reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 75 - Standards For Insurance That Qualifies For The Environmental Remediation Insurance Tax Credit › Section 75.1 - Required coverages

Current through Register Vol. 46, No. 28, July 10, 2024
In accordance with the provisions of section 3447 (b)  of the Insurance
					 Law, in order to qualify for the environmental remediation insurance tax credit
					 provided for under section 23  of the Tax Law, the insurance must be
					 written pursuant to the provisions of section 1113 (a)(13) or (14)  of the
					 Insurance Law and must contain any of the following coverages or substantially
					 similar coverages or combination of coverages:
(a) coverage for the costs of on-site
				  clean-up of pre-existing pollution conditions from the insured property that
				  are outside the scope of the remedial work plan pursuant to section 27-1411  of the Environmental
				  Conservation Law for such insured property, hereinafter called coverage
				  1;
(b) coverage for third-party
				  claims for on-site bodily injury and property damage resulting from
				  pre-existing pollution conditions outside the scope of the remedial work plan
				  for the insured property, hereinafter called coverage 2;
(c) coverage that caps clean-up costs
				  relating to the remedial work plan, hereinafter called coverage 3;
				  and
(d) coverage for the costs of
				  State re-openers pursuant to section 27-1421  of the Environmental
				  Conservation Law or modifications to the remedial work plan to fill any gap in
				  any liability limitation provided pursuant to section 27-1421  of the Environmental
				  Conservation Law for environmental conditions, hereinafter called coverage
				  4.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 75 - Standards For Insurance That Qualifies For The Environmental Remediation Insurance Tax Credit › Section 75.2 - Disclosure of the portion of the premium paid for the coverage under section 3447(b) of the insurance law

Current through Register Vol. 46, No. 28, July 10, 2024
Section 3447 (a)  of the Insurance
					 Law provides that the tax credit shall only apply against a portion of the
					 premium paid for coverage provided under section 3447 (b)  of the Insurance
					 Law. The insurer shall disclose the portion of the premium charged for the
					 coverages provided under section
					 75.1(a)-(d) 
					 of this Part, as separately enumerated items on the policy declarations page.
					 Premiums charged on the policy for other coverages provided shall be shown
					 separately on the declarations page.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 75 - Standards For Insurance That Qualifies For The Environmental Remediation Insurance Tax Credit › Section 75.3 - Insurer certification form

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer shall complete the Brownfield
				  Tax Credit Certification Form. All fields must be completed and provided to the
				  developer/insured upon request for use in submitting the information to the
				  Department of Taxation and Finance in order to qualify for the tax credit for
				  the insurance coverages provided pursuant to section 3447  of the Insurance Law. Such Brownfield
				  Tax Credit Certification Form must be in the format contained in subdivision
				  (c) of this section.
(b) Where a
				  policy is issued on an excess line basis, the insurer shall cause the delivery
				  of the completed form to the insured with a copy to the excess line
				  broker.
(c) The format for the
				  Brownfield Tax Credit Certification Form is as follows:
Image
Image
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New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 76 - Commercial Crime Coverage Exclusions › Section 76.0 - Preamble and purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Correction Law section
				  753 states that the public policy of New
				  York, as expressed in Correction Law Article 23-A, is to encourage the
				  licensure and employment of persons previously convicted of one or more
				  criminal offenses. Correction Law section
				  752 forbids discrimination based upon a
				  conviction for a previous criminal offense unless there is a direct
				  relationship between one or more of the previous offenses and the specific
				  employment sought or held by the individual; or the granting or continuation of
				  employment would involve an unreasonable risk to property or to the safety or
				  welfare of specific individuals or the general public. Correction Law section
				  753 specifies eight factors, including the
				  public policy of the state, to be considered in making a determination pursuant
				  to section 752.
(b) However,
				  commercial crime insurance policies often have provisions that will exclude
				  coverage for loss or damage caused by an employee who has been convicted of a
				  criminal offense, where the employer knew about the conviction prior to the
				  loss or damage. This puts employers in the untenable position of either not
				  being able to obtain insurance or violating the Correction Law by not hiring
				  the individual, even though a review of the Correction Law factors would weigh
				  in favor of employment. Given the strong public policy of the State, the
				  Superintendent has determined that it would be an unfair method of competition
				  or an unfair or deceptive act and practice in the conduct of the business of
				  insurance in this state for an insurer that writes commercial crime insurance
				  policies in this state to exclude coverage where the employer has weighed the
				  factors set out in Correction Law Article 23-A and made a determination
				  favorable to the employee.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 76 - Commercial Crime Coverage Exclusions › Section 76.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Commercial crime coverage means coverage
				  under a policy of commercial risk insurance that provides burglary and theft
				  insurance or fidelity insurance; and
(b) Commercial risk insurance has the meaning
				  ascribed by Insurance Law section
				  107(a)(47).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 76 - Commercial Crime Coverage Exclusions › Section 76.2 - Prior convictions.

