurer in
					 the holding company system that is not an authorized insurer in this State
					 ("unauthorized insurer") and that electronically filed its most recent annual
					 statement with the national association of insurance commissioners, and for an
					 unauthorized insurer that has not electronically filed its most recent annual
					 statement with the national association of insurance commissioners, a copy of
					 the most recent annual statement filed with the unauthorized insurer's state of
					 domicile.
(e) A copy of any proxy
					 material used by the ultimate holding company during the preceding
					 year.
(f) A brief description of
					 any litigation or administrative proceedings of the following types, either
					 then pending or concluded within the preceding fiscal year, to which the
					 ultimate holding company, any significant person within the holding company
					 system or any director or executive officer of either of the foregoing is or
					 was a party, or of which the property of any such person is or was the subject;
					 give the names of the parties and the court or agency in which such litigation
					 or proceeding is or was pending:
(1) criminal
					 prosecutions or administrative proceedings by any government agency or
					 authority that may be relevant to the trustworthiness of any party thereto;
					 and
(2) proceedings that may have a
					 material effect upon the solvency or capital structure of the ultimate holding
					 company or significant person including, but not necessarily limited to,
					 bankruptcy, receivership or other corporate reorganizations.