N.Y. Comp. Codes R. & Regs. tit. 11 § 176.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 176.3 - Definitions

For purposes of this Part:

(a) Medium grade obligations means obligations rated three by the Securities Valuation Office of the National Association of Insurance Commissioners;

(b) Lower grade obligations means obligations rated four, five or six by the Securities Valuation Office of the National Association of Insurance Commissioners;

(c) Admitted assets means the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as "admitted assets" in section 1405 of the Insurance Law.

(d) Aggregate amount of medium grade and lower grade obligations means the aggregate statutory statement value thereof.

(e) Institution means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or similar entity.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 176.3