Current through Register Vol. 46, No. 28, July 10, 2024
No policy issued, renewed or delivered in this state that
					 provides commercial crime coverage may exclude or limit coverage for loss or
					 damage caused by an employee on the basis that the employee was convicted of
					 one or more criminal offenses in this state or any other jurisdiction prior to
					 being employed by the employer, if, after learning about an employee's past
					 criminal conviction or convictions, the employer made a determination to hire
					 or retain the employee utilizing the factors set out in Correction Law Article
					 23-A.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter B - Property and Casualty Insurance › Part 76 - Commercial Crime Coverage Exclusions › Section 76.3 - Determined violation

Current through Register Vol. 46, No. 28, July 10, 2024
A contravention of this Part shall be deemed to be an
					 unfair method of competition or an unfair or deceptive act and practice in the
					 conduct of the business of insurance in this state, and shall be deemed to be a
					 trade practice constituting a determined violation, as defined in section 2402 (c)  of the Insurance
					 Law, in violation of section 2403 of such law.
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 77 › Section 77.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
					 meanings ascribed to them:
(a) Domestic
				  insurer shall have the meanings set forth in Insurance Law sections 1322(a)(3)
				  and 1324(a)(3).
(b) NAIC means the
				  National Association of Insurance Commissioners.
(c) RBC shall have the meanings set forth in
				  Insurance Law sections 1322(a)(6) and 1324(a)(6).
(d) RBC instructions shall have the meanings
				  set forth in Insurance Law sections 1322(a)(7) and 1324(a)(7).
(e) RBC report shall have the meanings set
				  forth in Insurance Law sections 1322(a)(10) and
				  1324(a)(10).
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 77 › Section 77.2 - Exchange traded fund RBC charge

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Until
				  January 1, 2027, the shares of an exchange traded fund shall be treated as
				  bonds for the purpose of a domestic insurer's RBC report if the exchange traded
				  fund meets the following criteria:
(1) the
				  portfolio of the exchange traded fund consists of investments in fixed income
				  securities, cash, and cash equivalents;
(2) the exchange traded fund tracks a bond
				  index (i.e., is not actively managed) and makes publicly available no less
				  frequently than monthly a detailed list of its holdings;
(3) the exchange traded fund has a minimum of
				  US $ 1 billion in assets under management;
(4) the exchange traded fund allows in-kind
				  redemptions;
(5) the exchange traded
				  fund is registered pursuant to the Investment Company Act of 1940,
				  15 U.S.C. §§
												80a-1-
				  80a-64;
(6) the exchange traded fund is rated by a
				  nationally recognized statistical rating organization.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The term subsidiary shall have the same meaning prescribed
					 in sections 107 (a)(40), 1605, and
					 1702  of the Insurance
					 Law.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.2 - Valuation of a subsidiary which is an insurer

