reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.20 - Taxes, licenses and fees

Current through Register Vol. 46, No. 28, July 10, 2024
(a) State
				  and local insurance taxes, deducting guaranty association credits to the extent
				  permitted by the State and local tax authority. Include:
State, county and municipal taxes, licenses and fees based
					 upon premiums.
Fire patrol assessments.
Payments to State industrial (or other) commissions for
					 administration of workers' compensation or other State benefit acts (including
					 assessments for administering financial responsibility laws) regardless of
					 basis of assessment.
Net payments to State security funds, reopened case funds,
					 second injury funds and other State funds, when construed by the company as
					 operating expenses, regardless of basis of assessment.
Exclude:
Allowances for taxes under reinsurance contracts (see
					 commission and brokerage reinsurance assumed and ceded).
(b) Insurance Department licenses and fees.
				  Include:
Agents' licenses.
Certificates of authority, compliance, deposit, etc.
Filing fees.
Fees and expenses of examination by insurance departments
					 or other governmental agencies.
Exclude:
Items includible in claim adjustment services.
(c) Gross guaranty association
				  assessments.
(d) All other
				  (excluding Federal income and real estate). Include:
Qualifying bond premiums.
Statement publication fees.
Advertising required by law.
Personal property taxes.
State income taxes.
Capital stock taxes.
Business or corporation licenses or fees (not includible
					 under subdivision [a] or [b] of this section).
Marine profits taxes.
Documentary stamps on reinsurance.
Any other taxes not assignable under subdivisions (a), (b)
					 and (c) of this section and not otherwise excluded.
Exclude:
Cost of advertising required by law where more than minimum
					 space required to comply with the law is taken. Such expense shall be included
					 in advertising.
Real estate taxes, licenses and fees (see real estate
					 taxes).
Items includible in claim adjustment services.
Fees for automobile license plates (see travel and travel
					 items).
Federal income tax.
Sales taxes, etc. included on invoices of vendors. Such
					 taxes are to follow allocation of cost of items purchased.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.21 - Real estate expenses

Current through Register Vol. 46, No. 28, July 10, 2024
Include:
Salaries, wages and other compensation of janitors,
					 caretakers, maintenance men and agents paid in connection with owned real
					 estate.
Cost of operating and maintaining owned real estate.
Cost of insurance in connection with owned real
					 estate.
Cost of advertising in connection with owned real
					 estate.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.22 - Real estate taxes

Current through Register Vol. 46, No. 28, July 10, 2024
Include:
Taxes, licenses and fees on owned real
					 estate.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.23 - Reimbursements by uninsured accident and health plans

Current through Register Vol. 46, No. 28, July 10, 2024
Report as a negative amount: administrative fees, direct
					 reimbursement of expenses, or other similar receipts or credits attributable to
					 uninsured accident and health plans and the uninsured portion of partially
					 insured accident and health plans.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.24 - Miscellaneous

Current through Register Vol. 46, No. 28, July 10, 2024
Expenses not listed as includible in other operating
					 expense classifications, and not analogous thereto, shall be included in
					 "miscellaneous." Specifically, the following shall be included:
Cost of tabulating service when such service is rendered by
					 outside organizations.
Amounts received and handled in accordance with the
					 instruction "income from special services."
Donations to organized charities.
Differences between actual amounts paid, and amounts
					 apportioned in accordance with the instruction "joint
					 expenses."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 105 - Operating Expense Classification For Annual Statement Purposes › Section 105.25 - General instructions in connection with operating expense classifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Joint expenses
(1) Whenever personnel or
				  facilities are used in common by two or more companies, or whenever the
				  personnel or facilities of one company are used in the activities of two or
				  more companies, the expenses involved shall be apportioned in accordance with
				  Part 106 relating to Joint Expenses, and such apportioned expenses shall be
				  allocated by each company to the same operating expense classifications as if
				  the expenses had been borne wholly. Any difference between the actual amount
				  paid, and the amount of such apportioned expenses shall be included in the
				  operating expense classification "miscellaneous."
(2) This subdivision does not apply to the
				  allocation of the following, which are covered by separate instructions herein:
Reinsurance commission and allowances (see commission and
					 brokerage-reinsurance assumed and ceded).
Commission and brokerage paid to managers and agents (see
					 commission and brokerage- direct).
Allowances to managers and agents (see allowances to
					 managers and agents).
Expenses allocable in accordance with the instruction
					 "income from special services."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.1 - Introductory

