Title ISC, Insurance

§ 1503. Registration. (a) Every person who becomes a controlled\ninsurer shall, within thirty days thereafter register with the\nsuperintendent and shall amend the registration within thirty days\nfollowing any change in the identity of its holding company or any other\nmaterial…

§ 1504. Reporting; examination; publication. (a) (1) Every controlled\ninsurer shall file with the superintendent such reports or material as\nthe superintendent may direct for the purpose of disclosing information\nconcerning the operations of persons within the holding company…

§ 1505. Transactions within a holding company system affecting\ncontrolled insurers. (a) Transactions within a holding company system to\nwhich a controlled insurer is a party shall be subject to the following:\n (1) the terms shall be fair and equitable;\n (2) charges or fees f…

§ 1506. Acquisition or retention of control of insurers. (a) No\nperson, other than an authorized insurer, shall acquire control of any\ndomestic insurer, whether by purchase of its securities or otherwise,\nunless:\n (1) it gives twenty days written notice to the insurer, or su…

§ 1507. Management of controlled insurers. (a) Notwithstanding the\ncontrol of an authorized insurer by any person, the insurer's officers\nand directors shall not thereby be relieved of any obligation or\nliability to which they would otherwise be subject by law, and the\ninsur…

§ 1508. Acceptance of reports filed with government agencies. To the\nextent that any information or material is set forth in forms or other\nmatter on file with any government agency or in a registration form\nfiled with the superintendent by another person within the same hold…

§ 1509. Prohibition of indirect action. No holding company or\ncontrolled person shall directly or indirectly or through another person\ndo or cause to be done for or in behalf of the controlled insurer any\nact intended to affect the insurance operations of the insurer which, i…

§ 1510. Violations; penalties; jurisdiction over non-domiciliaries.\n(a) In addition to any other penalty provided by law, the superintendent\nmay, upon the wilful failure of any person within a holding company\nsystem to comply with this article or any regulation or order\nprom…

§ 1511. Expenses for group-wide supervision. A controlled insurer\nshall be liable for and shall pay the reasonable expenses of the\nsuperintendent's participation in the administration of group-wide\nsupervision of internationally active insurance groups, including the\nengagem…

§ 1601. Authority to invest in subsidiaries; businesses of\nsubsidiaries. (a) (1) A domestic insurer authorized to make investments\nby subsection (c) of section one thousand four hundred three of this\nchapter may, subject to section one thousand two hundred eighteen of\nthis c…

§ 1602. Minimum ownership of subsidiaries' shares. A domestic insurer\nshall own not less than fifty-one percent of the issued and outstanding\nvoting shares of each of its subsidiaries.\n

§ 1603. Notice of intent to acquire or divest. (a) A domestic insurer\nshall not acquire control of any other domestic insurer, whether by\npurchase of its securities or otherwise, unless:\n (1) a notice of intention of such proposed acquisition shall have been\nfiled with the s…

§ 1604. Registration. (a) An authorized domestic insurer shall\nregister with the superintendent within thirty days of becoming subject\nto registration and shall amend the registration within thirty days\nfollowing any material change to the information provided in the\nregistr…

§ 1605. When corporation is deemed a subsidiary. (a) For the purposes\nof this article:\n (1) any corporation a majority of whose outstanding voting shares is\nowned or controlled by another corporation shall be deemed the latter's\nsubsidiary, and\n (2) any corporation whose vo…

§ 1606. Valuation of shares of subsidiary. In determining the\nfinancial condition of a domestic insurance company, all shares of its\nsubsidiaries held pursuant to this article shall be valued in accordance\nwith subsections (c), (f) and (g) of section one thousand four hundred…

§ 1607. Subsidiary's name not to mislead. The name of any corporation\nwhich is a subsidiary of a domestic insurance company shall not be such\nas to mislead or deceive the public.\n

§ 1608. Relationships and transactions between parent and subsidiary.\n(a) The business operations, corporate proceedings and fiscal and\naccounting records of subsidiaries organized or acquired pursuant to\nthis article shall be conducted or maintained so as to assure the\nsepa…

