N.Y. Insurance Law § 6404: Assets; title plant; valuation

§ 6404. Assets; title plant; valuation. In determining the financial

condition of any corporation doing business under this article, the

superintendent shall allow as admitted assets only such assets as are

prescribed by section one thousand three hundred one of this chapter and

as are not excluded by section one thousand three hundred two of this

chapter, except as follows:

(a) The superintendent may allow as an admitted asset of such

corporation its title plant or plants covering real property located

within or without the state of New York, at its fair value as determined

by him; provided, however, that with respect to any title plant or

plants acquired after December thirty-first, nineteen hundred

fifty-four, such value shall be reduced by not less than ten percent of

the amount thereof on December thirty-first of the third year following

the acquisition of such title plant or plants, and be further reduced by

ten percent of said original amount on the thirty-first day of December

of each succeeding calendar year, and provided further that in no event

shall the aggregate amount allowed for any title plant or plants

acquired after December thirty-first, nineteen hundred sixty-nine,

exceed five percent of the total admitted assets of such corporation.

(b) The superintendent shall allow as admitted assets premiums and

fees for title examination and insurance and for abstracts and searches,

not more than ninety days past due. Such premiums and fees shall be

deemed to be due when the services for which such premiums and fees are

chargeable shall have been performed, except that with respect to

abstracts and searches, not later than the closing of the transaction

for which the services were rendered, and with respect to examinations

on a closed title basis premiums and fees shall be deemed due when title

is closed.