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of establishing uniformity in
					 classifications of expenses of property/casualty insurers recorded in
					 statements and reports filed with and statistics reported to the Superintendent
					 of Insurance, all such authorized insurers which are subject to the provisions
					 of article 23 of the Insurance Law shall observe the rules set forth
					 below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.2 - Allocation of joint expenses

Current through Register Vol. 46, No. 28, July 10, 2024
Joint expenses, as described in section
					 105.25(a),
supra,
shall be allocated to companies as follows:
Expenses to be allocated to
								companies
Bases of allocation to
								companies
Advertising
Premiums
Boards, bureaus and associations
Special studies
Surveys and underwriting reports
Special studies
Audit of assureds' records
Special studies
Salaries
See special instructions relating to the allocation
								of salaries and other expenses (Part 109)
Employee relations and welfare
Overhead on salaries
Pensions
Overhead on salaries
Travel and travel items
Special studies
Rent and rent items
Overhead on salaries
Equipment
Overhead on salaries
Printing and stationery
Overhead on salaries
Postage, telephone and telegraph exchange and
								express
Overhead on salaries
Legal and auditing
Special studies
Payroll taxes
Overhead on salaries
Miscellaneous
Special studies
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The term
				  premiums used as a basis of allocation means that the allocation of expenses
				  shall follow the percentages of applicable premiums.
(b) The term special studies used as a basis
				  of allocation means that expenses shall be analyzed and bases of allocation
				  applied as dictated by that analysis.
(c) The term overhead on salaries used as a
				  basis of allocation means that the allocation of expenses shall follow the
				  percentages of the applicable salaries allocation.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.4 - Other bases permitted or prescribed

Current through Register Vol. 46, No. 28, July 10, 2024
For those operating expense classifications permitting the
					 basis, overhead on salaries or premiums, any other basis of allocation may be
					 adopted which yields more accurate results. The bases "overhead on salaries and
					 premiums" shall not be used if clearly inappropriate.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.5 - Other instructions applicable

Current through Register Vol. 46, No. 28, July 10, 2024
In making any allocations of joint expenses, companies
					 shall observe the general instructions regarding allocation bases (see section
					 109.3,
					 infra).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.6 - Records required

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  methods followed in allocating joint expenses shall be described, kept and
				  supported as set forth under "detail of allocation bases" (see section
				  109.4[g],
				  infra).
(b) The effects of the
				  application, to each operating expense classification of all bases of
				  allocation shall be shown on records kept in clear and legible form. Such
				  records shall be readily available for examination.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 106 - Allocation Of Joint Expenses To Companies › Section 106.7 - Interim allocations of joint expenses

Current through Register Vol. 46, No. 28, July 10, 2024
It is permissible to apportion expenses between companies
					 during the year on the basis of methods and procedures other than those
					 prescribed herein, provided allocations of corrected amounts, calculated in
					 accordance with Parts 105 through 109 of this Title, are made in time for entry
					 in the annual statement.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 107 - Composition Of, And Allocation To, Expense Groups › Section 107.1 - Introductory

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of establishing uniformity in
					 classifications of expenses of property/casualty insurers recorded in
					 statements and reports filed with and statistics reported to the Superintendent
					 of Insurance, all such authorized insurers which are subject to the provisions
					 of article 23 of the Insurance Law shall observe the rules set forth
					 below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 107 - Composition Of, And Allocation To, Expense Groups › Section 107.2 - List of expense groups

