N.Y. Comp. Codes R. & Regs. tit. 11 § 85.0

Current through Register Vol. 46, No. 36, September 4, 2024

Section 85.0 - Preamble

Section 1301 (a)(19) of the Insurance Law was added by chapter 614 of the Laws of 1976, effective January 17, 1977, and permits an aircraft to be allowed as an admitted asset of an insurer provided prior written approval has been secured from the superintendent pursuant to compliance with such standards as he shall by regulation prescribe; such standards, in outline, are to include, but not be limited to, the following:

(a) a reasonable need for the proposed acquisition of the aircraft is shown;

(b) the purchase price is in keeping with prevailing cost scales;

(c) the purchase price shall not exceed a prescribed percentage of admitted assets; and

(d) there shall be an orderly program of depreciation.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 85.0