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0 chapters · 1,072 sections in this title.
N.Y. Insurance Law § 1503 Registration
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§ 1503. Registration. (a) Every person who becomes a controlled insurer shall, within thirty days thereafter register with the superintendent and shall amend the registration within thirty days following any change in the identity of its holding company or any other material cha…
N.Y. Insurance Law § 1504 Reporting; examination; publication
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§ 1504. Reporting; examination; publication. (a) (1) Every controlled insurer shall file with the superintendent such reports or material as the superintendent may direct for the purpose of disclosing information concerning the operations of persons within the holding company sy…
N.Y. Insurance Law § 1505 Transactions within a holding company system affecting controlled insurers
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§ 1505. Transactions within a holding company system affecting controlled insurers. (a) Transactions within a holding company system to which a controlled insurer is a party shall be subject to the following: (1) the terms shall be fair and equitable; (2) charges or fees for ser…
N.Y. Insurance Law § 1506 Acquisition or retention of control of insurers
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§ 1506. Acquisition or retention of control of insurers. (a) No person, other than an authorized insurer, shall acquire control of any domestic insurer, whether by purchase of its securities or otherwise, unless: (1) it gives twenty days written notice to the insurer, or such sh…
N.Y. Insurance Law § 1507 Management of controlled insurers
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§ 1507. Management of controlled insurers. (a) Notwithstanding the control of an authorized insurer by any person, the insurer's officers and directors shall not thereby be relieved of any obligation or liability to which they would otherwise be subject by law, and the insurer s…
N.Y. Insurance Law § 1508 Acceptance of reports filed with government agencies
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§ 1508. Acceptance of reports filed with government agencies. To the extent that any information or material is set forth in forms or other matter on file with any government agency or in a registration form filed with the superintendent by another person within the same holding…
N.Y. Insurance Law § 1509 Prohibition of indirect action
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§ 1509. Prohibition of indirect action. No holding company or controlled person shall directly or indirectly or through another person do or cause to be done for or in behalf of the controlled insurer any act intended to affect the insurance operations of the insurer which, if d…
N.Y. Insurance Law § 1510 Violations; penalties; jurisdiction over non-domiciliaries
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§ 1510. Violations; penalties; jurisdiction over non-domiciliaries. (a) In addition to any other penalty provided by law, the superintendent may, upon the wilful failure of any person within a holding company system to comply with this article or any regulation or order promulga…
N.Y. Insurance Law § 1511 Expenses for group-wide supervision
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§ 1511. Expenses for group-wide supervision. A controlled insurer shall be liable for and shall pay the reasonable expenses of the superintendent's participation in the administration of group-wide supervision of internationally active insurance groups, including the engagement …
N.Y. Insurance Law § 1601 Authority to invest in subsidiaries; businesses of subsidiaries
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§ 1601. Authority to invest in subsidiaries; businesses of subsidiaries. (a) (1) A domestic insurer authorized to make investments by subsection (c) of section one thousand four hundred three of this chapter may, subject to section one thousand two hundred eighteen of this chapt…
N.Y. Insurance Law § 1602 Minimum ownership of subsidiaries' shares
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§ 1602. Minimum ownership of subsidiaries' shares. A domestic insurer shall own not less than fifty-one percent of the issued and outstanding voting shares of each of its subsidiaries.
N.Y. Insurance Law § 1603 Notice of intent to acquire or divest
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§ 1603. Notice of intent to acquire or divest. (a) A domestic insurer shall not acquire control of any other domestic insurer, whether by purchase of its securities or otherwise, unless: (1) a notice of intention of such proposed acquisition shall have been filed with the superi…
N.Y. Insurance Law § 1604 Registration
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§ 1604. Registration. (a) An authorized domestic insurer shall register with the superintendent within thirty days of becoming subject to registration and shall amend the registration within thirty days following any material change to the information provided in the registratio…
N.Y. Insurance Law § 1605 When corporation is deemed a subsidiary
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§ 1605. When corporation is deemed a subsidiary. (a) For the purposes of this article: (1) any corporation a majority of whose outstanding voting shares is owned or controlled by another corporation shall be deemed the latter's subsidiary, and (2) any corporation whose voting sh…
N.Y. Insurance Law § 1606 Valuation of shares of subsidiary
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§ 1606. Valuation of shares of subsidiary. In determining the financial condition of a domestic insurance company, all shares of its subsidiaries held pursuant to this article shall be valued in accordance with subsections (c), (f) and (g) of section one thousand four hundred fo…
N.Y. Insurance Law § 1607 Subsidiary's name not to mislead
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§ 1607. Subsidiary's name not to mislead. The name of any corporation which is a subsidiary of a domestic insurance company shall not be such as to mislead or deceive the public.
