reglab/statecodes huggingface dataset:
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 81-2.2 - Code of ethics

Current through Register Vol. 46, No. 28, July 10, 2024
Every parent corporation that has acquired one or more
						subsidiaries shall adopt and shall cause each of its subsidiaries to adopt a
						code of ethics conforming to the requirements of this section. Such code of
						ethics shall:
(a) establish standards
					 of ethical integrity regarding relationships and transactions between the
					 parent corporation and subsidiary;
(b) contain rules and procedures that define
					 and implement disclosure of conflict of interest situations in connection with
					 transactions involving a subsidiary;
(c) contain procedures designed to disclose
					 whether any directors or officers of either the parent corporation or any
					 person controlling, controlled by or under common control with the parent
					 corporation have a financial interest in any investment or acquisition required
					 to be reported pursuant to this Subpart or in any transaction involving a
					 subsidiary;
(d) prohibit the
					 directors and officers of a parent corporation or subsidiary from being
					 pecuniarily interested, as principal, coprincipal, agent or beneficiary,
					 directly or indirectly, or through any substantial interest in any other
					 corporations or business unit, in any transaction involving the subsidiary,
					 subject to the same exceptions as are permitted by the New York State Insurance
					 Law for directors and officers of the parent corporation, and such exceptions
					 as are described in subdivision (e) of this section;
(e) not necessarily prohibit the subsidiary's
					 directors, officers or members that are not otherwise affiliated with the
					 parent corporation from being pecuniarily interested in any transactions that
					 are in the subsidiary's ordinary course of business, provided that:
(1) such transactions are usual and customary
					 in relations between an institution and its directors or officers or, are at
					 arm's length with respect to its members;
(2) such transactions do not violate any
					 provisions of the Insurance Law; and
(3) the code of ethics contains procedures
					 designed to disclose to the board of directors of the parent corporation the
					 nature of any transaction involving a subsidiary and any director, officer or
					 member of the subsidiary that is, directly or indirectly, pecuniarily
					 interested in such transaction.
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 81-2.3 - Preliminary information report for the investment in or acquisition of an institution

Current through Register Vol. 46, No. 28, July 10, 2024
Every domestic life insurer and every domestic retirement
						system subject to article 46 of the Insurance Law which, after the effective
						date of this Subpart:
(a) invests in
					 or acquires, directly or indirectly, 10 percent or more of the voting
					 securities of any institution, or subsequently invests in or acquires
					 additional increments of 10 percent of more of the voting securities of such
					 institution; or
(b) acquires,
					 directly or indirectly, control of any institution shall file a preliminary
					 information report on form PIR (see Appendix 22, infra) with the superintendent
					 within 30 days of such investment or acquisition.
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 81-2.4 - Information report for subsidiaries

Current through Register Vol. 46, No. 28, July 10, 2024
Every parent corporation that has acquired one or more
						subsidiaries shall on or before May 1st of each year file with the
						superintendent an information report on form IR (see Appendix 22, infra) for
						each subsidiary owned directly or indirectly. Such information report shall
						correspond to the subsidiary's fiscal year.
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 81-2.5 - Notice of investment in or acquisition of an institution for article 43 corporations

Current through Register Vol. 46, No. 28, July 10, 2024
Every domestic corporation subject to article 43 of the
						Insurance Law, which after the effective date of this Subpart, invests in or
						acquires, directly or indirectly, 10 percent or more of the voting securities
						of any institution or subsequently invests in or acquires additional increments
						of 10 percent or more of the voting securities of such institution; or
						acquiries, directly or indirectly, control of any institution shall provide a
						notice to the superintendent within five days of such investment or
						acquisition. Such notice shall contain all the information required by form PIR
						(see Appendix 22, infra), and the filing of form PIR may be used for this
						purpose.
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 81-2.6 - Notice requirement for companies engaged directly in business pursuant to section 1714(a)(i) of the insurance law

Current through Register Vol. 46, No. 28, July 10, 2024
Every domestic life insurer shall provide a notice on
						form NA (see Appendix 22, infra) to the superintendent within 30 days of first
						engaging directly in any of the businesses authorized by section 1714 (a)(i)  of the
						Insurance Law, provided that no such notice shall be required with respect to
						any such business in which the domestic life insurance company had been engaged
						in during the year immediately preceding the effective date 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 81 - Subsidiaries Of Insurance Companies › Subpart 81-2 - Subsidiaries Of Life Insurance Companies, Retirement Systems And Article 43 Corporations › Section 81-2.7 - Annual reporting for companies engaged directly in business pursuant to section 1714 of the insurance law