Current through Register Vol. 46, No. 28, July 10, 2024
Expenses reported in the operating expense classifications
					 shall be allocated to the following expense groups:
Investment expenses
Loss adjustment expenses
Acquisition, field supervision and collection
					 expenses
Taxes, licenses and fees
General expenses
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 107 - Composition Of, And Allocation To, Expense Groups › Section 107.4 - Allocation to expense groups

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Expenses shall be allocated to expense groups as follows:
Expenses to be
								  allocated to expense groups
Allocation to
								  expense groups
Claim adjustment services:
Loss adjustment expenses
Commission and brokerage
Acquisition, field supervision and collection
								expenses
Allowances to managers and agents
See commission and allowances (section
								107.3[c][2]  of
								this Part)
Advertising
Acquisition, field supervision and collection
								expenses
Boards, bureaus and associations
General expenses
Surveys and underwriting reports
General expenses
Audit of assureds' records
General expenses
Salaries and related items
See special instructions relating to the allocation
								of salaries and other expenses (Part 109 of this Title)
Employee relations and welfare
Overhead on salaries
Insurance
Overhead on salaries
Pensions
Overhead on salaries
Directors' fees
Overhead on salaries
Travel and travel items
Special studies
Rent and rent items
Overhead on salaries
Equipment
Overhead on salaries
Printing and stationery
Overhead on salaries
Postage, telephone and telegraph, exchange and
								express
Overhead on salaries
Legal and auditing
Special studies
Taxes, licenses and fees (except payroll taxes)
Taxes
Real estate expenses
Investment expenses
Income from special services
Special studies
Miscellaneous
Special studies
(b)
Definitions.
For definitions of the terms
overhead on
					 salaries
and
special studies,
see section
					 106.3,
supra.
(c)
Other bases permitted or prescribed.
For those operating expense classifications permitting the
					 basis "overhead on salaries," any other basis of allocation may be adopted
					 which yields more accurate results. The basis "overhead on salaries" shall not
					 be used if clearly inappropriate.
(d)
Other instructions
				  applicable.
In making any allocations to expense groups, companies
					 shall observe the general instructions regarding allocation bases (see section
					 109.3  of this
					 Title).
(e)
Records
				  required.
(1) The methods followed in
				  allocating to expense groups shall be described, kept and supported as set
				  forth under "detail of allocation bases" (see section
				  109.4[g]  of this
				  Title).
(2) The effects of the
				  application to each operating expense classification of all bases of allocation
				  shall be shown on records kept in clear and legible form. Such records shall be
				  readily available for examination.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 108 - Allocation To Lines Of Business › Section 108.1 - Introductory

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of establishing uniformity in
					 classifications of expenses of property/casualty insurers recorded in
					 statements and reports filed with and statistics reported to the Superintendent
					 of Insurance, all such authorized insurers which are subject to the provisions
					 of article 23 of the Insurance Law shall observe the rules set forth
					 below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 108 - Allocation To Lines Of Business › Section 108.2 - Lines of business

Current through Register Vol. 46, No. 28, July 10, 2024
The lines of business for allocation of expenses shall be
					 the following:
1. Fire
2.1 Allied lines
2.2 Multiple peril crop
2.3 Federal flood
3. Farmowners multiple peril
4. Homeowners multiple peril
5.1 Commercial multiple peril (nonliability
				  portion)
5.2 Commercial multiple
				  peril (liability portion)
6.
				  Mortgage guaranty
8. Ocean
				  marine
9. Inland marine
10. Financial guaranty
11. Medical malpractice
12. Earthquake
13. Group A&H
14. Credit A&H
15. Other A&H
16. Workers' compensation
17. Other liability
18. Products liability
19.1 Private passenger no-fault (personal
				  injury protection)
19.2 Other
				  private passenger auto liability
19.3 Commercial no-fault (personal injury
				  protection)
19.4 Other commercial
				  auto liability
21.1 Private
				  passenger auto physical damage
21.2
				  Commercial auto physical damage
22.
				  Aircraft (all perils)
23.
				  Fidelity
24. Surety
26. Burglary and theft
27. Boiler and machinery
28. Credit
29. International
30. Reinsurance-nonproportional
				  assumed-property
31.
				  Reinsurance-nonproportional assumed-liability
32. Reinsurance-nonproportional
				  assumed-financial lines
33.
				  Aggregate write-ins for other lines of business
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 109 - Allocation Of Salaries And Other Expenses › Section 109.1 - Introductory

