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0 chapters · 1,072 sections in this title.
N.Y. Insurance Law § 1214 Acting for foreign corporation which has not designated superintendent as attorney
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§ 1214. Acting for foreign corporation which has not designated superintendent as attorney. No person acting for himself or for others shall solicit or procure, or aid in soliciting or procuring, policies or certificates of insurance from, or adjust losses or in any manner aid t…
N.Y. Insurance Law § 1215 Forfeiture of office by director or trustee of a domestic mutual insurer
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§ 1215. Forfeiture of office by director or trustee of a domestic mutual insurer. The office of a trustee or director of any domestic mutual insurer shall immediately become vacant whenever he fails to attend at least one regular meeting of the board of trustees or directors in …
N.Y. Insurance Law § 1216 Notice of indemnification of directors and officers of insurance corporations
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§ 1216. Notice of indemnification of directors and officers of insurance corporations. No payment of indemnification, advancement or allowance under sections seven hundred twenty-one to seven hundred twenty-seven inclusive of the business corporation law shall be made unless a n…
N.Y. Insurance Law § 1217 Vouchers for disbursements
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§ 1217. Vouchers for disbursements. No domestic insurance company shall make any disbursement of one hundred dollars or more unless evidenced by a voucher signed by or on behalf of the payee as compensation for goods or services rendered for the company, and correctly describing…
N.Y. Insurance Law § 1218 Regulation of stock ownership, interlocking directors and common management
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§ 1218. Regulation of stock ownership, interlocking directors and common management. (a) Any domestic insurer and any foreign or alien insurer authorized to do business in this state may retain, invest in or acquire all or any shares, or, by contract of reinsurance or otherwise,…
N.Y. Insurance Law § 1219 Misconduct by directors; insolvency
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§ 1219. Misconduct by directors; insolvency. (a) Every director of an insurance corporation who: (1) in case of the fraudulent insolvency of such corporation, shall have participated in such fraud, or (2) as such director, either wilfully does any act expressly forbidden by stat…
N.Y. Insurance Law § 1220 Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies
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§ 1220. Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies. No officer or director of a co-operative fire insurance company or of a fraternal benefit society shall sell his position as such officer or director for any…
N.Y. Insurance Law § 1221 Transactions by officers, directors and certain shareowners in the insurer's shares
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§ 1221. Transactions by officers, directors and certain shareowners in the insurer's shares. (a) Every person who directly or indirectly owns beneficially more than ten percent of any class of shares of a domestic insurer or is a director or officer thereof shall file in the off…
N.Y. Insurance Law § 1301 Admitted assets
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§ 1301. Admitted assets. (a) In determining the financial condition of a domestic or foreign insurer or the United States branch of an alien insurer for the purposes of this chapter, there may be allowed as admitted assets of such insurer, unless otherwise specifically provided …
N.Y. Insurance Law § 1302 Assets not admitted
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§ 1302. Assets not admitted. (a) In addition to assets not admitted pursuant to section one thousand three hundred one of this article, the following shall not be allowed as admitted assets of a domestic or foreign insurer or the United States branch of an alien insurer in any d…
N.Y. Insurance Law § 1303 Loss or claim reserves
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§ 1303. Loss or claim reserves. Every insurer shall, except as provided in section one thousand three hundred four of this article and subject to specific provisions of this chapter, maintain reserves in an amount estimated in the aggregate to provide for the payment of all loss…
N.Y. Insurance Law § 1304 Valuation reserves
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§ 1304. Valuation reserves. Every insurer authorized under this chapter to transact the kinds of insurance specified in paragraph one, two or three of subsection (a) of section one thousand one hundred thirteen of this chapter shall, subject to specific provisions of this chapte…
N.Y. Insurance Law § 1305 Unearned premium reserves
