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 81 - Subsidiaries Of Insurance Companies › Subpart 81-1 - Subsidiaries Of Insurance Companies Subject To The Provisions Of Section 1403(c) Of The Insurance Law › Section 81-1.2 - Reporting

Current through Register Vol. 46, No. 28, July 10, 2024
Every insurer owning a subsidiary pursuant to article 16
						of the Insurance Law shall file a report containing the following information
						with the superintendent on or before March 1st of each year, or within such
						longer period as the superintendent, on good cause shown, may permit:
(a) A description of any changes during the
					 next preceding fiscal year with respect to subdivisions (a), (b), (c) and (d)
					 of section
					 81-1.1 
					 of this Subpart of its notice of acquisition for each such
					 subsidiary.
(b) During each of the
					 first three years after the organization or acquisition of a subsidiary, a
					 submission in which the insurer shall update the projections made with respect
					 to subdivision (j) of section
					 81-1.1 
					 of its notice of acquisition for such subsidiary for the remainder of such
					 three-year period.
(c) Copies of
					 the latest annual reports to shareholders of each subsidiary which issues such
					 reports.
(d) Financial statements
					 for each subsidiary for the next preceding fiscal year which, unless otherwise
					 permitted by the superintendent, shall be certified in the manner prescribed in
					 subdivision (e) of section
					 81-1.1 
					 of this Part.
(e) A copy of the
					 most recent annual statement filed with the state of domicile for each insurer
					 subsidiary not authorized to do an insurance business nor recognized as an
					 accredited reinsurer in this State.
(f) A brief description of all transactions
					 entered into during the next preceding calendar year with any of such
					 subsidiaries (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. Descriptions of
					 transactions, other than those reported in the aggregate, shall include at
					 least the following:
(1) the nature and
					 purpose of the transaction;
(2) the
					 nature and amounts of any payments or transfers of assets between the
					 parties;
(3) the identities of all
					 parties to such transaction;
(4)
					 whether any officers or directors of a party are pecuniarily interested
					 therein; and
(5) copies of any
					 contracts, agreements or memoranda of understanding between the parties
					 relating to the transaction.