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of establishing uniformity in
					 classifications of expenses of property/casualty insurers recorded in
					 statements and reports filed with and statistics reported to the Superintendent
					 of Insurance, all such authorized insurers which are subject to the provisions
					 of article 23 of the Insurance Law shall observe the rules set forth
					 below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 109 - Allocation Of Salaries And Other Expenses › Section 109.2 - General procedures in allocating salaries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Direct allocations. Wherever possible,
				  salaries of individuals or similarly employed groups shall be allocated direct
				  to companies, expense groups and primary lines of business. In other words,
				  salaries of employees whose work is solely in connection with a specific
				  company, expense group or primary line of business shall be allocated
				  thereto.
(b) Allocations other than
				  direct.
(1) When a direct allocation is not
				  made, salaries, with certain exceptions hereinafter noted, shall be allocated
				  on whichever of the following bases, or combinations thereof, are appropriate:
Number of items or units
Time studies
Overhead on other allocations
Premiums
Dollar volume of losses
Other special studies
(2) The effects of the application to each
				  operating expense classification of all bases of allocation shall be shown on
				  records kept in clear and legible form. Such records shall be readily available
				  for examination.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 109 - Allocation Of Salaries And Other Expenses › Section 109.3 - General instructions regarding allocation bases

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Number of items or units.
(1) Item and unit counts may include the
				  following:
Number of premium entries
Number of policies
Number of loss entries
Number of accidents
Number of employees and any other unit or item counts which
					 aid in the allocation of expenses. To the greatest practical extent, such unit
					 or item counts shall be applied only to expenses incurred in activities having
					 a direct relationship to the bases.
(2) In determining the applicability of
				  "number of premium entries" as a basis of allocation, consideration shall be
				  given to the number of premiums on original policies plus additional premiums,
				  return premiums, reinsurance premiums, and return premiums on reinsurance.
				  Where more than one card is punched or more than one entry is made covering
				  only one amount, consideration shall be given thereto. Consideration shall also
				  be given to the effect on cost of procedural differences in connection with
				  types of entries.
(3) In
				  determining the applicability of "number of policies" as a basis of allocation,
				  consideration shall be given to policies underlying another policy, to policies
				  covering more than one line of business, to policies for various terms, and to
				  the effect on cost of procedural differences in connection with types of
				  policies.
(4) In determining the
				  applicability of "number of loss entries" as a basis of allocation,
				  consideration shall be given to the number of gross entries plus salvage
				  entries and reinsurance entries, for paid or outstanding losses, or both, and
				  to the effect on cost of procedural differences in connection with types of
				  loss entries.
(5) In determining
				  the applicability of "number of accidents" as a basis of allocation,
				  consideration shall be given to accidents on which specific estimates are set
				  up, those on which no specific estimate is made, and those for which no claim
				  is made, and to the effect on cost of procedural differences in connection with
				  types of accidents.
(6) The basis
				  "number of employees" is of limited application and shall be used only where
				  the cost logically follows the number of employees. It may be of use, where
				  properly weighted, in allocating such units as cafeteria, personnel department,
				  and payroll department.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 109 - Allocation Of Salaries And Other Expenses › Section 109.4 - Special statements and records required

