N.Y. Insurance Law § 4239: Allocation and reporting of income and expenses of life insurers

§ 4239. Allocation and reporting of income and expenses of life

insurers. (a) In order to enable the superintendent to determine

compliance with this chapter, he may issue reasonable regulations

prescribing standards for the equitable allocation of income and

expenses as among lines of business and as between investment expenses

and insurance expenses. No such regulation or amendment thereto shall be

promulgated except upon notice to all insurers affected thereby, and

after hearing. Such regulation or amendment shall not preclude the use

of other reasonable and equitable standards previously approved by the

superintendent. He may also promulgate regulations defining the items of

income and expenses to be reported in each line of the annual statement.

Any regulation or amendment thereto shall be promulgated at least six

months before the beginning of the calendar year in which the same shall

take effect.

(b) The restrictions in subsection (a) hereof as to notice, hearing,

and effective period shall not apply to such regulations or amendments

as may be approved by the superintendent for calendar years as to which

similar regulations or amendments have been adopted by the National

Association of Insurance Commissioners.

(c) If the superintendent finds, after notice and hearing, that any

such insurer has failed to comply with the requirements of this section,

he may order such insurer to change its methods of reporting or to

modify its basis of allocation so as to produce reasonable and equitable

results.