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§ 1305. Unearned premium reserves. (a) Every authorized insurer shall, except as to reserves required under section one thousand three hundred four of this article and subject to paragraph nine of subsection (a) of section one thousand three hundred one of this article and other…
N.Y. Insurance Law § 1306 Miscellaneous liabilities
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§ 1306. Miscellaneous liabilities. In addition to liabilities and reserves on contracts of insurance issued by it, every insurer shall be charged with the estimated amount of all its other liabilities, including taxes, expenses, other obligations due or accrued at the date of st…
N.Y. Insurance Law § 1307 Contingent liability for borrowings
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§ 1307. Contingent liability for borrowings. (a) Any domestic stock, mutual or co-operative insurance company or reciprocal insurer may, without pledging any of its assets, receive advances or borrow funds to: (1) conduct its business, (2) enable it to comply with any surplus re…
N.Y. Insurance Law § 1308 Reinsurance, when permitted; effect on reserves
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§ 1308. Reinsurance, when permitted; effect on reserves. (a) (1) Any authorized insurer, hereinafter called the "ceding insurer", may, subject to the limitations of this chapter, reinsure its risks and policy liabilities in any other assuming insurer with the effects herein pres…
N.Y. Insurance Law § 1309 Insolvency of an insurer
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§ 1309. Insolvency of an insurer. (a) Whenever the superintendent finds from a financial statement or report on examination that an authorized insurer is unable to pay its outstanding lawful obligations as they mature in the regular course of business, as shown by an excess of r…
N.Y. Insurance Law § 1310 Impairment of a stock insurer
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§ 1310. Impairment of a stock insurer. (a) Whenever the superintendent finds from a financial statement, or a report on examination, of any domestic stock insurer that (i) the admitted assets are less than the aggregate amount of its liabilities and outstanding capital stock or …
N.Y. Insurance Law § 1311 Impairment of a mutual or reciprocal insurer
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§ 1311. Impairment of a mutual or reciprocal insurer. (a) In this section "required surplus" includes any guaranty surplus or special contingent surplus or other specifically reserved surplus account of a domestic mutual insurer, a domestic reciprocal insurer or any other domest…
N.Y. Insurance Law § 1312 Trusteed surplus of alien insurers; impairment
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§ 1312. Trusteed surplus of alien insurers; impairment. (a) (1) In addition to other requirements of this chapter every authorized alien insurer shall, not later than the first day of March in each year, file with the superintendent a statement (herein called a "trusteed surplus…
N.Y. Insurance Law § 1313 Contents of advertisements and other public announcements concerning financial condition of insurers
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§ 1313. Contents of advertisements and other public announcements concerning financial condition of insurers. (a) (1) Except as provided in subsection (g) hereof or permitted by regulation, every advertisement or other public announcement published, issued or distributed in this…
N.Y. Insurance Law § 1314 Deposits; custody, beneficiaries, exchanges, inspection and income
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§ 1314. Deposits; custody, beneficiaries, exchanges, inspection and income. (a) (1) The superintendent shall be the official custodian of all deposits of securities required or authorized by the provisions of this chapter, unless otherwise specifically provided by law. He shall …
N.Y. Insurance Law § 1315 Trusteed assets of alien insurers
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§ 1315. Trusteed assets of alien insurers. (a) Whenever a licensed alien insurer is required or permitted by this chapter to deposit assets with a trustee or trustees for the security of its policyholders and creditors in the United States, such assets shall be known as "trustee…
N.Y. Insurance Law § 1316 Voluntary deposits
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§ 1316. Voluntary deposits. The superintendent may receive from any authorized insurer a deposit required by or pursuant to the laws of another state as a prerequisite to doing business in such other state, and may also receive from any insurer any additions to its deposits whic…
N.Y. Insurance Law § 1317 Release of deposits
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§ 1317. Release of deposits. (a) (1) In this section, "release of deposits" means the transfer and delivery by the superintendent of deposited securities to the depositing insurer at its request, or to a person designated by it in writing, without substitution of other securitie…
N.Y. Insurance Law § 1318 Deposits, securities eligible