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The following types of records shall be
				  prepared by each company or fleet in allocating salaries to companies, expense
				  groups and primary lines of business:
Allocation of salaries
Recapitulation of salaries
Detail of allocation bases
(b) The "allocation of salaries" and the
				  "recapitulation of salaries" shall be prepared:
(1) for the 12 months of the current calendar
				  year, or
(2) for 12 months ending
				  not earlier than September 30 of the current year, in which case the ratios
				  established shall be applied to the total salaries for the 12 months of the
				  current calendar year. The method of "(2)" shall not be followed if operations
				  during the period used were materially different from operations during the
				  period to which the ratios are to be applied. All amounts included in the
				  operating expense classification "salaries," for the period used in preparing
				  the "allocation of salaries" and the "recapitulation of salaries" shall be
				  accounted for on such records.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 110 - Installment Premiums › Section 110.1 - Installment premiums as admitted assets

Current through Register Vol. 46, No. 28, July 10, 2024
In any statement, annual or quarterly, by any insurer, or
					 in any other determination of the financial condition of an insurer,
					 installment premiums, other than life insurance premiums, which are recorded on
					 the books of the insurer and on which the appropriate unearned premium reserve
					 is charged as a liability, shall be deemed an admitted asset in an amount equal
					 to the unpaid balance of such installments at the date of determination (less
					 commissions payable thereon unless a separate liability is carried for such
					 commissions), except in either of the following cases:
(a) If any installment of any premium other
				  than a premium on a policy of the kind specified in subdivision (b) of this
				  section, has been due and unpaid for more than 90 days at the date of
				  determination, no unpaid installment of such premium shall be allowed as an
				  admitted asset.
(b) If any
				  installment of premium for any policy or contract of insurance or surety bond
				  issued to owners or operators of motor vehicles which is required by the
				  provisions of the Vehicle and Traffic Law of this State has been due and unpaid
				  for more than 30 days at the date of determination, no unpaid installment of
				  such premium shall be allowed as an admitted asset.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 110 - Installment Premiums › Section 110.2 - Date of determination

Current through Register Vol. 46, No. 28, July 10, 2024
The term date of determination, as used in this Part in
					 reference to an annual or other statement of an insurer, means the date of
					 statement.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 111 - [Actuarial Opinion] › Section 111.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part:
(a) Domestic property/casualty insurer means
				  a property/casualty insurer incorporated or organized under the Insurance Law
				  and includes a licensed United States branch of an alien insurer entered
				  through this State.
(b) Domiciliary
				  state means the state in which a property/casualty insurer was incorporated or
				  organized or, in the case of a licensed United States branch of an alien
				  insurer, the state through which the alien insurer has entered.
(c) Foreign property/casualty insurer means a
				  property/casualty insurer incorporated or organized under the laws of any
				  state, other than this State, and includes a licensed United States branch of
				  alien insurer entered through a state other than this State.
(d) Property/casualty insurer means an
				  insurer licensed in this State pursuant to Insurance Law Articles 41, 61, 64,
				  65, 66, 67, or 69.
(e) State means
				  any state of the United States, the commonwealth of Puerto Rico, the District
				  of Columbia, and any United States territory.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 111 - [Actuarial Opinion] › Section 111.2 - Statement of actuarial opinion and actuarial opinion summary

