Allows domestic insurers to make certain records available by electronic means

New York insurers gain electronic record options

Effective immediately, New York domestic insurers and licensed U.S. branches of foreign insurers gain an electronic recordkeeping option. They can use internet-accessible servers, internal servers hosted by the insurer or an affiliate, or outside service providers. Records must stay easily accessible from the insurer’s main New York office. Insurers must still follow applicable state and federal laws and regulations. Covered records include charters, bylaws, account books and, for domestic stock corporations, shareholder names, addresses, share holdings and ownership dates. Domestic corporations must also keep minutes of shareholder, policyholder, board and committee meetings. Records in another language still need accurate English translations. The law changes storage options, not the duty to maintain records, and provides no direct household payment or benefit.