N.Y. Comp. Codes R. & Regs. tit. 11 § 220.7

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

Section 220.7 - Suspension of reporting requirements

(a) This section implements section 2709 (b) (c) and (d) of the Insurance Law.

(b) Pursuant to section 2709 (b) of the Insurance Law and subject to the limitations stated in section 2709, the superintendent may, in his or her discretion, suspend the application of section 2705 to an insurer upon a determination that the insurer, a subsidiary of such insurer, or any member of the holding company system that includes such insurer has furnished adequate proof that the conditions for such suspension as specified in section 2709(b) have been met, namely:

(1) the insurer or a subsidiary of the insurer or any member of the holding company system that includes such insurer has subjected itself in good faith to the authority of the international commission described in section 220.1 of this Part, or of any successor thereto;

(2) the insurer or a subsidiary of the insurer or any member of the holding company system that includes such insurer has meaningfully participated in such commission or successor entity in a manner reasonably calculated to effect the prompt investigation and resolution of the claims of Holocaust victims; and

(3) the superintendent finds that the commission or successor entity is effectively moving toward the swift and equitable resolution of all claims made against the insurer by Holocaust victims.

(c) Any suspension made by the superintendent under this section shall be valid for one year and may be renewed annually, in the discretion of the superintendent, for further one year periods pursuant to section 2709 (c) of the Insurance Law; provided, however, that the superintendent in his or her discretion may provide for a suspension of less than one year, taking into account the progress of the international commission or successor entity and the consequences of further delay in promptly investigating and resolving the claims of Holocaust victims.

(d) Pursuant to section 2709 (d) of the Insurance Law, the superintendent, in his or her discretion, may discontinue any suspension granted under this section if a reasonable determination is made by the superintendent that the insurer, its subsidiary or division, or the member of the holding company system that includes such insurer, as applicable, is not cooperating fully with the said commission or its successor, or that such commission or successor entity is not effective in promptly investigating and resolving claims made by Holocaust victims.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 220.7