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				  property/casualty insurer shall submit with the annual statement, by March 1 of
				  each year, the opinion of an appointed actuary en titled "statement of
				  actuarial opinion" in accordance with the National Association of Insurance
				  Commissioners ("NAIC") property an d casualty annual statement instructions as
				  of September 2016 1, unless, with respect to a foreign property/casualty
				  insurer, the insurer's domiciliary state has exempted the insurer from filing
				  the statement of actuarial opinion with the domiciliary state.
(b)
(1) A
				  domestic property/casualty insurer, other than a corporation organized as a
				  title insurance corporation under Insurance Law article 64, that is required to
				  submit a statement of actuarial opinion shall submit electronically to the
				  superintendent by March 15 of each year an actuarial opinion summary, written
				  by the insurer's appointed actuary. The insurer shall file the actuarial
				  opinion summary in accordance with the actuarial opinion summary supplement to
				  the NAIC property and casualty annual statement instructions as of September
				  2016. The actuarial opinion summary shall be considered a document supporting
				  the statement of actuarial opinion required by subdivision (a) of this
				  section.
(2) A foreign
				  property/casualty insurer that submits a statement of actuarial opinion shall
				  submit electronically to the superintendent an actuarial opinion summary within
				  15 days of the superintendent's request.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 111 - [Actuarial Opinion] › Section 111.3 - Exemptions from electronic filing and submission requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A property/casualty insurer required to
				  make an electronic filing or a submission pursuant to this Part may apply to
				  the superintendent for an exemption from the requirement that the filing or
				  submission be made electronically by submitting a written request to the
				  superintendent for approval at least 30 days before the insurer must submit to
				  the superintendent the particular filing or submission that is the subject of
				  the request, except that with respect to a filing or submission made pursuant
				  to section 111.2(b)(2)  of this Part, an insurer may apply for the exemption by
				  submitting promptly a written request to the superintendent for approval upon
				  receipt of the superintendent's request for an actuarial opinion
				  summary.
(b) The request for an
				  exemption shall:
(1) set forth the insurer's
				  NAIC number;
(2) identify the
				  specific filing or submission for which the in surer 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 or submissions, in addition to the specific
				  filing or submission 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 C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
Insurers enter into arrangements that increase the
					 transferring company's surplus to policyholders on the basis of a loss
					 portfolio transfer at a cost or consideration below the amount of the incurred
					 loss and loss adjustment expense reserves transferred. This Part has been
					 promulgated because of the department's concerns that such transactions may be
					 hazardous to policyholders or the citizens of this State and that proper
					 recognition must be given to disclosure, accounting treatment and maintenance
					 of reserves in connection with loss portfolio transfers.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				  apply to all loss portfolio transfers with an effective date of December 31,
				  2000 or prior, entered into by every insurer subject to article 41, 61, 62 or
				  66 of the Insurance Law, that is authorized or accredited to insure or reinsure
				  any of the basic kinds of insurance specified in section 4101  of
				  the Insurance Law.
(b) All loss
				  portfolio transfers with an effective date on or after January 1, 2001 shall,
				  in accordance with section
				  83.3(c) 
				  of this Title, be governed by the accounting practices and procedures set forth
				  in statement of statutory accounting principles (SSAP) 62, and shall also be
				  subject to the provisions of sections
				  112.5(j)
				 and
				  112.6(k) 
				  of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.2 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Structured
				  settlement annuities for individual claims purchased to implement settlements
				  of policy obligations are exempted from this Part.
(b) Except that the accounting and reporting
				  provisions of section
				  112.6  of
				  this Part shall nonetheless apply, transactions transferring loss in connection
				  with a court-ordered rehabilitation, liquidation or receivership may be
				  exempted upon written approval by the superintendent, who may establish such
				  other conditions as deemed appropriate in the superintendent's
				  discretion.
(c) The termination of
				  reinsurance treaties entered into in the ordinary course of business are
				  exempted from this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Loss portfolio
				  transfer means an agreement:
(1) by which a
				  transferer increases its surplus to policyholders as a result of payment of
				  consideration to a transferee for undertaking any loss obligation already
				  incurred in excess of the consideration paid; or
(2) where the consideration paid by the
				  transferer, in connection with transferring any loss obligation already
				  incurred, is derived from present value or discounting concepts based upon
				  anticipated investment income.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.4 - Affiliated transactions or transactions where the transferer is insolvent or impaired