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§ 1318. Deposits, securities eligible. (a) Except as otherwise provided in this chapter, every deposit made with the superintendent shall be in the securities specified in paragraphs one and two of subsection (b) of section one thousand four hundred two of this chapter, estimate…
N.Y. Insurance Law § 1319 Deposits by foreign insurers
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§ 1319. Deposits by foreign insurers. (a) Every foreign insurer doing business in this state shall keep on deposit with the superintendent, or with the state officer of its home state designated by law for such purpose, the same amount of securities which a like domestic insurer…
N.Y. Insurance Law § 1320 Deposits by alien insurers; statutory deposits
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§ 1320. Deposits by alien insurers; statutory deposits. (a) No alien insurer authorized to do an insurance business in this state shall do such business unless it shall have securities deposited (for the benefit of all its policyholders, or all its policyholders and creditors, i…
N.Y. Insurance Law § 1321 Commutation of reinsurance agreements
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§ 1321. Commutation of reinsurance agreements. (a) If the superintendent finds that a domestic insurer or a United States branch of an alien insurer entered through this state is impaired or insolvent within the meaning of this chapter, the superintendent may permit such insurer…
N.Y. Insurance Law § 1322 Risk-based capital for life insurance companies, accident and health insurance companies, corporations organized pursuant to article fort...
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§ 1322. Risk-based capital for life insurance companies, accident and health insurance companies, corporations organized pursuant to article forty-three of this chapter, and certain health maintenance organizations. (a) Definitions. In this section: (1) "Adjusted RBC report" mea…
N.Y. Insurance Law § 1323 Issuance of capital notes by domestic life insurance companies
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§ 1323. Issuance of capital notes by domestic life insurance companies. (a) A domestic life insurance company may at any time or from time to time issue capital notes pursuant to this section in an aggregate principal amount not exceeding (1) twenty-five percent of its total adj…
N.Y. Insurance Law § 1324 Risk-based capital for property/casualty insurance companies
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§ 1324. Risk-based capital for property/casualty insurance companies. (a) Definitions. In this section: (1) "Adjusted RBC report" means an RBC report which has been adjusted by the superintendent in accordance with paragraph two of subsection (c) of this section. (2) "Corrective…
N.Y. Insurance Law § 1325 Exemption
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§ 1325. Exemption. For the purposes of exempting certain insurance companies from the provisions of section one thousand three hundred twenty-four of this article, the superintendent shall exempt, through December thirty-first, two thousand twenty-eight, those stock and non-stoc…
N.Y. Insurance Law § 1401 Definitions and rules of general application
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§ 1401. Definitions and rules of general application. (a) In this article: (1) "Invested assets" means the admitted assets of an insurer that conform to the requirements of paragraphs one and two of subsection (a) of section one thousand three hundred one of this chapter, but ex…
N.Y. Insurance Law § 1402 Minimum capital or minimum surplus to policyholder investments
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§ 1402. Minimum capital or minimum surplus to policyholder investments. (a) Before investing its funds in any other investments, every domestic insurer shall invest and maintain an amount equal to the greater of the minimum capital required by law or the minimum surplus to polic…
N.Y. Insurance Law § 1403 Reserve and other investments; certain requirements
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§ 1403. Reserve and other investments; certain requirements. (a) If the requirements of section one thousand four hundred two of this article are met: (1) any domestic life insurance company may invest its funds in, or otherwise acquire, or loan upon, only the types of investmen…
N.Y. Insurance Law § 1404 Types of reserve investments permitted for non-life insurers
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§ 1404. Types of reserve investments permitted for non-life insurers. (a) In addition to the investments specified in subsection (b) hereof, but excluding any investment prohibited by the provisions of paragraph one, three, four, six, eight, nine or ten of subsection (a) of sect…
N.Y. Insurance Law § 1405 Investments of life insurers
