N.Y. Insurance Law § 302: Supervisory colleges

§ 302. Supervisory colleges. (a) The superintendent may participate in

a supervisory college in order to determine compliance with this chapter

with respect to an insurer that is registered under article fifteen,

sixteen, or seventeen of this chapter and has international operations.

The powers of the superintendent with respect to supervisory colleges

include:

(1) initiating the establishment of a supervisory college;

(2) clarifying the membership and participation of other supervisors

in the supervisory college;

(3) clarifying the functions of the supervisory college and the role

of other regulators, including the establishment of a group-wide

supervisor;

(4) coordinating the ongoing activities of the supervisory college,

including planning meetings, supervisory activities, and processes for

information sharing; and

(5) establishing a crisis management plan.

(b) Each insurer registered under article fifteen, sixteen, or

seventeen of this chapter that is subject to a supervisory college shall

be liable for and shall pay the reasonable expenses of the

superintendent's participation in a supervisory college, including

reasonable travel expenses. A supervisory college may be convened as

either a temporary or permanent forum for the communication and

cooperation between the regulators charged with the supervision of the

insurer or its parent, affiliates, or subsidiaries. The superintendent

may establish a regular assessment to the insurer for the payment of

these expenses.

(c) In order to assess the business strategy, financial position,

legal and regulatory position, risk exposure, risk management and

governance processes, and as part of the examination of individual

insurers, the superintendent may participate in a supervisory college

with other regulators charged with supervision of the insurer or its

parent, affiliates, or subsidiaries, including other state, federal, and

international regulatory agencies. The superintendent may enter into

agreements pursuant to section one hundred ten of this chapter providing

the basis for cooperation between the superintendent and other

regulatory agencies and for the activities of the supervisory college.

Nothing in this section shall delegate to the supervisory college the

superintendent's authority to regulate or supervise the insurer or its

parent, affiliates, or subsidiaries within the superintendent's

jurisdiction.