Current through Register Vol. 46, No. 28, July 10, 2024
The stock of an insurance company which is a subsidiary of
					 an insurer shall be valued as required by section 1414 (c)(1)  of the
					 Insurance Law.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.3 - Valuation of a subsidiary which is not an insurer

Current through Register Vol. 46, No. 28, July 10, 2024
The stock of any other subsidiary of an insurer which is
					 not itself an insurer shall be valued, subject to the additional provisions in
					 section
					 78.4  of
					 this Part, on the basis of the greater of:
(a) the value of only such of the assets of
				  such subsidiary as would constitute lawful investments for the insurer if
				  acquired or held directly by the insurer; or
(b) one of the following bases appropriate to
				  each type of subsidiary owned by it, provided, however, that an insurer shall
				  not be required to value the stock of all its subsidiaries on the same basis:
(1) the net worth of the subsidiary
				  determined in accordance with generally accepted accounting principles, as of
				  the end of its most recent fiscal year, provided, subject to section
				  78.4  of
				  this Part, that the financial statements of the subsidiary for its most recent
				  fiscal year have been audited by an independent public accountant in accordance
				  with generally accepted auditing standards; or
(2) a value equal to the cost of the stock of
				  the subsidiary, provided such value is determined and adjusted to reflect
				  subsequent operating results in accordance with generally accepted accounting
				  principles; or
(3) the market value
				  of the stock of the subsidiary, if the stock is listed on a national securities
				  exchange; or
(4) the value, if any,
				  placed on the stock of such subsidiary by the National Association of Insurance
				  Commissioners; or
(5) any other
				  value which the insurer can substantiate to the satisfaction of the
				  superintendent as being a reasonable value.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.4 - Additional provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within
				  60 days after the effective date of this Part, an insurer shall file with the
				  superintendent relevant information identifying, supporting and justifying the
				  value of, and the basis of valuation used in acordance with the provisions of
				  section
				  78.3 
				  of this Part for each of its noninsurer subsidiaries.
(b) Within 30 days after the acquisition of a
				  noninsurer subsidiary, an insurer shall file with the superintendent relevant
				  information identifying, supporting and justifying the value of, and the basis
				  of valuation used in accordance with the provisions of section
				  78.3 
				  of this Part for such subsidiary.
(c) A valuation basis used for a subsidiary
				  shall thereafter be consistently used unless a change is substantiated as
				  reasonable and on that basis is approved in writing by the
				  superintendent.
(d) If a subsidiary
				  is valued on the basis of paragraph (1) of subdivision (b) of section
				  78.3 
				  of this Part and the books of the subsidiary are not audited at the time the
				  valuation is included in the insurer's annual statement, the insurer shall
				  thereafter report and explain the difference, if any, between the value of the
				  subsidiary as reported in the annual statement and the value as determined by
				  audit. Such report and explanation shall be made as soon as possible following
				  such audit.
(e) If any subsidiary,
				  which is not itself an insurance company, is valued other than on the basis of
				  market value as defined in paragraph (3) of subdivision (b) of section
				  78.3 
				  of this Part, there shall be deducted from the otherwise determined value a sum
				  equal to the value claimed for any of its assets which would not constitute
				  admitted assets for the insurer if held directly by the insurer, if such
				  assets:
(1) are held by the subsidiary but
				  used, under a lease arrangement or otherwise, significantly in the conduct of
				  the insurer's business; or
(2) were
				  acquired from or purchased for the benefit or use of the insurer by the
				  subsidiary under circumstances that, in the opinion of the superintendent,
				  support a finding that the primary purpose of such acquisition or purchase was
				  the evasion or avoidance of section 1301 or
				  1302  of the Insurance Law.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.5 - Adjustment; hearings

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may, after notice and opportunity to be
					 heard, determine that the basis used for valuation of the stock of any
					 subsidiary does not, under the specific circumstances of the case, reflect the
					 value of the subsidiary and may order either an adjustment in valuation or the
					 use of one of the other specified bases of valuation.
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 78 - Evaluation Of Subsidiaries Of Insurance Companies › Section 78.6 - Foreign and alien insurers

