N.Y. Comp. Codes R. & Regs. tit. 11 § 89.17

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

Section 89.17 - Effective date and special rules

(a)Effective date.

(1) The requirements of this Part, subject to subdivision (b) of this section, shall apply beginning with the reporting period ending December 31, 2010.

(2) A company acquired in a business combination shall have two calendar years following the date of acquisition or combination to comply with this Part.

(b)Special rules.

(1) To be exempt from filing an audited financial statement pursuant to this Part, an assessment cooperative property/casualty insurer with less than $250,000 in direct premiums written in this State, including direct premiums of its affiliates, during the subject calendar year and fewer than 500 policyholders or reinsurance contract holders at the end of such calendar year shall submit an affidavit sworn to by a responsible officer of the insurer specifying the amount of direct premiums written in New York State and number of policyholders or reinsurance contract holders.

(2) A foreign insurer or an alien insurer not entered into this State through a United States branch, which files an audited financial report in another state pursuant to that state's requirements that have been found by the superintendent to be substantially similar to the requirements in this Part, shall be exempt from sections 89.2 through 89.11 of this Part if:

(i) a copy of the audited financial report, communication of internal control related matters noted in an audit, and the CPA's letter of qualifications that are filed with the other state are also filed with the superintendent in accordance with the filing dates specified in sections 89.2, 89.9 and 89.10 of this Part, respectively; and

(ii) a copy of any notification of adverse financial condition report filed with the other state is filed with the superintendent within the time frame specified in section 89.8 of this Part.

(3) An alien or foreign insurer required to file management's report of internal control over financial reporting in another state shall not be required to file the report in this State provided that the other state has substantially similar reporting requirements and the report is filed with the superintendent or commissioner of the other state within the time specified by that other state.

(4) Upon written application by any company, the superintendent may, if not inconsistent with any statutory requirement to the contrary, extend a filing date or grant an exemption from compliance with any and all provisions of this Part if the superintendent finds, upon review of the application, that compliance with this Part would constitute a financial or organizational hardship upon the company. A company shall file an application for a hardship exemption with the superintendent prior to the event or period for which the extension or exemption is requested. The company shall file, with its annual statement filing, both its request for relief and the approval of that request with the states that it is licensed in or doing business in and the NAIC. If a non-domestic state accepts electronic filing with the NAIC, the company shall file the approval in an electronic format acceptable to the NAIC.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 89.17

Renumbered from 89.16 New York State Register May 13, 2020/Volume XLII, Issue 19, eff. 11/9/2020

Amended New York State Register June 9, 2021/Volume XLIII, Issue 23, eff. 6/9/2021