N.Y. Insurance Law § 2705: Reports from insurers

§ 2705. Reports from insurers. (a) Every insurer organized,

registered, accredited or licensed to do an insurance business in this

state shall file or shall cause its holding company to file with the

superintendent, within one hundred and twenty days of the effective date

of this article, a report setting forth such insurer's plan for

complying with the provisions of this article. Any insurer which has

determined that it does not have any of the information requested in

subsection (b) of this section shall file or cause its holding company

to file a report stating that they have no such information. In

addition, an insurer may request to be relieved from filing any further

reports upon providing evidence satisfactory to the superintendent that

such insurer has fulfilled its obligations under this article.

(b) Every insurer organized, licensed, registered or accredited to do

an insurance business in this state shall report or shall cause its

holding company to report to the superintendent the following

information:

(1) whether it is a member of a holding company system including any

insurer, any other member, subsidiary or division in each case whether a

licensee or not, that could possibly be expected to have issued an

insurance policy to a Holocaust victim between January first, nineteen

hundred twenty and December thirty-first, nineteen hundred forty-five

and a list of each such entity;

(2) the approximate number and the total value of all such insurance

policies issued by such insurer or by any other member, subsidiary or

division within the reporting insurer's holding company system, which,

as of the date of such report, remain unpaid or were paid to, or

expropriated by a government located in areas under Nazi influence, that

was not the named beneficiary of such insurance policy;

(3) attempts made by the insurer to locate the beneficiaries of any

such insurance policies for which no claim of benefits has been made;

(4) if requested by the superintendent and to the extent consistent

with applicable laws and confidentiality obligations, with respect to

each such insurance policy, the names of the owner, the name of the

beneficiary and the face amount or pay-out value;

(5) the number of claims filed by persons who allege or have alleged

that they are Holocaust victims and whether each such claim has been

paid or payment has been denied;

(6) if requested by the superintendent, an explanation of any denial

or pending payment of a claim to any person who alleges or has alleged

that he or she is a Holocaust victim;

(7) a summary of the length of time for the processing and disposition

of such a claim by the insurer; and

(8) in the event that the insurer is unable to provide any of the

information required by this section, an explanation of the reasons why

and whether such information may, in the future, be ascertainable. The

reports required by this subsection shall be made within thirty days

after the end of the calendar year in which this article shall have

become effective and annually thereafter for each of the succeeding ten

years except as provided in subsection (a) of this section.

(c) Reports submitted to the superintendent pursuant to this section

shall be certified and affirmed under oath as being true and not

misleading and as containing the most accurate information available at

the time of such report's submission.

(d) The superintendent may waive penalties and fines imposed by this

article for those insurers that, through no fault of their own, were

unaware that they, or members of a holding company system that includes

such insurer, were obligated to file reports pursuant to this article

and to comply with the provisions of this article.

(e) The superintendent is authorized to use any power available to the

state to compel holding company systems that include issuers of

insurance policies to Holocaust victims to submit reports pursuant to

this article and to comply with the provisions of this article.

(f) Any insurer which knowingly or recklessly files a false or

misleading certification required by this section shall be fined not

less than one hundred thousand dollars or such greater amount as the

superintendent deems appropriate based upon the degree of

misrepresentation, the willfulness of the misconduct and the amount of

funds misappropriated. Such insurer also may be barred from further

sales of insurance in New York for a period of up to ten years.