Current through Register Vol. 46, No. 28, July 10, 2024
The minimum ownership requirements imposed on domestic
					 insurers by sections 1602 and
					 1702  of the Insurance Law shall not be
					 applicable to foreign or alien insurers for the purpose of determining whether
					 an investment in a subsidiary should be disallowed under section 1413 (a)  of the Insurance
					 Law.
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 79 - Letters Of Credit › Section 79.1 - 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) Applicant
				  means the party who applies for and causes the bank or trust company to issue
				  the letter of credit.
(b)
				  Beneficiary means the insurer in favor of which the letter of credit or its
				  confirmation is established and shall include any successor by operation of law
				  of any named beneficiary including, without limitation, any liquidator,
				  rehabilitator, receiver or conservator.
(c) Clean and unconditional letter of credit
				  or clean and unconditional confirmation means a letter of credit or
				  confirmation which:
(1) makes no reference to
				  any other agreement, document or entity; and
(2) provides that a beneficiary need only
				  draw a sight draft under the letter of credit or confirmation and present it to
				  promptly obtain funds and that no other document need be presented.
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 79 - Letters Of Credit › Section 79.2 - Required conditions for acceptable letters of credit

Current through Register Vol. 46, No. 28, July 10, 2024
For a letter of credit to be acceptable, it must:
(a) be irrevocable;
(b) be clean and unconditional;
(c) be issued, presentable and payable at an
				  office of the qualified bank in the United States;
(d) contain a statement that identifies the
				  beneficiary and includes the definition set forth in section
				  79.1(b) 
				  of this Part;
(e) contain a
				  statement that it is not subject to any agreement, condition or qualification
				  outside of the letter of credit;
(f) contain a statement to the effect that
				  the obligation of the issuing bank under the letter of credit is an individual
				  obligation of such bank and is in no way contingent upon reimbursement with
				  respect thereto;
(g) contain an
				  issue date and a date of expiration;
(h) have a term of at least one year and
				  contain an evergreen clause which provides at least 30 days' written notice to
				  the beneficiary prior to expiry date for nonrenewal;
(i) state that it is subject to and governed
				  by the Laws of the State of New York and the 1993 revision of the Uniform
				  Customs and Practice for Documentary Credits of the International Chamber of
				  Commerce (Publication 500)[FN*] and that, in the event of any conflict, the
				  Laws of the State of New York will control. If the beneficiary is a foreign
				  insurer, then such insurer's state of domicile may be substituted for New York.
				  The letter of credit must contain a provision for an extension of time, of not
				  less than 30 days after resumption of business, to draw against the letter of
				  credit in the event that one or more of the occurrences described in article 17
				  of Publication 500 occurs;
(j) if
				  obtained in conjunction with a reinsurance agreement, have the reinsurance
				  agreement in compliance with the provisions of section
				  79.5 
				  of this Part;
(k) be issued by a
				  qualified bank. The aggregate of all letters of credit issued or confirmed to
				  one beneficiary by any one qualified bank on behalf of any one applicant must
				  not exceed five percent of such bank's consolidated capital and surplus as
				  shown in its annual report as of the end of its preceding fiscal year, as filed
				  with the Federal or state regulatory authority having jurisdiction over such
				  bank; and
(l) conform in substance
				  to section
				  79.9(a) 
				  of this Part.
[FN*] ICC No. 500, UNIFORM CUSTOMS AND PRACTICE FOR
					 DOCUMENTARY CREDITS/1993 Revision. Copyright 1993 by the International Chamber
					 of Commerce. All rights reserved. Reprinted with the permission of the
					 International Chamber of Commerce through ICC Publishing, Inc., in New
					 York.
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 79 - Letters Of Credit › Section 79.3 - Permissible condition

