N.Y. Insurance Law § 405: Reports

§ 405. Reports. (a) Any person licensed or registered pursuant to the

provisions of this chapter, and any person engaged in the business of

insurance or life settlement in this state who is exempted from

compliance with the licensing requirements of this chapter, including

the state insurance fund of this state, who has reason to believe that

an insurance transaction or life settlement act may be fraudulent, or

has knowledge that a fraudulent insurance transaction or fraudulent life

settlement act is about to take place, or has taken place shall, within

thirty days after determination by such person that the transaction

appears to be fraudulent, send to the superintendent on a form

prescribed by the superintendent, the information requested by the form

and such additional information relative to the factual circumstances of

the transaction and the parties involved as the superintendent may

require. The superintendent shall accept reports of suspected fraudulent

insurance transactions or fraudulent life settlement acts from any self

insurer, including but not limited to self insurers providing health

insurance coverage or those defined in section fifty of the workers'

compensation law, and shall treat such reports as any other received

pursuant to this section.

(b) The superintendent shall review each report and undertake such

further investigation as the superintendent deems necessary and proper

to determine the validity of the allegations.