N.Y. Comp. Codes R. & Regs. tit. 11 § 93.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 93.3 - Financial requirements

(a) The conventional operations of such life insurance company shall, to the extent possible, be accounted for separately from its aircraft reinsurance business. Accordingly, each life insurance company proposing to engage in such business shall account for this business as a separate line of business with its own allocated surplus. Life insurers transacting the business of aircraft reinsurance shall be subject to the same statutory provisions and administrative rules relating to net annual premium volume and the maintenance of reserves for unearned premiums and unpaid losses as are applicable to fire and casualty insurers transacting aviation reinsurance.

(b) As a condition precedent to approval of the entry of a life insurer into the business of aircraft reinsurance, the insurer shall demonstrate that 20 percent of its total capital and surplus as of the preceding year-end is at least equal to the sum of the capital and surplus required of a fire or casualty insurer transacting the same kind of business. As a condition for remaining in this business, the life insurer should be prepared to demonstrate continuing conformity to the foregoing requirement at each succeeding year-end.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 93.3