Current through Register Vol. 46, No. 28, July 10, 2024
The heading of the letter of credit may include a boxed
					 section identifying the applicant and containing other appropriate notations as
					 a reference for such letter of credit. The boxed section must be clearly marked
					 to indicate that such information is "For Internal Identification Purposes
					 Only" and does not affect the terms of the letter of credit or the bank's
					 obligations thereunder.
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 79 - Letters Of Credit › Section 79.5 - Reinsurance agreements-required and permitted conditions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) When a letter of credit is obtained in
				  conjunction with a reinsurance agreement, then such reinsurance agreement must
				  contain provisions which:
(1) require the
				  reinsurer to be the applicant for and to provide letters of credit to the
				  ceding insurer and specify what recoverables and/or reserves are
				  covered;
(2) stipulate that the
				  reinsurer and ceding insurer agree that the letters of credit provided by the
				  reinsurer pursuant to the provisions of the reinsurance agreement may be drawn
				  upon at any time, notwithstanding any other provisions in the reinsurance
				  agreement, and be utilized by the ceding insurer or any successor by operation
				  of law of the ceding insurer including, without limitation, any liquidator,
				  rehabilitator, receiver or conservator of such insurer for the following
				  purposes:
(i) to reimburse the ceding insurer
				  for the reinsurer's share of premiums returned to the owners of policies
				  reinsured under the reinsurance agreement on account of cancellations of such
				  policies;
(ii) to reimburse the
				  ceding insurer for the reinsurer's share of surrenders and benefits or losses
				  paid by the ceding insurer under the terms and provisions of the policies
				  reinsured under the reinsurance agreement;
(iii) to fund an account with the ceding
				  insurer in an amount at least equal to the deduction, for reinsurance ceded,
				  from the ceding insurer's liabilities for policies ceded under the agreement.
				  Such amount shall include, but not be limited to, amounts for policy reserves,
				  reserves for claims and losses incurred (including losses incurred but not
				  reported), loss adjustment expenses, and unearned premiums; and
(iv) to pay any other amounts the ceding
				  insurer claims are due under the reinsurance agreement:
All of the foregoing should be applied without diminution
					 because of insolvency on the part of the ceding insurer or the
					 reinsurer.
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 79 - Letters Of Credit › Section 79.6 - Reinsurance reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A letter of credit may not be used to
				  reduce any liability for reinsurance ceded to an unauthorized reinsurer in
				  financial statements required to be filed with this department unless:
(1) a letter of credit, in compliance with
				  the provisions of this Part with the filing ceding insurer as beneficiary, has
				  been issued on or before the "as of" date of the financial statement of the
				  ceding insurer; and
(2) the letter
				  of credit, or a copy thereof, is in the possession of the beneficiary within 30
				  days of its issue date.
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 79 - Letters Of Credit › Section 79.7 - Letter of credit-disqualified bank

