N.Y. Insurance Law § 1503: Registration

§ 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 change to the information provided in the registration. The

registration shall be in such form and shall contain such matters as the

superintendent prescribes. The superintendent may grant reasonable

extensions of the time to register.

(b) A holding company that directly or indirectly controls an insurer

shall adopt a formal enterprise risk management function and shall file

an enterprise risk report with the superintendent by April thirtieth of

each year. The report shall, to the best of the holding company's

knowledge and belief, identify the material risks within the holding

company system that could pose enterprise risk to the insurer.

(c) (1) An ultimate holding company shall file with the superintendent

an annual group capital calculation by June thirtieth of each year when

this state is the lead state of the holding company system as determined

in accordance with the procedures within the financial analysis handbook

adopted by the NAIC, as amended from time to time. When the lead state

is not this state, an ultimate holding company shall file with the

superintendent the annual group capital calculation as adopted by its

lead state if the ultimate holding company has filed the annual group

capital calculation with the lead state but the lead state is not

willing or able to share the annual group capital calculation with the

superintendent.

(2) When this state is the lead state, the ultimate holding company

shall complete the annual group capital calculation in accordance with

the group capital calculation instructions, which may permit the

superintendent to allow a holding company that is not the ultimate

holding company to file the annual group capital calculation.

(3) When this state is the lead state, an ultimate holding company

shall be exempt from filing an annual group capital calculation if it is

part of a holding company system that:

(A) has only one insurer within its system that only writes business

and is only licensed in its domestic state and assumes no business from

any other insurer;

(B) is required to perform a group capital calculation specified by

the United States Federal Reserve Board, except that the holding company

shall not be exempt if the superintendent requests the group capital

calculation from the United States Federal Reserve Board under the terms

of information sharing agreements in effect and the Federal Reserve

Board cannot share the calculation with the superintendent;

(C) has a non-United States group-wide supervisor that is located

within a reciprocal jurisdiction, as described in part one hundred

twenty-five of title eleven of the official compilation of codes, rules

and regulations of this state, that recognizes the United States state

regulatory approach to group supervision and group capital; or

(D)(i) provides information to the superintendent, either directly or

indirectly through the group-wide supervisor, who has determined such

information is satisfactory to allow the superintendent to comply with

the NAIC group supervision approach, as detailed in the NAIC financial

analysis handbook; and

(ii) has a non-United States group-wide supervisor that is not in a

reciprocal jurisdiction that recognizes and accepts, as specified by the

superintendent in a regulation, the group capital calculation as the

world-wide group capital assessment for United States holding company

systems that operate in that jurisdiction.

(4) Notwithstanding subparagraphs (C) and (D) of paragraph three of

this subsection, when this state is the lead state, the superintendent

shall require the group capital calculation for United States operations

of any non-United States-based holding company system where, after any

necessary consultation with other supervisors or officials, it is deemed

appropriate by the superintendent for prudential oversight and solvency

monitoring purposes or for ensuring the competitiveness of the insurance

marketplace.

(5) Notwithstanding the exemptions from filing the group capital

calculation set forth in paragraph three of this subsection, when this

state is the lead state, the superintendent has the discretion to exempt

a holding company from filing an annual group capital calculation or

accept a limited group capital calculation filing or report in

accordance with criteria as specified by the superintendent in a

regulation.

(6) When this state is the lead state, if the superintendent

determines that a holding company no longer meets one or more of the

requirements for an exemption from filing the group capital calculation

under this subsection, the holding company shall file the group capital

calculation at the next annual filing date unless given an extension by

the superintendent based on reasonable grounds shown.

(d)(1) An ultimate holding company that directly or indirectly

controls an insurer subject to registration and that is scoped into the

NAIC liquidity stress test framework shall file the results of a

specific year's annual liquidity stress test with the superintendent

when this state is the lead state of the holding company system as

determined by the procedures within the financial analysis handbook

adopted by the NAIC and as amended from time to time.

(2) When the lead state is not this state, an ultimate holding company

shall file with the superintendent the results of a specific year's

liquidity stress test as adopted by its lead state if the ultimate

holding company has filed the results with the lead state but the lead

state is not willing or able to share the results with the

superintendent.

(3) When this state is the lead state, the performance of, and filing

of the results from, a specific year's liquidity stress test shall

comply with the NAIC liquidity stress test framework.

(4) When this state is the lead state, any change to the NAIC

liquidity stress test framework or to the data year for which the scope

criteria are to be measured shall be effective on January first of the

year following the calendar year when such changes are adopted.

(5) When this state is the lead state, an insurer meeting at least one

threshold of the scope criteria shall be considered scoped into the NAIC

liquidity stress test framework for the specified data year unless the

superintendent, in consultation with the NAIC financial stability task

force, or its successor, determines the insurer shall not be scoped into

the NAIC liquidity stress test framework for that data year.

(6) When this state is the lead state, an insurer that does not

trigger at least one threshold of the scope criteria shall be considered

scoped out of the NAIC liquidity stress test framework for the specified

data year, unless the superintendent, in consultation with the NAIC

financial stability task force, or its successor, determines the insurer

shall be scoped into the NAIC liquidity stress test framework for that

data year.

(7) The superintendent, in consultation with the NAIC financial

stability task force, or its successor, shall assess the concern of

wishing to avoid having insurers scoped in and out of the NAIC liquidity

stress test framework on a frequent basis as part of the determination

for an insurer.

(e) No insurer, insurance producer, or other person shall make,

publish, disseminate, circulate, issue, or place before the public, or

cause directly or indirectly to be made, published, disseminated,

circulated, issued, or placed before the public, in this state, in any

newspaper, magazine, or other publication, or in the form of a notice,

circular, pamphlet, letter, or poster, or over any radio or television

station or any electronic means of communication available to the

public, or in any other way as an advertisement, announcement, or

statement containing a representation or statement with regard to the

group capital calculation, group capital ratio, liquidity stress test

results, or supporting disclosures for such test, or any component

derived in the calculation thereof, of any insurer or holding company

system, provided, however, that an insurer may publish, with the

superintendent's prior approval, an announcement in a written

publication to rebut any materially false statement with respect to the

foregoing if the insurer is able to demonstrate to the superintendent

with substantial proof the falsity of such statement or

inappropriateness, as the case may be, and if the sole purpose of the

announcement is to rebut the materially false statement.