Current through Register Vol. 46, No. 28, July 10, 2024
On or before May 1st of each year an annual report on
						form ARA (see Appendix 22, infra) shall be filed for every activity engaged in
						directly by the domestic life insurer under section 1714  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 81 - Subsidiaries Of Insurance Companies › Subpart 81-2 - Subsidiaries Of Life Insurance Companies, Retirement Systems And Article 43 Corporations › Section 81-2.8 - Investment and certain other subsidiaries

Current through Register Vol. 46, No. 28, July 10, 2024
Annual and quarterly statements filed with the
						superintendent by parent corporations holding subsidiaries under section 1704 (a)  of the Insurance
						Law shall have attached thereto exhibits describing the investments held by
						such subsidiaries in the same degree of detail that would be required, if such
						investments were held directly by the parent corporation.
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 81-2.9 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
If a parent corporation or insurer making a filing under
						this Subpart wishes to except such filing from disclosure pursuant to paragraph
						(d) of section 87.2 of the Public Officers Law on the grounds that such filing
						includes trade secrets or information that would injure the competitive
						position of the parent corporation or insurer making the filing if disclosed,
						such parent corporation or insurer should take action under section
						89.5  of the
						Public Officers Law and section
						241.6
						of this Title (Regulation No. 71). The foregoing provisions for confidentiality
						are in addition to those provided for in section 1709  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 81 - Subsidiaries Of Insurance Companies › Subpart 81-2 - Subsidiaries Of Life Insurance Companies, Retirement Systems And Article 43 Corporations › Section 81-2.10 - Waivers, extension of time to file and additional information

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may waive or extend the time for 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 necessary to implement the purposes of article 17 of the
						Insurance Law and 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 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
					 meaning ascribed to them:
(a)
Article 16 system
means an authorized domestic insurer
				  registered or required to register under Insurance Law article 16 and all of
				  the insurer's subsidiaries.
(b)
Article 17 system
means a parent corporation registered or
				  required to register under Insurance Law article 17 and all of the parent
				  corporation's subsidiaries.
(c)
Domestic insurer
means an insurer domiciled in this State,
				  including a United States branch of an alien insurer entered through this
				  State.
(d)
Enterprise
				  risk
shall:
(1) with respect to a
				  holding company system, article 16 system, or article 17 system, have the
				  meaning, as the circumstances or context may require, set forth in Insurance
				  Law section
				  1501(a)(7),
				  1604(b)(2), or
				  1702(f); and
(2) with respect to an insurer that is not a
				  member of a holding company system, an article 16 system, or an article 17
				  system, mean any activity, circumstance, event, or series of events involving
				  the insurer that, if not remedied promptly, is likely to have a material
				  adverse effect upon the financial condition or liquidity of the insurer,
				  including anything that would cause the insurer's risk-based capital to fall
				  into company action level as set forth in Insurance Law section
				  1322 or
				  1324, or that would cause further
				  transaction of business to be hazardous to the insurer's policyholders or
				  creditors or the public.
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 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.4 - Group-wide supervision of internationally active insurance groups