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				  domestic insurer that is impaired, as defined in section 1310, 1311 or
				  1312  of the Insurance Law, or insolvent, as
				  defined in section 1309  of the Insurance Law, shall enter into
				  a loss portfolio transfer unless it has received the prior written approval of
				  the superintendent. The loss portfolio transfer shall not be approved unless,
				  in conjunction with any other component of a plan submitted by the insurer, it
				  eliminates the impairment or insolvency and, if done between affiliates or
				  members of the same holding company system, is fair and equitable to both
				  insurers.
(b) Except where
				  subdivision (a) of this section is applicable, a loss portfolio transfer
				  entered into between a domestic insurer and an insurer that is an affiliate or
				  is an insurer in the same holding company system, within the meaning of section 107 or
				  1501  of the Insurance Law, shall be subject
				  to the following:
(1) A domestic controlled
				  insurer, within the meaning of section 1501  of the Insurance Law, shall not enter
				  into a loss portfolio transfer except in accordance with the provisions of
				  section 1505  of the Insurance Law. In applying the
				  provisions of section 1505  of the Insurance Law, a loss portfolio
				  transfer shall be considered a reinsurance agreement.
(2) A domestic insurer, other than an insurer
				  subject to paragraph (1) of this subdivision, that enters into a loss portfolio
				  transfer shall:
(i) include language in the
				  agreement providing that, should the superintendent find the agreement not fair
				  and equitable, the insurer shall cancel the agreement, ab initio, within 30
				  days of the superintendent's written notice;
(ii) submit the agreement to the
				  superintendent within 15 days after entering into it; and
(iii) where the superintendent finds that the
				  agreement is not fair and equitable, cancel the agreement, ab initio, within 30
				  days of written notice from the superintendent. The superintendent shall make
				  such a determination within 30 days of the receipt of the submitted agreement,
				  except that this 30- day period may be extended in the event additional
				  information is necessary to make a determination. The superintendent shall
				  provide written notice of the extension to the insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter C - Fire, Marine, Casualty And Surety Insurers › Part 112 - Loss Portfolio Transfers › Section 112.7 - Noncomplying transactions

Current through Register Vol. 46, No. 28, July 10, 2024
Loss portfolio transfers executed or entered into after
					 November 30, 1984 that do not comply with section
					 112.5  of
					 this Part, shall be reported in annual and interim statements, filed in New
					 York, so that the consideration paid by the transferer for any such transaction
					 shall be recorded as a deposit and reported as a nonadmitted asset in exhibit 1
					 of the annual and interim statements, with no deduction made from loss and loss
					 adjustment expense reserves.
EXHIBIT OF LOSS PORTFOLIO
								TRANSFER
for purposes of Regulation
								108
(
As of 19
)
As:
Transferer
Transferee
A.
Initial Reserves Transferred:
Losses
$
$
Loss Adjustment Expenses
$
$
Total
$
$
B.
Consideration paid or received:
Losses
$
$
Loss Adjustment Expenses
$
$
Total
$
$
C.
Remaining Reserves Recoverable/Payable:
Losses
$
$
Loss Adjustment Expenses
$
$
Total
$
$
D.
Amount Recovered/Paid (cumulative):
Losses
$
$
Loss Adjustment Expenses
$
$
Total
$
$
E. Incurred
				  Year(s) of Losses transferred:
F.
				  Lines of business subject to the Loss Portfolio Transfer and the U.S. dollar
				  limits of the Agreement:
G.
				  Identify the Transferee under each such Loss Portfolio Transfer entered into
				  and the execution and effective dates thereof:
H. Identify the Transferer under each such
				  Loss Portfolio Transfer entered into and the execution and effective dates
				  thereof:
I. As to item (C), list
				  separately letters of credit or funds furnished the Transferee, including the
				  issuing bank, custodian or trustee, the market value of the amount of the
				  security held, term and termination date of the letter of credit or trust
				  agreement:
Signature: _________
Title: _________
Reporting Insurer: _________
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 125 - Credit For Reinsurance › Section 125.3 - Principles of prudent reinsurance credit risk management

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An authorized insurer, hereinafter
				  referred to as a "ceding insurer" may reinsure its risks and liabilities to any
				  assuming insurer pursuant to section 1308  of the Insurance Law. A ceding insurer
				  shall at all times act with financial prudence when entering into any
				  reinsurance arrangement. The insurer shall properly consider and account for
				  all factors associated with such an agreement, including:
(1) compliance with all applicable legal and
				  regulatory requirements;
(2) the
				  net risk to be retained;
(3)
				  concentration of risk on a net and gross basis;
(4) projections as to reasonable future
				  availability and affordability of adequate levels of reinsurance support for
				  the ceding insurer's ongoing operations;
(5) the degree to which future reinsurance
				  proceeds for existing and future ceded reserves are likely to be recoverable
				  based upon best available current information;
(6) the way an assuming insurer will be
				  selected, including how to assess its security;
(7) how the reinsurance program will be
				  monitored (i.e., the reporting and internal control systems); and
(8) that the terms of agreements with any
				  affiliated assuming insurer are fair and equitable.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 125 - Credit For Reinsurance › Section 125.6 - Additional conditions for credit

