New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 8 - Executive Orders (Andrew M. Cuomo) › Section 8.77 - Executive Order No. 77: Temporary Suspension and Modification of Provisions of the Insurance Law

Current through Register Vol. 46, No. 28, July 10, 2024
WHEREAS, on October 26, 2012, I issued Executive Order
					 Number 47, declaring a disaster emergency in all 62 counties in the State of
					 New York; and
WHEREAS, on October 30, 2012, the President issued a major
					 disaster declaration for the counties of Bronx, Kings, Nassau, New York,
					 Queens, Richmond and Suffolk, and on November 2, 2012, extended such
					 declaration to include the counties of Rockland and Westchester; and
WHEREAS, Hurricane Sandy brought damaging winds and
					 torrential rainfall causing record flooding and severe storm surge throughout
					 the State of New York that severely devastated the State; and
WHEREAS, Hurricane Sandy caused damage to the New York City
					 offices of the New York State Department of Financial Services ("Department"),
					 interfering with the ability of Department employees to perform their regular
					 duties because they have been and continue to be engaged in critical disaster
					 relief work and are not otherwise available;
NOW, THEREFORE, I, ANDREW M. CUOMO, Governor of the State
					 of New York, by virtue of the authority vested in me by Section 29-a of Article
					 2-B of the Executive Law to temporarily suspend or modify specific provisions
					 of any statute, local law, ordinance, orders, rules or regulations, or parts
					 thereof, of any agency during a State disaster emergency, if compliance with
					 such provisions would prevent, hinder or delay action necessary to cope with
					 the disaster, hereby temporarily suspend and modify, as the case may be, for
					 the period the disaster emergency was declared pursuant to Executive Order
					 Number 47, issued on October 26, 2012, until further notice, the
					 following:
Section 1505  of the Insurance Law, to the extent that a
					 transaction specified in subsection (d) thereof between a controlled insurer
					 and any person within its holding company system shall not be entered into
					 unless the Superintendent of Financial Services ("Superintendent") has approved
					 it;
Section 1603  of the Insurance Law, to the extent that a
					 parent insurer shall not acquire a majority of any corporation's outstanding
					 common shares pursuant to Insurance Law Article 16 without the Superintendent's
					 approval;
Section 2305  of the Insurance Law, to the extent that a
					 rate filing for any kind of insurance specified in subsection (b) thereof shall
					 not take effect unless the Superintendent has approved it;
Section 2307  of the Insurance Law, to the extent that a
					 policy form filing subject to subsection (b) thereof shall not take effect
					 unless the Superintendent has approved it;
Section 4207  of the Insurance Law, to the extent that a
					 domestic stock life insurance company shall not distribute any dividend to its
					 shareholders unless the Superintendent has approved it; and
Section 4240  of the Insurance Law, to the extent that an
					 amendment to a statement of an insurer's methods of operation of a separate
					 account that does not change the investment policy shall not be deemed approved
					 unless the Superintendent has approved it.
Signed: Andrew M. Cuomo
Dated: November 20, 2012