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  superintendent may act as the group-wide supervisor for any IAIG in accordance
				  with the provisions of this section. A holding company system, Article 16
				  system, or Article 17 system that does not otherwise qualify as an IAIG may
				  request that the superintendent make a determination as to whether he or she is
				  a group-wide supervisor pursuant to this section.
(b) The superintendent may determine at any
				  time that the superintendent is the appropriate group-wide supervisor for an
				  IAIG that conducts substantial insurance operations in this State. The
				  superintendent shall consider the following factors when making a determination
				  under this subdivision:
(1) the place of
				  domicile of the insurers within the IAIG that hold the largest share of the
				  IAIG's written premiums, assets, or liabilities;
(2) the place of domicile of the top-tiered
				  insurer or insurers in the IAIG's holding company system, Article 16 system, or
				  Article 17 system;
(3) the location
				  of the executive offices or largest operational offices of the IAIG;
(4) whether another regulatory official is
				  acting or seeking to act as the group-wide supervisor under a regulatory system
				  that the superintendent determines to be substantially similar to the system of
				  regulation provided under the laws of this State, or otherwise sufficient in
				  terms of providing for group-wide supervision, enterprise risk analysis, and
				  cooperation with other regulatory officials; and
(5) whether another regulatory official
				  acting or seeking to act as the group-wide supervisor provides the
				  superintendent with reasonably reciprocal recognition and
				  cooperation.
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 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.5 - Group capital calculation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An entity required to
				  file a group capital calculation pursuant to Insurance Law sections 1503(c),
				  1604(c), and 1717(c) shall submit such calculation electronically.
(b) Pursuant to Insurance Law sections
				  1503(c)(5), 1604(c)(6), and 1717(c)(6), where an entity has previously filed
				  the annual group capital calculation at least once, the superintendent, when
				  this State is the lead state, may exempt the entity from filing the annual
				  group capital calculation if the superintendent determines, based upon that
				  filing, that the holding company system, article 16 system, or article 17
				  system meets all of the following criteria:
(1) has annual direct written and
				  unaffiliated assumed premium (including international direct and assumed
				  premium), but excluding premiums reinsured with the Federal Crop Insurance
				  Corporation and Federal Flood Program, of less than $1,000,000,000;
(2) has no insurers within its holding
				  company system, article 16 system, or article 17 system that are domiciled
				  outside of the United States or one of its territories;
(3) has no banking, depository, or other
				  financial entity that is subject to an identified regulatory capital framework
				  within its holding company system, article 16 system, or article 17
				  system;
(4) the holding company
				  system, article 16 system, or article 17 system attests that there are no
				  material changes in the transactions between insurers and non-insurers in the
				  system that have occurred since the last filing of the annual group capital
				  calculation; and
(5) the
				  non-insurers within the holding company system, article 16 system, or article
				  17 system do not pose a material financial risk to an insurer's ability to
				  honor policyholder obligations.
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 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.6 - Exemption from disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
If an entity or a domestic insurer submitting information
					 under this Part deems such information to be a trade secret that if disclosed
					 would cause substantial injury to the competitive position of the entity or
					 domestic insurer pursuant to Public Officers Law section
					 87(2)(d), then the entity or
					 domestic insurer may, at the time the information is submitted to the
					 superintendent, request that the superintendent except such information from
					 disclosure pursuant to Public Officers Law section
					 89(5)(a)(1).
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 82 - Enterprise Risk Management And Own Risk And Solvency Assessment › Section 82.7 - Exemptions from electronic filing and submission requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An entity or a domestic insurer required
				  to make an electronic filing or 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 entity or domestic insurer 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) with
				  regard to a domestic insurer, set forth the insurer's NAIC number;
(2) identify the specific filing or
				  submission as to which the entity or domestic insurer is applying for the
				  exemption;
(3) specify whether the
				  entity or domestic 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 A - Rules of General Application › Part 83 - Financial Statement Filings and Accounting Practices and Procedures › Section 83.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to enhance the consistency of
					 the accounting treatment of assets, liabilities, reserves, income and expenses
					 by entities subject hereto, by setting forth the accounting practices and
					 procedures to be followed in completing annual and quarterly financial
					 statements required by 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 83 - Financial Statement Filings and Accounting Practices and Procedures › Section 83.3 - Accounting practices and procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  financial statements of all authorized insurers, accredited reinsurers (except
				  underwriters at Lloyd's, London), authorized fraternal benefit societies, and
				  Public Health Law article 44 health maintenance organizations, integrated
				  delivery systems, prepaid health services plans and comprehensive HIV special
				  needs plans (all defined as "insurers" for the purposes of this Part) shall be
				  completed in accordance with statutory accounting practices and procedures as
				  prescribed by applicable provisions of the Insurance Law and this
				  Title.
(b) Pursuant to sections 307 and
				  308  of
				  the Insurance Law, financial statements required to be submitted to the
				  superintendent shall be in a form prescribed by the superintendent and shall be
				  prepared in accordance with instructions prescribed by the superintendent.
				  Pursuant to sections 4403, 4403-a, 4403-c and
				  4408-a  of the Public Health Law,
				  financial statements required to be submitted to the Commissioner of Health
				  shall be in a form prescribed by the commissioner and shall be prepared in
				  accordance with instructions prescribed by the commissioner.
(c) Except as provided in section
				  83.4  of
				  this Part or where the accounting manual conflicts with any provision of the
				  Insurance Law or this Title, the accounting manual is adopted in its entirety,
				  subject to such conflicts and exceptions, and an insurer shall follow the
				  accounting practices and procedures prescribed by the accounting manual. The
				  accounting manual does not preempt States' legislative or regulatory authority.
				  The accounting manual is intended to establish a comprehensive basis of
				  accounting to be adhered to if not in conflict with the State statutes or
				  regulations, or when the State statutes or regulations are silent. The
				  accounting manual may also be viewed at the New York State Department of
				  Financial Services New York City office at One State Street, New York, NY
				  10004.
(d) A foreign insurer shall
				  calculate its risk-based capital consistent with Part 77 of this Title and
				  shall report that risk-based capital in the New York supplement to the annual
				  financial statement.
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 83 - Financial Statement Filings and Accounting Practices and Procedures › Section 83.4 - Conflicts and exceptions