N.Y. Insurance Law § 1608 Relationships and transactions between parent and subsidiary
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§ 1608. Relationships and transactions between parent and subsidiary. (a) The business operations, corporate proceedings and fiscal and accounting records of subsidiaries organized or acquired pursuant to this article shall be conducted or maintained so as to assure the separate…
N.Y. Insurance Law § 1609 Prohibitions on investments of subsidiaries
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§ 1609. Prohibitions on investments of subsidiaries. No subsidiary acquired by a domestic insurance company pursuant to this article shall make any investment prohibited by subsection (a) of section one thousand four hundred seven of this chapter except that an alien subsidiary …
N.Y. Insurance Law § 1610 Authority to conduct certain business directly instead of through subsidiary
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§ 1610. Authority to conduct certain business directly instead of through subsidiary. (a) A domestic insurance company subject to this article may, provided that it maintains books and records which separately account for such business, engage directly in any business referred t…
N.Y. Insurance Law § 1611 Aggregate limitations
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§ 1611. Aggregate limitations. (a) The aggregate investment by the insurer and its subsidiaries in assets which are owned, managed or acquired pursuant to this article shall not exceed the limitations of this chapter otherwise applicable to such investments if held directly by t…
N.Y. Insurance Law § 1612 Regulations
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§ 1612. Regulations. In addition to the powers expressly given by this article, the superintendent shall have the power to promulgate, from time to time, such regulations, not inconsistent with this chapter, as may be appropriate to carry out this article and, insofar as applica…
N.Y. Insurance Law § 1613 Expenses for group-wide supervision
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§ 1613. Expenses for group-wide supervision. An authorized domestic insurer shall be liable for and shall pay the reasonable expenses of the superintendent's participation in the administration of group-wide supervision of internationally active insurance groups, including the e…
N.Y. Insurance Law § 1614 Confidentiality of reports and filings
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§ 1614. Confidentiality of reports and filings. The contents of each report and filing submitted pursuant to this article and information pertaining thereto shall be kept confidential, shall not be subject to subpoena or discovery, shall not be admissible in evidence in any priv…
N.Y. Insurance Law § 1701 Authority to invest in subsidiaries; businesses of subsidiaries
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§ 1701. Authority to invest in subsidiaries; businesses of subsidiaries. Subject to the provisions of section one thousand two hundred eighteen of this chapter: (a) A domestic life insurance company may, subject to the provisions of subsection (d) of section one thousand four hu…
N.Y. Insurance Law § 1702 Definitions
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§ 1702. Definitions. As used in this article: (a) "Subsidiary" means subsidiaries of the types described in subsection (b) of section one thousand seven hundred four of this article and subsidiaries acquired or held under this article, section one thousand four hundred five or s…
N.Y. Insurance Law § 1703 Standard of care for investments in subsidiaries
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§ 1703. Standard of care for investments in subsidiaries. In addition to other requirements of law (statutory or otherwise) that affect the standard of care of directors and officers of corporations, directors and officers shall perform their duties in connection with investment…
N.Y. Insurance Law § 1704 Exemptions applicable to subsidiaries; limitations generally
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§ 1704. Exemptions applicable to subsidiaries; limitations generally. (a) Investments in separate account subsidiaries and in investment subsidiaries are exempt from the provisions of subsection (a) of section one thousand seven hundred five of this article and separate account …
N.Y. Insurance Law § 1705 Quantitative limitations
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§ 1705. Quantitative limitations. * (a)(1) Unless the superintendent shall have given prior written approval, a parent corporation shall not make an investment for its own account in any subsidiary (not at the time exempt from the provisions of this section) if, after giving eff…
N.Y. Insurance Law § 1706 Exemptions applicable to parent corporation
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§ 1706. Exemptions applicable to parent corporation. Except as provided in subsection (d) of section one thousand four hundred five of this chapter and except for investments deemed to be made or acquired directly by the parent corporation (as provided in subsection (d) of secti…
N.Y. Insurance Law § 1707 Regulations to restrict pyramiding
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§ 1707. Regulations to restrict pyramiding. The superintendent may adopt regulations designed to prevent an insurer from pyramiding subsidiaries to a degree that, in the judgment of the superintendent, would be materially adverse to the interests of policyholders, subscribers or…
N.Y. Insurance Law § 1708 Information reports
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§ 1708. Information reports. Every parent corporation that has acquired one or more subsidiaries shall (except to the extent exempted by section one thousand seven hundred four of this article) file an information report on or before May first of each year or on or before such o…
N.Y. Insurance Law § 1709 Confidentiality of reports and filings
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§ 1709. Confidentiality of reports and filings. The contents of each report and filing submitted pursuant to this article and information pertaining thereto shall be kept confidential, shall not be subject to subpoena or discovery, shall not be admissible in evidence in any priv…
N.Y. Insurance Law § 1710 Divestiture of control; superintendent's power to order disposition of subsidiaries
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§ 1710. Divestiture of control; superintendent's power to order disposition of subsidiaries. (a) Any parent corporation seeking to divest its controlling interest in a domestic insurer, in any manner, shall file with the superintendent, with a copy to the insurer, notice of its …
N.Y. Insurance Law § 1711 Subsidiary's name not to mislead
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§ 1711. Subsidiary's name not to mislead. The name of any subsidiary shall not be such as to mislead or deceive the public.