§ 1609. Prohibitions on investments of subsidiaries. No subsidiary\nacquired by a domestic insurance company pursuant to this article shall\nmake any investment prohibited by subsection (a) of section one thousand\nfour hundred seven of this chapter except that an alien subsidia…

§ 1610. Authority to conduct certain business directly instead of\nthrough subsidiary. (a) A domestic insurance company subject to this\narticle may, provided that it maintains books and records which\nseparately account for such business, engage directly in any business\nreferr…

§ 1611. Aggregate limitations. (a) The aggregate investment by the\ninsurer and its subsidiaries in assets which are owned, managed or\nacquired pursuant to this article shall not exceed the limitations of\nthis chapter otherwise applicable to such investments if held directly\n…

§ 1612. Regulations. In addition to the powers expressly given by this\narticle, the superintendent shall have the power to promulgate, from\ntime to time, such regulations, not inconsistent with this chapter, as\nmay be appropriate to carry out this article and, insofar as appl…

§ 1613. Expenses for group-wide supervision. An authorized domestic\ninsurer shall be liable for and shall pay the reasonable expenses of the\nsuperintendent's participation in the administration of group-wide\nsupervision of internationally active insurance groups, including th…

§ 1614. Confidentiality of reports and filings. The contents of each\nreport and filing submitted pursuant to this article and information\npertaining thereto shall be kept confidential, shall not be subject to\nsubpoena or discovery, shall not be admissible in evidence in any\n…

§ 1701. Authority to invest in subsidiaries; businesses of\nsubsidiaries. Subject to the provisions of section one thousand two\nhundred eighteen of this chapter:\n (a) A domestic life insurance company may, subject to the provisions\nof subsection (d) of section one thousand fo…

§ 1702. Definitions. As used in this article: (a) "Subsidiary" means\nsubsidiaries of the types described in subsection (b) of section one\nthousand seven hundred four of this article and subsidiaries acquired or\nheld under this article, section one thousand four hundred five o…

§ 1703. Standard of care for investments in subsidiaries. In addition\nto other requirements of law (statutory or otherwise) that affect the\nstandard of care of directors and officers of corporations, directors\nand officers shall perform their duties in connection with investm…

§ 1704. Exemptions applicable to subsidiaries; limitations generally.\n(a) Investments in separate account subsidiaries and in investment\nsubsidiaries are exempt from the provisions of subsection (a) of section\none thousand seven hundred five of this article and separate accou…

§ 1705. Quantitative limitations. * (a)(1) Unless the superintendent\nshall have given prior written approval, a parent corporation shall not\nmake an investment for its own account in any subsidiary (not at the\ntime exempt from the provisions of this section) if, after giving …

§ 1706. Exemptions applicable to parent corporation. Except as\nprovided in subsection (d) of section one thousand four hundred five of\nthis chapter and except for investments deemed to be made or acquired\ndirectly by the parent corporation (as provided in subsection (d) of\ns…

§ 1707. Regulations to restrict pyramiding. The superintendent may\nadopt regulations designed to prevent an insurer from pyramiding\nsubsidiaries to a degree that, in the judgment of the superintendent,\nwould be materially adverse to the interests of policyholders,\nsubscriber…

§ 1708. Information reports. Every parent corporation that has\nacquired one or more subsidiaries shall (except to the extent exempted\nby section one thousand seven hundred four of this article) file an\ninformation report on or before May first of each year or on or before\nsu…

§ 1709. Confidentiality of reports and filings. The contents of each\nreport and filing submitted pursuant to this article and information\npertaining thereto shall be kept confidential, shall not be subject to\nsubpoena or discovery, shall not be admissible in evidence in any\n…

§ 1710. Divestiture of control; superintendent's power to order\ndisposition of subsidiaries.\n (a) Any parent corporation seeking to divest its controlling interest\nin a domestic insurer, in any manner, shall file with the\nsuperintendent, with a copy to the insurer, notice of…

