N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-1.4

Current through Register Vol. 46, No. 36, September 4, 2024

Section 80-1.4 - Reporting

Every controlled insurer registered or required to register pursuant to Insurance Law section 1503 shall, within 120 days following the end of its ultimate holding company's fiscal year, and within 120 days following the end of each succeeding fiscal year, furnish to the superintendent a report containing the following:

(a) A brief description of all transactions during the preceding fiscal year with persons within its holding company system to which it was a party (other than any transactions otherwise reported to or approved by the superintendent under any provision of the Insurance Law), inclusive of arrangements for common management or cooperative or joint use of personnel, property or services. (Transactions not deemed material, transactions in series or numerous similar transactions may be reported in the aggregate, provided that they are reasonably described.) The issuance of contracts of insurance issued in the normal course of business, other than contracts of reinsurance, shall not be deemed transactions hereunder.

(b) Copies of the latest annual reports to shareholders of the ultimate corporate holding company and of all significant persons within the holding company system that issued such reports.

(c) A consolidated balance sheet of the ultimate holding company and each significant person within the holding company system, as of the end of the holding company's fiscal year, and related consolidated statements of income and surplus for the year then ended. Such financial statements shall be accompanied by an opinion of an independent certified public accountant to the effect that such financials present fairly the consolidated financial position of the ultimate holding company and such persons, and the results of their operations for the year then ended, in conformity with generally accepted accounting principles or with requirements of insurance or other accounting principles prescribed or permitted under law. In lieu of fully consolidated statements, registrant may furnish separate certified financial statements with respect to any person or persons, and certified consolidated or combined statements with respect to any group of persons, within the holding company system. Upon written application of a significant person who is an individual, the superintendent may permit the significant person to submit a certified public accountant compilation rather than an opinion of an independent certified public accountant, if the superintendent finds, upon review of the application, that submitting an opinion of an independent certified public accountant would constitute a hardship upon the significant person. The written application shall explain how submitting an opinion of an independent certified public accountant would constitute a hardship upon the significant person.

(d) A list that identifies each insurer in the holding company system that is not an authorized insurer in this State ("unauthorized insurer") and that electronically filed its most recent annual statement with the national association of insurance commissioners, and for an unauthorized insurer that has not electronically filed its most recent annual statement with the national association of insurance commissioners, a copy of the most recent annual statement filed with the unauthorized insurer's state of domicile.

(e) A copy of any proxy material used by the ultimate holding company during the preceding year.

(f) A brief description of any litigation or administrative proceedings of the following types, either then pending or concluded within the preceding fiscal year, to which the ultimate holding company, any significant person within the holding company system or any director or executive officer of either of the foregoing is or was a party, or of which the property of any such person is or was the subject; give the names of the parties and the court or agency in which such litigation or proceeding is or was pending:

(1) criminal prosecutions or administrative proceedings by any government agency or authority that may be relevant to the trustworthiness of any party thereto; and

(2) proceedings that may have a material effect upon the solvency or capital structure of the ultimate holding company or significant person including, but not necessarily limited to, bankruptcy, receivership or other corporate reorganizations.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-1.4

Amended, New York State Register, Volume XXXVI, Issue 23, effective 6/11/2014