N.Y. Comp. Codes R. & Regs. Tit. 11 § 220.6 - Relief from filing reports

(a) This section implements that provision of section 2705(a) of the Insurance Law which states that any insurer which has determined that it does not have any of the information requested in section 2705(b) of the Insurance Law, and which has filed or caused its holding company to file a report stating that they have no such information, may request the superintendent to relieve it from filing any further reports upon providing evidence satisfactory to the superintendent that such insurer has fulfilled its obligations under article 27 of the Insurance Law.

(b) The superintendent will deem an insurer to have provided satisfactory evidence that it has fulfilled its obligations under article 27 of the Insurance Law within the meaning of the preceding subdivision if:

(1) the insurer reports:

(i) that the insurer has conducted a thorough search of its files and records in compliance with section 220.2(b) of this Part, in good faith and to the best of its ability;

(ii) that all other members of any holding company system to which the insurer belongs who are or were insurers have also conducted a search applying the same criteria and standards; and

(iii) that after all such searches have been completed, no information of the type described in section 2705(b) of the Insurance Law has been located or identified; and

(2) the insurer and, if relevant, any other members of its holding company system who are or were insurers, make and maintain a record of their said search, and such record or records are available for inspection by the superintendent if requested.

(c) Any relief from filing further reports granted by the superintendent under this section shall extend for such period, and be subject to such conditions, as the superintendent may specify.

(d) Any relief from filing further reports granted by the superintendent under this section shall expire upon the happening of any event which alters the insurer's status to one in which it would be obligated by section 2705 of the Insurance Law to file further reports were it not for the relief previously granted, including but not limited to such events as:

(1) the insurer or any member of its holding company system discovering or acquiring by any manner the information described in section 2705(b) of the Insurance Law;

(2) the insurer or any member of its holding company system assuming liability on policies issued to, or claims made by, Holocaust victims;

(3) the insurer becoming a member of a holding company system which includes another member or members that have information which must be reported under the said section; and

(4) the insurer or any member of its holding company system acquiring another insurer which has such information.

(e) Notwithstanding any relief from filing further reports which may be granted under this section, the superintendent may, from time to time, request such information from an insurer as the superintendent may reasonably deem necessary to facilitate, monitor and verify compliance with article 27 of the Insurance Law by the insurer.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 11 § 220.6