Current through Register Vol. 46, No. 28, July 10, 2024
The following are SSAPs or sections of SSAPs that conflict
					 with provisions of the Insurance Law in whole or in part. These SSAPs or
					 sections thereof are either not adopted, or modified as provided in this
					 section and insurers shall follow the additional guidance, as indicated:
(a)
(1)
				  Paragraph 6 of SSAP No. 6 "Uncollected Premium Balances, Bills Receivable for
				  Premiums, and Amounts Due from Agents and Brokers" is adopted with the
				  following addition:
Premium accruals pertaining to guaranteed rates in the form
					 of annual level subscriber rates, as permitted by section
					 52.42(b)(3)(ii) 
					 of this Title (Regulation No. 62) for Public Health Law article 44 health
					 maintenance organizations, integrated delivery systems, prepaid health services
					 plans and comprehensive HIV special needs plans, meet the definition of assets
					 in SSAP No. 4 "Assets and Nonadmitted Assets" and are admitted if evidenced by
					 an approved contract provision or rider. In the event of the termination of a
					 group, any premium due on such guaranteed rates shall be nonadmitted as
					 prescribed in paragraph 9 of SSAP No. 6 or written off as prescribed in
					 paragraph 10 of SSAP No. 6.
(2) Paragraph 9(a) of SSAP No. 6 "Uncollected
				  Premium Balances, Bills Receivable for Premiums, and Amounts Due From Agents
				  and Brokers" is adopted with the following addition:
Overdue premiums (either direct or indirectly due) from the
					 United States government or any of its instrumentalities shall be admitted
					 assets, in accordance with section 1301 (a)(6)  of the
					 Insurance Law. Instrumentalities as used herein shall also include State and
					 local governments.
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 84 - Reporting Of Financial Condition Under Generally Accepted Accounting Principles › Section 84.1 - Reporting of financial condition under generally accepted accounting principles

