N.Y. Insurance Law § 2709: Substantial compliance

§ 2709. Substantial compliance. (a) An insurer which, pursuant to the

laws of another jurisdiction is required (or whose holding company is

required) to report, certify or otherwise disclose information

substantially equivalent to that required by section two thousand seven

hundred five of this article, may satisfy the requirements of section

two thousand seven hundred five of this article by filing with the

superintendent within the applicable periods prescribed hereunder,

copies of such material filed with such jurisdiction. The determination

as to whether the requirements of a given jurisdiction are substantially

equivalent to those of section two thousand seven hundred five of this

article shall be made by the superintendent in his or her discretion.

The superintendent may require that any such filing be supplemented by a

schedule or index referring to the specific requirements of section two

thousand seven hundred five or the regulations promulgated thereunder.

(b) The superintendent, in his or her discretion, may suspend the

application of section two thousand seven hundred five of this article

to any insurer upon a finding that such insurer, a subsidiary of such

insurer, or any member of the holding company system that includes such

insurer, has subjected itself in good faith to the authority of the

international commission referenced in a memorandum of intent, dated

April eighth, nineteen hundred ninety-eight executed by the

superintendent, other United States insurance regulators, worldwide

Jewish organizations and insurers, or any successor thereto, and has

meaningfully participated in such commission or successor entity in a

manner reasonably calculated to effect the prompt investigation and

resolution of claims of Holocaust victims and upon a finding by the

superintendent that such commission or successor entity is effectively

moving toward the swift and equitable resolution of claims made against

such insurer by Holocaust victims.

(c) Each such suspension granted pursuant to subsection (b) of this

section shall be valid for a one year period and may be extended

annually for additional one year periods upon a finding (i) that such

insurer, a subsidiary of such insurer, or any member of the holding

company system that includes such insurer, continues to satisfy the

requirements set forth in subsection (b) of this section and (ii) that

the commission or successor entity is effective in achieving the prompt

identification of Holocaust victims to whom insurance policies were

issued between January first, nineteen hundred twenty and December

thirty-first, nineteen hundred forty-five, and the investigation and

resolution of claims of those Holocaust victims. Each insurer who is

exempted or seeks continued exemption pursuant to this section shall

file such reports or provide such other information as the

superintendent may require in his or her discretion.

(d) The superintendent shall have the discretion to discontinue any

exemption made in accordance with this section if a reasonable

determination is made by the superintendent that the insurer, its

subsidiary or division, or the member of the holding company system that

includes such insurer, as applicable, is not cooperating fully with such

commission or successor entity or that such commission or successor

entity is not effective in promptly investigating and resolving such

claims.