N.Y. Comp. Codes R. & Regs. tit. 11 § 110.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 110.1 - Installment premiums as admitted assets

In any statement, annual or quarterly, by any insurer, or in any other determination of the financial condition of an insurer, installment premiums, other than life insurance premiums, which are recorded on the books of the insurer and on which the appropriate unearned premium reserve is charged as a liability, shall be deemed an admitted asset in an amount equal to the unpaid balance of such installments at the date of determination (less commissions payable thereon unless a separate liability is carried for such commissions), except in either of the following cases:

(a) If any installment of any premium other than a premium on a policy of the kind specified in subdivision (b) of this section, has been due and unpaid for more than 90 days at the date of determination, no unpaid installment of such premium shall be allowed as an admitted asset.

(b) If any installment of premium for any policy or contract of insurance or surety bond issued to owners or operators of motor vehicles which is required by the provisions of the Vehicle and Traffic Law of this State has been due and unpaid for more than 30 days at the date of determination, no unpaid installment of such premium shall be allowed as an admitted asset.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 110.1