N.Y. Insurance Law § 4233: Annual statements of life insurance companies

§ 4233. Annual statements of life insurance companies. (a) In addition

to any other matter which may be required to be stated therein, either

by law or by the superintendent pursuant to law, every annual statement

of every life insurance company doing business in this state shall

conform substantially to the form of statement adopted from time to time

for such purpose by, or by the authority of, the National Association of

Insurance Commissioners, together with such additions, omissions or

modifications, similarly adopted from time to time, as may be approved

by the superintendent.

(b) The annual statement required by subsection (a) hereof shall

include an accurate, concise and complete statement of the following

matters:

(1) All moneys expended in connection with any matter pending before

any legislative body or any officer or department of government, giving

particulars with respect to all items of one hundred dollars or more as

to dates, amounts, names and addresses of payees, the measure or

proceeding in connection with which the payment was made, and the

interest of the company therein.

(2) The names of the officers and directors of the company and the

proceedings at the last annual election of directors, giving the names

of candidates and the number of votes cast for each and whether in

person, by proxy or by mail.

(3) The compensation and names of the chief executive officer, the

four most highly paid other executive officers, regardless of the amount

of the compensation, the next five highly compensated employees whose

individual total compensation exceeds one hundred thousand dollars and

all directors, other than those officers or employees who may otherwise

have been disclosed pursuant to this paragraph and who also serve as

directors. A list of the job titles and compensation for any officer or

employee not otherwise disclosed pursuant to this paragraph where the

individual's total compensation is in excess of seven hundred fifty

thousand dollars. Compensation shall consist of any and all remuneration

paid to or on behalf of an officer, employee or director provided for in

this paragraph during the year, including wages, salaries, bonuses,

commissions, stock grants, gains from the exercise of stock options and

any other emolument. Amounts disclosed for directors must include all

compensation paid for services on the board and committees, as well as

any other compensation for any other activity or service, such as

consulting agreements.

(4) All banks and trust companies in which an account was maintained

at any time during the year, and the balance at the end of the year, if

any, carried by such company in each such bank or trust company and the

largest balances carried by such company during each month of the year

in each bank or trust company in which the largest balance during the

year exceeded one-fortieth of one percent of admitted assets at the

beginning of the year or five hundred thousand dollars, whichever is

smaller.

(5) All death claims resisted or compromised by such company during

the year, and, for each such case the sums insured, the sums paid and

the reasons for resisting or compromising the claim.

(6) A complete statement of the gains and losses upon all of its

business transacted during the year and the sources of such gains and

losses. Any life insurance company which is authorized or permitted to

issue in this state participating policies or contracts, and which

issues in the United States both participating and non-participating

policies or contracts, shall make a separate statement showing gains and

losses, with respect to each of such classes of business, and also

showing the manner in which any general gains and outlays of the company

have been apportioned to each of such classes of business, in conformity

with section four thousand two hundred thirty-one of this article. Any

life insurance company issuing industrial life insurance policies shall

make a similar separate statement showing gains and losses with respect

to such industrial business and with respect to the company's other

business and also showing the manner in which any general gains and

outlays of the company have been apportioned to each of such classes of

business.

(7) A statement showing separately the first year and total expense

limits and the first year and total expenses, determined in accordance

with section four thousand two hundred twenty-eight of this article. Any

life insurance company which is authorized or permitted to issue in this

state both participating and non-participating policies or contracts

shall make a separate statement showing these expense limits and

expenses, with respect to each of such classes of business.

(8) The rates of annual dividends declared during the year for all

plans of insurance for policies issued during each of the last five

years and during each fifth year of the preceding seventy years and for

ages at entry, twenty-five, thirty-five, forty-five and fifty-five, and

the precise method by which such dividends have been calculated.

(9) All income, disbursements and reserves relative to noncancellable

disability insurance issued in connection with or supplementary to

policies of life insurance or annuity contracts shall be reported in

such annual statement.

(10) With respect to participating policies subject to the provisions

of section four thousand two hundred twenty or four thousand two hundred

twenty-one of this article upon which the reserves determined in

accordance with section four thousand two hundred seventeen of this

article were calculated at an interest rate lower than that used in

calculating the cash surrender values permanently guaranteed for such

policies:

(A) The approximate amount by which such reserves for policies issued

prior to January first, nineteen hundred forty-eight, are greater than

they would have been had they been computed at the interest rate used in

computing the reserves for such policies as of December thirty-first,

nineteen hundred forty-seven.

(B) The approximate amount by which such reserves for policies issued

on and after January first, nineteen hundred forty-eight, are greater

than they would have been had they been computed at the interest rate

used in computing the cash surrender values permanently guaranteed for

such policies.

(C) A schedule supporting the amounts shown in subparagraphs (A) and

(B) hereof, in accordance with the same paragraphs as are used in

reporting the reserve in the annual statement.

(D) A statement of the nature of increase, if any, in the cash

surrender values and nonforfeiture benefits allowed on policies on which

a default in payment of a premium occurred during the year over those

permanently guaranteed for such policies and the aggregate amount in

excess of guaranteed values paid out during the year on policies

surrendered for cash.

(11) A statement setting forth a description of the investments,

activities or other contributions of the company relating to New York

state, its residents, municipalities, businesses and institutions shall

be considered to fulfill the requirements of this paragraph.

Investments, activities or contributions shall include, but need not be

limited to: obligations of state government, its agencies,

municipalities or other instrumentalities; real estate and mortgages,

including financing of housing, the construction or rehabilitation of

which is undertaken in conjunction with federal, state or local housing

assistance programs, including the federal low-income housing tax credit

program; common stock and other securities of business and industry,

including existing and new small business, and commercial enterprise in

state empire zones or in federal empowerment zones or enterprise

communities; charitable and philanthropic contributions; activities

conducted by the company to make its customers aware of the investments,

activities, or other contributions described in the statement; and such

other investment, activities or contributions within the intent of the

requirements of this paragraph as the superintendent may deem

appropriate pursuant to rules or regulations of the department.