Current through Register Vol. 46, No. 28, July 10, 2024
Letters of credit or confirmations issued on or after the
					 effective date of this Part [December 30, 1987] which meet all of the
					 conditions set forth in this Part on the date of issuance but where the issuing
					 or confirming bank no longer meets the standards for a qualified bank after the
					 issuance of the letters of credit or confirmations will continue to be
					 acceptable to this department until the occurrence of the earlier of their
					 stated expiration date, next extension or renewal date, modification or
					 amendment.
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 79 - Letters Of Credit › Section 79.8 - Existing reinsurance agreements, letters of credit or confirmations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The provisions
				  required in reinsurance agreements as set forth in section
				  79.5 
				  of this Part will not apply to reinsurance agreements entered into prior to
				  October 1, 1983, provided that the reinsurance agreements do not restrict in
				  any way the ceding insure's right to draw on the letter of credit and no new
				  business has been ceded under such agreements after such date.
(b) Letters of credit or confirmations issued
				  on or prior to December 31, 1987, the effective date of this Part, which fully
				  comply with this department's prior standards will continue to be acceptable to
				  this department until the occurrence of the earlier of their stated expiration
				  date, next extension or renewal date, modification or amendment. The failure of
				  such letters of credit or confirmations to specifically identify the
				  beneficiary, as required by section
				  79.2(d) 
				  and paragraph (e)(4) of section
				  79.4 
				  of this Part, shall not be construed to affect any actions or rights which the
				  superintendent may take or possess pursuant to the provisions of the Insurance
				  Law or any other applicable statute.
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 80-1.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Equity
					 security
shall include any security convertible into an equity
					 security.
(b)
Executive
					 officer
means any individual charged with active management and
					 control, in an executive capacity, including a president, vice president,
					 treasurer, secretary, comptroller, or any other individual performing for a
					 person, whether incorporated or unincorporated, functions corresponding to
					 those performed by the foregoing officers.
(c)
Significant person
					 means
:
(1) an insurance company,
					 insurance agent, insurance broker, insurance adjuster or premium finance
					 agency; or
(2) any person, within a
					 holding company system, other than those specified in paragraph (1) of this
					 subdivision if:
(i) the assets of the person,
					 or the investments in and advances to the person by the holding company and any
					 other person within the holding company system, if any, constitute 15 percent
					 of the assets of the holding company and all persons within its system on a
					 consolidated basis;
(ii) the sales
					 and operating revenues of the person constitute 15 percent of the sales and
					 operating revenues of the holding company and all persons within its system on
					 a consolidated basis; or
(iii) the
					 person controls one or more other persons and, together with such other persons
					 would, if considered in the aggregate, constitute a significant
					 person.
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 80-1.3 - Applications pursuant to Insurance Law section 1501(c)