N.Y. Insurance Law § 1712 Relationships and transactions between parent corporation and subsidiary
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§ 1712. Relationships and transactions between parent corporation and subsidiary. (a) The business operations, corporate proceedings and fiscal and accounting records of subsidiaries shall be conducted or maintained so as to assure the separate legal and operating identities of …
N.Y. Insurance Law § 1713 Prohibitions on investments of subsidiaries
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§ 1713. Prohibitions on investments of subsidiaries. No subsidiary shall make any investment (i) in obligations, shares or other securities issued by a corporation, other than an insurance corporation, if a majority of the shares having voting powers of such issuing corporation …
N.Y. Insurance Law § 1714 Authority to conduct certain business directly instead of through subsidiary
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§ 1714. Authority to conduct certain business directly instead of through subsidiary. (a) A domestic life insurance company may, if it maintains books and records that separately account for such business, engage directly in (i) any business, to the extent necessarily or properl…
N.Y. Insurance Law § 1715 Valuation of shares of subsidiaries
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§ 1715. Valuation of shares of subsidiaries. In determining the financial condition of a parent corporation, all stock of its subsidiaries (except subsidiaries acquired or held under section four thousand two hundred forty of this chapter) shall be valued in accordance with subs…
N.Y. Insurance Law § 1716 Regulations
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§ 1716. Regulations. In addition to the powers expressly given by this article, the superintendent shall have the power to promulgate, from time to time, such regulations, not inconsistent with the provisions of this chapter, as may be appropriate to carry out the provisions of …
N.Y. Insurance Law § 1717 Registration
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§ 1717. Registration. (a) A parent corporation shall register with the superintendent within thirty days of becoming subject to registration and shall amend the registration within thirty days following any material change to the information provided in the registration. The reg…
N.Y. Insurance Law § 1718 Expenses for group-wide supervision
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§ 1718. Expenses for group-wide supervision. A parent corporation shall be liable for and shall pay the reasonable expenses of the superintendent's participation in the administration of group-wide supervision of internationally active insurance groups, including the engagement …
N.Y. Insurance Law § 201 State insurance advisory board
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§ 201. State insurance advisory board. (a) There shall be a state insurance advisory board to work with the superintendent in encouraging and promoting the growth of the insurance industry in the state, and further the goals of the department's mission as it relates to the insur…
N.Y. Insurance Law § 202 Drug accountability board
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§ 202. Drug accountability board. (a) A nine member drug accountability board is hereby created in the department. (b) The members of the board shall be appointed by the superintendent, provided however that one member shall be appointed at the suggestion of the temporary presid…
N.Y. Insurance Law § 205 Gratuities; prohibited payments to department personnel
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§ 205. Gratuities; prohibited payments to department personnel. (a) No insurer or other person subject to this chapter, nor any other insurer or person shall directly or indirectly confer, or offer to confer, any money or other valuable benefit, whether in the form of payment, l…
N.Y. Insurance Law § 208 Transfer or destruction of records
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§ 208. Transfer or destruction of records. The superintendent may, in accordance with the provisions of section one hundred eighty-six of the state finance law, effect the transfer, or destruction, of any records made, acquired, or received by the department, if such records are…
N.Y. Insurance Law § 210 Annual consumer guide of health insurers, and entities certified pursuant to article forty-four of the public health law
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§ 210. Annual consumer guide of health insurers, and entities certified pursuant to article forty-four of the public health law. (a) The superintendent shall annually publish on or before September first, nineteen hundred ninety-nine, and annually thereafter, a consumer guide to…
N.Y. Insurance Law § 2101 Definitions
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§ 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…
N.Y. Insurance Law § 2102 Acting without a license
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§ 2102. Acting without a license. (a) (1) (A) No person, firm, association or corporation shall act as an insurance producer, insurance adjuster or life settlement broker in this state without having authority to do so by virtue of a license issued and in force pursuant to the p…
N.Y. Insurance Law § 2103 Insurance agents; licensing
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§ 2103. Insurance agents; licensing. (a) The superintendent may issue a license to any person, firm or corporation who or which has complied with the requirements of this chapter, authorizing such licensee to act as an insurance agent with respect to the lines of authority for l…
N.Y. Insurance Law § 2104 Insurance brokers; licensing
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§ 2104. Insurance brokers; licensing. (a) (1) The superintendent may issue an insurance broker's license to any individual, firm, association or corporation, hereinafter designated as "licensee," who or which is deemed by him trustworthy and competent to act as a broker in such …