N.Y. Comp. Codes R. & Regs. Tit. 11 § 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.