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				  registration statements (prospectuses) of domestic stock insurance companies
				  and of persons controlling or seeking to acquire control of domestic stock
				  insurance companies which are filed with the Securities and Exchange Commission
				  (SEC) and which are subject to prior review and approval by this department,
				  and in reports issued to the stockholders of domestic insurers which are not
				  controlled insurers (as defined in section 1501  of the Insurance Law), the
				  presentation of statements of financial condition based upon generally accepted
				  accounting principles (GAAP) will be permitted.
(b) Such registration statements and reports
				  to stockholders shall also include statements prepared on a statutory basis,
				  and shall contain appropriate reconciliations of differences between the GAAP
				  basis and the statutory basis. Footnotes shall be presented in conjunction with
				  the financial statements which will adequately describe the bases and methods
				  used in adjusting from a statutory basis to a GAAP basis. The inclusion of
				  additional explanatory material which is satisfactory to this department shall
				  be required if deemed necessary.
(c) Such registration statements and reports
				  to stockholders containing financial statements on a GAAP basis shall also
				  contain the following statement in bold face type on the first page on which a
				  GAAP statement is first presented:
"The New York State Insurance Department recognizes only
					 statutory accounting practices for determining and reporting the financial
					 condition and results of operations of an insurance company, for determining
					 its solvency under the New York Insurance Law, and for determining whether its
					 financial condition warrants the payment of a dividend to its stockholders. No
					 consideration is given by the Department to financial statements prepared in
					 accordance with generally accepted accounting principles in making such
					 determinations".
The statement shall also refer to the discussion of the
					 principal differences between statutory accounting practices and GAAP contained
					 in the accountant's notes to the financial statements.
(d) Advertisements, signs, pamphlets,
				  circulars, cards or other public announcements purporting to make known the
				  separate financial condition of any domestic insurer may show such condition on
				  a GAAP basis provided that the financial condition on a statutory basis is also
				  shown and the statement referred to in subdivision (c) of this section is
				  presented in conjunction with the GAAP statement.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
Section 1301 (a)(19)  of the
					 Insurance Law was added by chapter 614 of the Laws of 1976, effective January
					 17, 1977, and permits an aircraft to be allowed as an admitted asset of an
					 insurer provided prior written approval has been secured from the
					 superintendent pursuant to compliance with such standards as he shall by
					 regulation prescribe; such standards, in outline, are to include, but not be
					 limited to, the following:
(a) a
				  reasonable need for the proposed acquisition of the aircraft is
				  shown;
(b) the purchase price is in
				  keeping with prevailing cost scales;
(c) the purchase price shall not exceed a
				  prescribed percentage of admitted assets; and
(d) there shall be an orderly program of
				  depreciation.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.1 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
An application for a determination that an aircraft
					 acquired after the effective date of section 1301(a)(19) and after the
					 effective date of this Part by a domestic or foreign insurer or United States
					 branch of an alien insurer be allowed as an admitted asset shall be filed with
					 the superintendent for prior written approval that such acquisition is in
					 compliance with the standards promulgated by this Part.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.2 - Showing of reasonable need

Current through Register Vol. 46, No. 28, July 10, 2024
There shall be a showing of reasonable need for the
					 aircraft based upon a study prepared by the company or a consultant or both.
					 Such study shall take the following factors into account, among others:
(a) the past use of air travel by those who
				  will make use of the aircraft;
(b)
				  a projection of normal future use, specifying those persons who will use the
				  aircraft and their normal point of departure and destination;
(c) a comparison of the estimated cost of
				  acquisition and maintenance of the proposed aircraft with the cost of use of
				  alternate modes of transportation, such as scheduled, chartered or leased
				  aircraft. The following factors should be considered, among others:
(1) the availability and cost of commercial
				  air service, based on current schedules;
(2) the availability and cost of the combined
				  use of owned aircraft and scheduled, chartered or leased aircraft;
(3) the estimated loss in investment income
				  resulting from the capital expenditure; and
(4) the projected cost and/or loss of
				  executive time by other means of transportation than the proposed aircraft;
				  and
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.3 - Purchase price

Current through Register Vol. 46, No. 28, July 10, 2024
The insurer shall submit a certified statement, with
					 supporting data, from the aircraft dealer or broker, affirming that the
					 purchase price is in keeping with cost scales prevailing at the time of
					 acquisition.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.4 - Prescribed percentage of admitted assets

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in subdivision (b) of
				  this section, the cost of any aircraft proposed to be acquired shall not
				  exceed, as of the 31st day of December next preceding, the sum of:
(1) 1/4 of one percent of the insurer's
				  admitted assets up to and including $500,000,000; plus
(2) 1/8 of one percent of the insurer's
				  admitted assets in excess of $500,000,000.
Should the cost of an aircraft exceed the amounts set forth
					 in paragraphs (1) and (2) of this subdivision, it shall nevertheless be allowed
					 as an admitted asset up to and including the amounts as determined in 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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.5 - Depreciation

Current through Register Vol. 46, No. 28, July 10, 2024
In accordance with an orderly program of depreciation, the
					 cost of each aircraft shall be amortized in full over a period not to exceed
					 seven years, but in no event shall such depreciation be for a longer period
					 than is used for federal income tax purposes.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.6 - Corporate policy

Current through Register Vol. 46, No. 28, July 10, 2024
The application shall include a statement of corporate
					 policy with respect to the use of the aircraft, which shall be used in the
					 normal course of company business.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.7 - Records

Current through Register Vol. 46, No. 28, July 10, 2024
The aircraft log, in addition to what is required by
					 federal law or regulation, shall show for every passenger the point of origin
					 and destination, and the time of departure and arrival. A file shall also be
					 maintained which shall show the reason for each flight for each
					 passenger.
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 85 - Allowance Of Aircraft As An Admitted Asset › Section 85.8 - Exception