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the conditions specified in sections
					 125.4
					 and
					 125.5 
					 of this Part:
(a) Where a ceding
				  insurer obtains reinsurance through a "reinsurance intermediary," as defined in
				  section 2101 (f)  of the Insurance
				  Law, from an assuming insurer which is neither licensed in this State nor has
				  placed funds with the ceding insurer pursuant to section 1301 (a)(9)  of the
				  Insurance Law, the ceding insurer shall not be allowed credit unless:
(1) the reinsurance agreement includes a
				  provision whereby the reinsurer assumes all credit risks of the intermediary
				  related to payments to the intermediary; and
(2) in the case of a reinsurance intermediary
				  acting outside this State, the ceding insurer obtains a written agreement from
				  the reinsurance intermediary that the intermediary will comply with all of the
				  provisions of Part 32 of this Title (Regulation No. 98) and the intermediary
				  agrees to be subject to examination by the superintendent as often as the
				  superintendent may deem it expedient; except such intermediary may deposit
				  funds received in a bank or banks not authorized to do business in this State,
				  if:
(i) such bank is chartered within the
				  United States; or
(ii) such bank,
				  as designated by a non-United States reinsurance intermediary, is located
				  outside of the United States; provided written consent is obtained from the
				  ceding insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 125 - Credit For Reinsurance › Section 125.7 - Certificate of recognition

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may issue a certificate of recognition
					 as an accredited reinsurer to each assuming insurer that is complying with the
					 provisions of section
					 125.4(a),
					 (b), (c) or (d)  of this Part. The
					 superintendent may issue a certificate of recognition as a certified reinsurer
					 to each assuming insurer that is complying with the provisions of section
					 125.4(h) 
					 of this Part. The superintendent may issue a certificate of recognition as a
					 reciprocal jurisdiction reinsurer to each assuming insurer that complies with
					 section
					 125.4(i) 
					 of this Part. No ceding insurer shall take credit for reinsurance recoverables
					 from such an assuming insurer unless such assuming insurer has a valid
					 certificate of recognition in force. Such certificate shall have a continuous
					 term until revoked, suspended or otherwise terminated by the
					 superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 125 - Credit For Reinsurance › Section 125.8 - Annual filing and processing charge

Current through Register Vol. 46, No. 28, July 10, 2024
Each assuming insurer issued a certificate of recognition
					 as either an accredited reinsurer, certified reinsurer, or reciprocal
					 jurisdiction reinsurer shall pay to the superintendent an annual filing and
					 processing charge of $2,000, to be paid on or before the first day of July.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 126 - Trust Agreements › Section 126.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The department has recently reviewed the various conditions
					 it has required in connection with the use of trust agreements and, by means of
					 this Part, informs all licensed insurers that such agreements will not be
					 acceptable to the department unless they meet certain required
					 conditions.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter D - Reinsurance › Part 126 - Trust Agreements › Section 126.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
					 following meanings:
(a) Beneficiary
				  means the entity for whose sole benefit the trust has been established. The
				  trust agreement shall contain a provision that includes within the term
				  beneficiary any successor of the beneficiary by operation of law, including,
				  without limitation, any liquidator, rehabilitator, receiver or conservator.
				  When established in conjunction with a reinsurance agreement, the beneficiary
				  is the licensed ceding insurer.
(b)
				  Grantor means the entity that has established a trust for the sole benefit of
				  the beneficiary. When established in conjunction with a reinsurance agreement,
				  the grantor is the unlicensed, unaccredited reinsurer.