Current through Register Vol. 46, No. 28, July 10, 2024
Applications for a determination that a person does not,
						or will not upon the taking of some proposed action, control any other person
						(hereinafter referred to as the "subject"), shall contain the following
						information:
(a) The number of
					 authorized, issued and outstanding voting shares of the subject;
(b) With respect to such person and all
					 persons controlling, controlled by or under common control with such person:
(1) the number of shares of the subject's
					 securities that are held of record or known to be beneficially owned, and the
					 number of shares concerning which there is a right to acquire, directly or
					 indirectly;
(2) any interests in
					 any other securities of the subject, including its notes, bonds and other
					 corporate obligations; and
(3)
					 information as to all transactions in any securities of the subject that were
					 effected during the past six months by such person;
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 80-1.5 - Transactions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Requests for
					 approval of transactions pursuant to Insurance Law section 1505(c), and notices
					 of proposed transactions pursuant to Insurance Law section 1505(d), shall be
					 accompanied by descriptions of the essential features of such transactions that
					 are reasonably adequate to permit proper evaluation thereof by the
					 superintendent.
(b) Such
					 descriptions shall in all cases 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 and whether any officers or directors of a party are pecuniarily
					 interested therein; and
(4) copies
					 of any contracts, agreements or memoranda of understanding between the parties
					 relating to the transaction, provided, however, that the domestic controlled
					 insurer need not submit a reinsurance contract, agreement or memorandum unless
					 requested by the superintendent where the reinsurance premium or a change in
					 the domestic controlled insurer's liabilities, or the projected reinsurance
					 premium or a change in the domestic controlled insurer's liabilities in any of
					 the next three years, is less than five percent of surplus to policyholders at
					 last year-end and the domestic controlled insurer is:
(i) licensed to write in this state any one
					 or more of the basic kinds of insurance specified in Insurance Law section
					 4101(a);
(ii) a corporation
					 licensed to transact the business of title insurance under Insurance Law
					 article 64;
(iii) a company
					 licensed to transact the business of mortgage guaranty insurance under
					 Insurance Law article 65; or
(iv) a
					 corporation licensed to transact the business of financial guaranty insurance
					 under Insurance Law article 69.
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 80-1.7 - Substantial compliance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
					 foreign controlled insurer that, pursuant to the laws of its state of domicile
					 is required (or whose holding company is required) to register, report or
					 otherwise disclose information substantially equivalent to that required by
					 this Part, may register, report or fulfill any similar disclosure requirements
					 hereunder by filing, within the applicable periods prescribed hereunder, copies
					 of the material filed with its state of domicile.
(b) If required by the superintendent, an
					 insurer specified in subdivision (a) of this section shall supplement any such
					 filing by a schedule or index referring to the specific requirements of this
					 Part or the forms promulgated hereunder.
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 80-1.8 - Exemptions from electronic filing and submission requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer or a person 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 electronic by submitting a written request to the superintendent
					 for approval at least 30 days before the insurer or person shall submit to the
					 superintendent the particular filing or submission that is the subject of the
					 request.
(b) The request for an
					 exemption shall:
(1) set forth the insurer's
					 national association of insurance commissioners number;
(2) identify the specific filing or
					 submission for which the insurer or person is applying for the
					 exemption;
(3) specify whether the
					 insurer or other person 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 A - Rules of General Application › Part 80 - Controlled insurers › Subpart 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Traditionally,
					 production and underwriting of insurance were performed by independent parties.
					 Agents and brokers produced and insurance companies underwrote insurance. It is
					 recognized that business arrangements wherein a producer controls an insurer
					 and places risks with that insurer can and do exist to accomplish legitimate
					 business purposes. This Subpart is not intended to adversely affect these
					 legitimate business arrangements. However, without proper safeguards these
					 arrangements have the potential to create conflicts of interest that might harm
					 policyholders or injure the insurer and, if insolvency results, adversely
					 affect the Property/Casualty Insurance Security Fund or Public Motor Vehicle
					 Liability Security Fund.
(b)
					 Because of the special nature of the relationship between the controlling
					 producer and the controlled insurer:
(1) A
					 contract between a controlled-insurer and a controlling producer, within a
					 holding company system, under the circumstances described in section
					 80-2.2  of this
					 Subpart, is a material transaction that may adversely affect the interests of
					 the insurer's policyholders or shareholders, within the meaning of section 1505 (d)(4)  of the
					 Insurance Law.
(2) Charges or fees
					 for services of a controlling producer are not deemed reasonable within the
					 meaning of section 1505 (a)(2) or section 1608 (b)  of the Insurance
					 Law, if they exceed those paid to other producers for comparable
					 business.
(3) Transactions
					 regulated by this Subpart between subsidiaries of a domestic insurer which is
					 subject to article 16 of the Insurance Law may affect the operations,
					 management, or financial condition of that domestic insurer, within the meaning
					 of section 1608 (d)  of the Insurance
					 Law.
(4) In order to substantially
					 comply with requirements or limitations that are reasonably necessary to
					 protect the interests of the people of this State as required by section 1106 (e)  of the Insurance
					 Law, an authorized foreign controlled insurer or a controlled United States
					 branch of an alien insurer not entered through this State, which is organized
					 or incorporated in, or entered through a state that does not have in effect a
					 substantially similar law, must comply with this Subpart to be in substantial
					 compliance under article 16 of the Insurance Law.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Subpart:
(a) Affiliate has the meaning ascribed in
					 section 107 (a)(4)  of the Insurance
					 Law.
(b) Control, in connection
					 with a holding company system, has the meaning ascribed in section 1501 (a)(2)  of the
					 Insurance Law.
(c) Controlled
					 insurer means an authorized property/casualty insurance company, as that term
					 is defined in section 107 (a)(36)  of the Insurance
					 Law, which is:
(1) controlled, directly or
					 indirectly, by a holding company; or
(2) which is a subsidiary of a parent
					 insurer.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.2 - Minimum standards