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding the provisions of section
					 85.1  of
					 this Part, an application for a determination that an aircraft acquired before
					 the effective date of section 1301(a)(19) and before the effective date of this
					 Part shall be allowed as an aircraft admitted asset if, not later than 45 days
					 after the effective date of this Part an application for such determination is
					 filed with the superintendent for prior written approval. The admitted asset
					 value shall be allowed in the December 31, 1977 and subsequent annual
					 statements, and shall be based upon the depreciated cost permitted by section
					 85.4 
					 of this Part calculated from the date of purchase.
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 86 - Reports Of Suspected Insurance Frauds To Insurance Frauds Bureau; Required Warning Statements › Section 86.1 - Introduction

Current through Register Vol. 46, No. 28, July 10, 2024
This Part is hereby promulgated to establish procedures to
					 effectuate the purposes of the Insurance Frauds Prevention Act (L. 1981, ch.
					 720), as amended.
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 86 - Reports Of Suspected Insurance Frauds To Insurance Frauds Bureau; Required Warning Statements › Section 86.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following shall govern the construction of the terms
					 used in this Part:
(a) Claimant means
				  any person who attempts to obtain a benefit from an insurer or self-
				  insurer.
(b) Commercial insurance
				  means insurance other than personal insurance.
(c) Insurance policy has the meaning assigned
				  to insurance contract by section 1101  of the Insurance Law, except it shall
				  also include reinsurance contracts, purported insurance policies,
				  self-insurance plans and purported reinsurance contracts.
(d) Insured means the named insured, as
				  defined in the policy, or an applicant for insurance.
(e) Insurer means an insurer authorized to do
				  an insurance business in this State, including any organization exempted from
				  compliance with the licensing requirements by the Insurance Law which is
				  engaged in the business of insurance in this State. For the purposes of this
				  Part, all health maintenance organizations, the Motor Vehicle Accident
				  Indemnification Corporation, the New York Automobile Insurance Plan, the New
				  York Property Insurance Underwriting Association and the Medical Malpractice
				  Insurance Plan shall be deemed insurers.
(f) Person includes any individual, firm,
				  association or corporation.
(g)
				  Personal insurance means a policy of insurance insuring a natural person
				  against any of the following contingencies:
(1) loss of or damage to real property used
				  predominantly for residential purposes and which consists of not more than four
				  dwelling units, other than hotels, motels and rooming houses;
(2) loss of or damage to personal property
				  which is not used in the conduct of a business;
(3) losses or liabilities arising out of the
				  ownership, operation or use of a motor vehicle, predominantly used for
				  nonbusiness purposes;
(4) other
				  liabilities for loss of, damage to or injury to persons or property, not
				  arising from the conduct of a business; and
(5) death, including death by personal
				  injury, or the continuation of life, or personal injury by accident, or
				  sickness, disease or ailment, including insurance providing disability benefits
				  pursuant to article 9 of the Workers' Compensation Law.
A policy of insurance which insures any of the
					 contingencies listed in paragraphs (1) through (5) of this subdivision, as well
					 as other contingencies, shall be personal insurance if that portion of the
					 annual premium attributable to the listed contingencies exceeds that portion
					 attributable to other contingencies.
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 86 - Reports Of Suspected Insurance Frauds To Insurance Frauds Bureau; Required Warning Statements › Section 86.3 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part shall apply to all kinds of
					 insurance authorized by section 1113 (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 86 - Reports Of Suspected Insurance Frauds To Insurance Frauds Bureau; Required Warning Statements › Section 86.7 - Separability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
					 any person or circumstance is held unauthorized by law, the remainder of this
					 Part and application of such provision to other persons or circumstances shall
					 not be affected thereby.
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 87 - Insurer Name Approval › Section 87.1 - Procedure

