N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 81-1.2

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

Section 81-1.2 - Reporting

Every insurer owning a subsidiary pursuant to article 16 of the Insurance Law shall file a report containing the following information with the superintendent on or before March 1st of each year, or within such longer period as the superintendent, on good cause shown, may permit:

(a) A description of any changes during the next preceding fiscal year with respect to subdivisions (a), (b), (c) and (d) of section 81-1.1 of this Subpart of its notice of acquisition for each such subsidiary.

(b) During each of the first three years after the organization or acquisition of a subsidiary, a submission in which the insurer shall update the projections made with respect to subdivision (j) of section 81-1.1 of its notice of acquisition for such subsidiary for the remainder of such three-year period.

(c) Copies of the latest annual reports to shareholders of each subsidiary which issues such reports.

(d) Financial statements for each subsidiary for the next preceding fiscal year which, unless otherwise permitted by the superintendent, shall be certified in the manner prescribed in subdivision (e) of section 81-1.1 of this Part.

(e) A copy of the most recent annual statement filed with the state of domicile for each insurer subsidiary not authorized to do an insurance business nor recognized as an accredited reinsurer in this State.

(f) A brief description of all transactions entered into during the next preceding calendar year with any of such subsidiaries (other than any transactions otherwise reported to or approved by the superintendent under any provision of the Insurance Law) inclusive of arrangements for common management or cooperative or joint use of personnel, property or services. (Transactions not deemed material, transactions in series, or numerous similar transactions, may be reported in the aggregate provided that they are reasonably described.) The issuance of contracts of insurance issued in the normal course of business other than contracts of reinsurance shall not be deemed transactions hereunder. Descriptions of transactions, other than those reported in the aggregate, shall include at least the following:

(1) the nature and purpose of the transaction;

(2) the nature and amounts of any payments or transfers of assets between the parties;

(3) the identities of all parties to such transaction;

(4) whether any officers or directors of a party are pecuniarily interested therein; and

(5) copies of any contracts, agreements or memoranda of understanding between the parties relating to the transaction.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 81-1.2