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
					 Applicability of section.
(1) The provisions
					 of this section shall apply if, in any calendar year, the aggregate amount of
					 gross written premium on insurance business placed with a controlled insurer by
					 a controlling producer is equal to or greater than five percent of the admitted
					 assets of the controlled insurer, as reported in the controlled insurer's
					 quarterly statement filed as of September 30 of the prior year.
(2) Notwithstanding paragraph (1) of this
					 subdivision, the provisions of this section shall not apply if:
(i) The controlling producer:
(a) places insurance only with the controlled
					 insurer, a member of the controlled insurer's holding company system, or the
					 controlled insurer's parent, affiliate, or subsidiary, and receives no
					 compensation from any such person which is based upon the amount of premiums
					 written; and
(b) accepts insurance
					 placements only from a subproducer that is not an affiliate of the controlling
					 producer nor a member of the same holding company system, and does not accept
					 insurance placements directly from insureds; and
(ii) The controlled insurer, except for
					 insurance business written through a residual market facility such as the New
					 York Automobile Insurance Plan, accepts insurance business only from a
					 controlling producer, a producer controlled by the controlled insurer, or a
					 producer that is a subsidiary of the controlled insurer.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.3 - Disclosure of producer and insurer relationship

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This section applies to:
(1) a licensed controlling producer in regard
					 to insurance business with a controlled insurer; or
(2) Any other licensed producer that is a
					 parent or an affiliate of an authorized property/casualty insurance company in
					 regard to insurance business placed with that insurer.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.4 - Violations by other persons

Current through Register Vol. 46, No. 28, July 10, 2024
No parent insurer, subsidiary of a parent insurer, or
						person in a holding company system shall cause a controlled insurer or
						controlling producer to violate any provision of this
						Subpart.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.5 - Substantial compliance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
					 authorized foreign controlled insurer or a controlled United States branch of
					 an alien insurer not entered through this State which, pursuant to the laws of
					 its state or organization, incorporation or entry, is required (or whose
					 holding company is required) to register, report or otherwise disclose
					 information substantially equivalent to that required by this Subpart, is
					 exempt from the filing requirements of this Subpart.
(b) The superintendent may require such
					 foreign controlled insurer or controlled United States branch of an alien
					 insurer to submit copies of the material filed with the state of organization,
					 incorporation or entry, supplemented by a schedule or index cross-referencing
					 the material filed to the specific requirements of this Subpart.
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 80-2 - Minimum Standards For Producer-controlled Insurers And Controlling Producers; Disclosure Requirements For Certain Other Producers › Section 80-2.6

Current through Register Vol. 46, No. 28, July 10, 2024
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 81-1.0 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Executive
					 officer means any individual charged with active management and control, in an
					 executive capacity, including a president, vice-president, treasurer,
					 secretary, comptroller and any other individual performing for a person,
					 whether incorporated or unincorporated, functions corresponding to those
					 performed by the foregoing officers.
(b) Insurer means a domestic insurer subject
					 to the provisions of section 1403 (c)  of the Insurance
					 Law.
(c) All other terms used
					 herein shall have the same meanings prescribed in section 107 and article 16 of
					 the Insurance Law unless the context otherwise requires.
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 81-1.3 - Waivers and additional information

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may waive the filing of any of the
						information required herein upon good cause shown and upon such terms as he
						deems appropriate, and may require the filing of such additional information as
						he deems necessary to implement the purposes of article 16 of the Insurance Law
						and this regulation.
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 81-2 - Subsidiaries Of Life Insurance Companies, Retirement Systems And Article 43 Corporations › Section 81-2.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Parent
					 corporation means a domestic life insurance company, domestic corporation
					 subject to article 43 of the Insurance Law, or domestic retirement system
					 subject to article 46 of the Insurance Law, that directly or indirectly,
					 controls another institution.
(b)
					 All other terms used herein shall have the same meanings prescribed in section 107 and article 17 of the Insurance Law.