§ 1711. Subsidiary's name not to mislead. The name of any subsidiary\nshall not be such as to mislead or deceive the public.\n

§ 1712. Relationships and transactions between parent corporation and\nsubsidiary. (a) The business operations, corporate proceedings and\nfiscal and accounting records of subsidiaries shall be conducted or\nmaintained so as to assure the separate legal and operating identities\…

§ 1713. Prohibitions on investments of subsidiaries. No subsidiary\nshall make any investment (i) in obligations, shares or other securities\nissued by a corporation, other than an insurance corporation, if a\nmajority of the shares having voting powers of such issuing corporati…

§ 1714. Authority to conduct certain business directly instead of\nthrough subsidiary. (a) A domestic life insurance company may, if it\nmaintains books and records that separately account for such business,\nengage directly in (i) any business, to the extent necessarily or\npro…

§ 1715. Valuation of shares of subsidiaries. In determining the\nfinancial condition of a parent corporation, all stock of its\nsubsidiaries (except subsidiaries acquired or held under section four\nthousand two hundred forty of this chapter) shall be valued in\naccordance with …

§ 1716. Regulations. In addition to the powers expressly given by this\narticle, the superintendent shall have the power to promulgate, from\ntime to time, such regulations, not inconsistent with the provisions of\nthis chapter, as may be appropriate to carry out the provisions …

§ 1717. Registration. (a) A parent corporation shall register with the\nsuperintendent within thirty days of becoming subject to registration\nand shall amend the registration within thirty days following any\nmaterial change to the information provided in the registration. The\…

§ 1718. Expenses for group-wide supervision. A parent corporation\nshall be liable for and shall pay the reasonable expenses of the\nsuperintendent's participation in the administration of group-wide\nsupervision of internationally active insurance groups, including the\nengagem…

§ 201. State insurance advisory board. (a) There shall be a state\ninsurance advisory board to work with the superintendent in encouraging\nand promoting the growth of the insurance industry in the state, and\nfurther the goals of the department's mission as it relates to the\ni…

§ 202. Drug accountability board. (a) A nine member drug\naccountability board is hereby created in the department.\n (b) The members of the board shall be appointed by the superintendent,\nprovided however that one member shall be appointed at the suggestion of\nthe temporary p…

§ 205. Gratuities; prohibited payments to department personnel. (a) No\ninsurer or other person subject to this chapter, nor any other insurer\nor person shall directly or indirectly confer, or offer to confer, any\nmoney or other valuable benefit, whether in the form of payment…

§ 208. Transfer or destruction of records. The superintendent may, in\naccordance with the provisions of section one hundred eighty-six of the\nstate finance law, effect the transfer, or destruction, of any records\nmade, acquired, or received by the department, if such records …

§ 210. Annual consumer guide of health insurers, and entities\ncertified pursuant to article forty-four of the public health law.\n (a) The superintendent shall annually publish on or before September\nfirst, nineteen hundred ninety-nine, and annually thereafter, a consumer\ngui…

§ 2101. Definitions. (a) In this article, "insurance agent" means any\nauthorized or acknowledged agent of an insurer, fraternal benefit\nsociety or health maintenance organization issued a certificate of\nauthority pursuant to article forty-four of the public health law, and\na…

§ 2102. Acting without a license. (a) (1) (A) No person, firm,\nassociation or corporation shall act as an insurance producer, insurance\nadjuster or life settlement broker in this state without having\nauthority to do so by virtue of a license issued and in force pursuant\nto t…

§ 2103. Insurance agents; licensing. (a) The superintendent may issue\na license to any person, firm or corporation who or which has complied\nwith the requirements of this chapter, authorizing such licensee to act\nas an insurance agent with respect to the lines of authority fo…

§ 2104. Insurance brokers; licensing. (a) (1) The superintendent may\nissue an insurance broker's license to any individual, firm, association\nor corporation, hereinafter designated as "licensee," who or which is\ndeemed by him trustworthy and competent to act as a broker in su…