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§ 1405. Investments of life insurers. (a) The assets of a domestic insurer that is authorized to make investments under this section may be invested in the following types of investments, in addition to investments otherwise authorized, subject in the case of investments made un…
N.Y. Insurance Law § 1406 Policy loans
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§ 1406. Policy loans. (a) Any life insurance company may lend to any policyholder upon the security of the value of his policy a sum not exceeding the legal reserve which it is required to maintain thereon. (b) A fraternal benefit society may make similar loans subject to the pr…
N.Y. Insurance Law § 1407 Non-reserve and prohibited investments for property/casualty and certain other insurers
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§ 1407. Non-reserve and prohibited investments for property/casualty and certain other insurers. (a) Any insurer that makes investments under the authority of subsection (c) of section one thousand four hundred three of this article and meets the requirements of such subsection …
N.Y. Insurance Law § 1408 Acquisition of insurance company shares; limitations thereon
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§ 1408. Acquisition of insurance company shares; limitations thereon. (a) Any insurer which makes investments under the authority of subsection (c) of section one thousand four hundred three of this article and which meets the requirements of such subsection and section one thou…
N.Y. Insurance Law § 1409 Limitation of investments
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§ 1409. Limitation of investments. (a) Except as more specifically provided in this chapter, no domestic insurer shall have more than ten percent of its admitted assets as shown by its last statement on file with the superintendent invested in, or loaned upon, the securities (in…
N.Y. Insurance Law § 1410 Derivative transactions and derivative instruments
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§ 1410. Derivative transactions and derivative instruments. (a) For purposes of this section, except subsection (k) of this section, an insurer shall mean a domestic life insurer, a domestic property/casualty insurer, a domestic reciprocal insurer, a domestic mortgage guaranty i…
N.Y. Insurance Law § 1411 Authorization of, and restrictions on, investments
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§ 1411. Authorization of, and restrictions on, investments. (a) No domestic insurer shall make any loan or investment, except as provided in subsection (h) hereof, unless authorized or approved by its board of directors or a committee thereof responsible for supervising or makin…
N.Y. Insurance Law § 1412 Disposal or deduction of investments unlawfully acquired
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§ 1412. Disposal or deduction of investments unlawfully acquired. (a) Every domestic insurer shall forthwith dispose of any investment acquired in violation of the law in force at the date of acquisition. (b) In determining the financial condition of any such insurer, the value …
N.Y. Insurance Law § 1413 Investments of foreign and alien insurers
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§ 1413. Investments of foreign and alien insurers. (a) The superintendent may refuse a new or renewal license to any foreign insurer, if he finds that its investments do not comply in substance with the investment requirements and limitations imposed by this chapter upon like do…
N.Y. Insurance Law § 1414 Valuation of investments
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§ 1414. Valuation of investments. (a) (1) All obligations having a fixed term and rate of interest and held by any life insurance company or fraternal benefit society authorized to do business in this state, if amply secured and not in default as to principal or interest, shall …
N.Y. Insurance Law § 1415 Investments of domestic insurers in persons included on list of persons engaged in investment activities in Iran treated as nonadmitted a...
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§ 1415. Investments of domestic insurers in persons included on list of persons engaged in investment activities in Iran treated as nonadmitted assets. 1. As used in this section, the following definitions shall apply: (a) "Iran" shall have the same definition as used in section…
N.Y. Insurance Law § 1501 Definitions; determinations
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§ 1501. Definitions; determinations. (a) In this article, unless the context shall otherwise require: (1) "Person" means an individual, partnership, firm, association, corporation, joint-stock company, trust, any similar entity or any combination of the foregoing acting in conce…
N.Y. Insurance Law § 1502 Exemptions
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§ 1502. Exemptions. (a) Notwithstanding any other provision of this article the following shall not be deemed holding companies: (1) authorized insurers, including alien insurers transacting business in this state through United States branches, or their subsidiaries; or (2) the…