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...

§ 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 one

hundred sixty-five-a of the state finance law.

(b) "Person" shall have the same definition as used in section one

hundred sixty-five-a of the state finance law.

(c) "Investment" shall mean any investment permitted under section

fourteen hundred four or fourteen hundred five of this article.

2. Investments by a domestic insurer in persons which are included on

the list of persons created by the office of general services pursuant

to paragraph (b) of subdivision three of section one hundred

sixty-five-a of the state finance law shall be treated as nonadmitted

assets.

3. On or before December thirtieth, two thousand thirteen, and

annually thereafter, the insurer shall determine what investments it had

in the past calendar year, including any transfers or other

transactions, in persons which are included on the list of persons

created by the office of general services pursuant to paragraph (b) of

subdivision three of section one hundred sixty-five-a of the state

finance law.

4. On March first, two thousand fourteen, and annually thereafter, the

insurer shall provide the department with a list of investments it had

in the past calendar year, including any transfers or other

transactions, in persons included on the list of persons created by the

office of general services described in subdivision three of this

section, including, but not limited to, the issuer, by name, of all the

stock, bonds, securities, and other evidence of indebtedness.

5. This section shall cease to be operative if both of the following

apply:

(a) Iran is removed from the United States department of state's list

of countries that have been determined to repeatedly provide support for

acts of international terrorism.

(b) Pursuant to the appropriate federal statute, the president of the

United States determines and certifies to the appropriate committee of

the congress of the United States that Iran has ceased its efforts to

design, develop, manufacture, or acquire a nuclear explosive device or

related materials and technology.