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The name of any
				  proposed domestic insurance corporation, the name of any foreign or alien
				  insurer seeking to be licensed in this State, and the proposed name of any
				  insurer seeking to change its name shall be submitted to the Office of General
				  Counsel, New York State Insurance Department, One Commerce Plaza, Albany, NY
				  12257.
(b) There shall be paid to
				  the Superintendent of Insurance, at the time of submittal, a processing fee of
				  $25 for each proposed name submitted for approval. This fee is a nonrefundable
				  reimbursement of the cost of the Insurance Department for such
				  processing.
(c) In the event a
				  proposed name is disapproved by the Insurance Department, one substitute name
				  may be submitted for approval without an additional processing fee.
(d) In the event a proposed name is approved
				  by the Insurance Department, it shall be reserved for the exclusive use of the
				  prospective domestic corporation or foreign or alien insurer for a period of
				  six months upon a payment of a fee of $25.
(e) Each additional six-month extension of
				  the reservation, up to the maximum of three extensions, will require an
				  additional $25 fee. No extensions shall be considered beyond two years from the
				  date of the initial approval of the proposed name.
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 88 - Requirements Of Or Plan Of Authorized Insurer Proposing To Cease To Maintain Or Change Its Existing Licensing Status In This State › Section 88.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
Section 1105  of the Insurance Law provides that
					 when an authorized insurer proposes to cease to maintain its existing licensing
					 status in this State, it shall submit a plan that will protect the interests of
					 the people of this State. Such plan must be approved by the Superintendent of
					 Financial Services before becoming effective. The purpose of this Part is to
					 implement these provisions 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 88 - Requirements Of Or Plan Of Authorized Insurer Proposing To Cease To Maintain Or Change Its Existing Licensing Status In This State › Section 88.2 - Submission of plan

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer proposing for any reason to cease to maintain
					 its existing licensing status in this State shall, at least 45 days prior to
					 such proposed action, submit to the Superintendent of Insurance, for his
					 approval, a plan to protect the interests of the people of this
					 State.
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 88 - Requirements Of Or Plan Of Authorized Insurer Proposing To Cease To Maintain Or Change Its Existing Licensing Status In This State › Section 88.4 - Approval of plan and effective date

Current through Register Vol. 46, No. 28, July 10, 2024
The plan approved by the superintendent shall become
					 effective on the date designated by the superintendent.
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 89 - AUDITED FINANCIAL STATEMENTS › Section 89.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to apply audit and reporting
					 standards upon insurers, fraternal benefit societies and managed care
					 organizations. These standards are modeled on the standards required by the
					 Sarbanes-Oxley Act of 2002.
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 89 - AUDITED FINANCIAL STATEMENTS › Section 89.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part, the following definitions
					 shall apply:
(a)
AICPA
means the American Institute of Certified Public
				  Accountants.
(b)
Affiliate
				  of
, or
person affiliated with another person
means a
				  person that directly, or indirectly, controls, or is controlled by, or is under
				  common control with, the other person specified.
(c)
Audit committee
means a
				  committee (or equivalent body) established by the board of directors of a
				  company for the purpose of overseeing the accounting and financial reporting
				  processes of a company or group of companies, the internal audit function of a
				  company or group of companies, if applicable, and external audits of financial
				  statements of the company or group of affected companies, provided that:
(1) for a holding company that controls a
				  group of companies, the audit committee of the holding company may be deemed to
				  be the audit committee for one or more of those controlled companies solely for
				  the purposes of this Part, even if all members of the holding company audit
				  committee are not residents of this State;
(2) for a United States branch of an alien
				  company, the audit committee may be comprised of the audit committee of the
				  person that controls the United States branch; and
(3) for a company that does not otherwise
				  designate an audit committee, the company's entire board of directors shall
				  constitute the audit committee.
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 89 - AUDITED FINANCIAL STATEMENTS › Section 89.2 - General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				  company shall file an audited financial report with the superintendent on or
				  before May 31st for the year ended December 31st immediately preceding, except
				  that a MCO shall file on or before April 1st for the year ended December 31st
				  immediately preceding.
(b) A
				  company shall submit any filings to the superintendent pursuant to this Part at
				  the following locations:
(1) a life insurance
				  company, a risk retention group or fraternal benefit society shall file with
				  the New York City office of the life bureau;
(2) a property/casualty insurance company,
				  financial guaranty insurance company, reciprocal insurer, title insurance
				  corporation, or mortgage guaranty insurance company shall file with the New
				  York City office of the property bureau;
(3) a co-operative property/casualty
				  insurance company shall file with the Albany office of the property bureau;
				  and
(4) an accident and health
				  insurance company, municipal co-operative health benefit plan or MCO shall file
				  with the New York City office of the health bureau.