N.Y. Insurance Law § 1504: Reporting; examination; publication

§ 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 system

that may materially affect the operations, management or financial

condition of the insurer.

(2) To determine compliance with this article, the superintendent may

order any controlled insurer to produce information not in the insurer's

possession if the insurer can obtain access to the information pursuant

to contractual relationships, statutory obligations, or other method. In

the event the insurer cannot obtain the information requested by the

superintendent, the insurer shall provide the superintendent a detailed

explanation of the reason that the insurer cannot obtain the information

and the identity of the holder of information. Whenever it appears to

the superintendent that the detailed explanation is without merit, in

addition to any other penalty provided by law, the superintendent, after

notice and an opportunity to be heard, may levy a penalty against the

insurer not to exceed five hundred dollars per day for each day beyond

the date specified by the superintendent for response.

(b) Every holding company and every controlled person within a holding

company system shall be subject to examination by order of the

superintendent if the superintendent has cause to believe that the

operations of such persons may materially affect the operations,

management or financial condition of any controlled insurer within the

system, including by posing enterprise risk to the insurer, and that the

superintendent is unable to obtain relevant information from such

controlled insurer. The grounds relied upon by the superintendent for

such examination shall be stated in the superintendent's order. Such

examination shall be confined to matters specified in the order. The

cost of such examination shall be assessed against the person examined

and no portion thereof shall thereafter be reimbursed to it directly or

indirectly by the controlled insurer.

(c) (1) The contents of each report and filing made pursuant to this

article and any information obtained in connection therewith shall be

confidential and proprietary and shall not be subject to subpoena or

discovery or admissible in evidence in any private civil action, and the

superintendent shall not make the same public without the prior written

consent of the controlled insurer to which it pertains unless the

superintendent, after notice and an opportunity to be heard, shall

determine that the interests of policyholders, shareholders or the

public will be served by the publication thereof. In any action or

proceeding by the superintendent against the person examined or any

other person within the same holding company system a report of such

examination published by the superintendent shall be admissible as

evidence of the facts stated therein.

(2) Neither the superintendent nor any person who received a report or

filing made pursuant to this article and any information obtained in

connection therewith, through examination or otherwise, while acting

under the authority of the superintendent or with whom such report,

filing, or information are shared pursuant to this chapter, shall be

permitted or required to testify in any private civil action concerning

the report, filing, or information.