N.Y. Insurance Law § 1302: Assets not admitted

§ 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

determination of its financial condition:

(1) Trade names, agency plants and other like intangible assets.

(2) Prepaid or deferred charges for expenses except as provided in

paragraph sixteen of subsection (a) of section one thousand three

hundred one of this article, and commissions paid by the insurer.

(3) Advances to officers (except policy loans), whether secured or

not, and advances to employees, agents and other persons on personal

security only.

(4) Shares of such insurer, owned by it, or any equity therein or

loans secured thereby, or any proportionate interest in such shares

through the ownership by such insurer of an interest in another firm,

corporation or business unit.

(5) Tangible personal property, fixtures and printed matter except

such as an insurer is permitted to hold pursuant to paragraph five of

subsection (a) of section one thousand four hundred four of this

chapter.

(6) Items of bank credits representing checks, drafts or notes

returned unpaid after the date of statement.

(7) The amount, if any, by which the aggregate book value of

investments as carried in the ledger assets of such insurer exceeds the

aggregate value thereof as determined in accordance with the provisions

of this chapter.

(b) All non-admitted assets and all other assets of doubtful value or

character included as ledger or non-ledger assets in any statement by an

insurer to the superintendent, or in any examiner's report to him, shall

also be reported, to the extent of the value disallowed, as deductions

from the gross assets of such insurer except where the superintendent

permits a reserve to be carried among the liabilities of such insurer in

lieu of any such deduction.