N.Y. Insurance Law § 325: Records of domestic insurers

§ 325. Records of domestic insurers. (a) Every domestic insurer and

every licensed United States branch of an alien insurer entered through

this state shall, except as hereinafter provided, keep and maintain at

its principal office in this state its charter and by-laws (in the case

of a United States branch a copy thereof) and its books of account, and

if a domestic stock corporation a record containing the names and

addresses of its shareholders, the number and class of shares held by

each and the dates when they respectively became the owners of record

thereof, and if a domestic corporation the minutes of any meetings of

its shareholders, policyholders, board of directors and committees

thereof. If any such records are kept in a language other than English,

they shall be accompanied by accurate translations thereof. An insurer

may satisfy the requirements of this subsection by storing the

aforementioned books and records on servers that are accessible through

the internet, on an internal server hosted by the insurer or one of its

affiliates, or externally with a third-party service provider if they

are easily accessible from the insurer's principal office in this state

and the insurer complies with all applicable state and federal laws and

regulations.

(b) A domestic insurer and a licensed United States branch of an alien

insurer entered through this state may keep and maintain its books of

account without this state if, in accordance with a plan adopted by its

board of directors and approved by the superintendent, it maintains in

this state suitable records in lieu thereof; provided, however, that the

superintendent may after notice and hearing direct such insurer to

return all or any of its books of account to this state if such return

is reasonably necessary to protect the interests of the people of this

state or to permit their inspection in this state by a director, a

shareholder, or, in the case of a mutual insurer, a policyholder, who

has shown to the satisfaction of the superintendent that he has made an

application to such insurer for inspection of such books in good faith

and for a necessary and legitimate purpose, and that such insurer has

either declined to permit such inspection without this state or to agree

to pay any additional expenses reasonably to be incurred by the

applicant or his agent or attorney in connection with the inspection of

such books as a result of their maintenance without this state. If in

the judgment of the superintendent delay in the return of any or all

books of account of such insurer may be hazardous, or may cause

irreparable injury, to the people of this state or to the policyholders

of such insurer he may direct the return thereof without notice and

hearing.

(c) Notwithstanding the provisions of subsections (a) and (b) of this

section, any licensed United States branch of an alien insurer entered

through this state which keeps and maintains its books of account

without this state on April first, nineteen hundred eighty-seven may

continue to do so, unless the superintendent determines, after notice

and hearing, that the return of such books to this state is reasonably

necessary to protect the interests of the people of this state.