§ 1401. Definitions and rules of general application. (a) In this article: (1) “Invested assets” means the admitted assets of an insurer that conform to the requirements of paragraphs one and two of subsection (a) of section one thousand three hundred one of this chapter, but excluding the income due or accrued thereon. (2) “Mortgage-related […]
§ 1402. Minimum capital or minimum surplus to policyholder investments. (a) Before investing its funds in any other investments, every domestic insurer shall invest and maintain an amount equal to the greater of the minimum capital required by law or the minimum surplus to policyholders required to be maintained by law for a domestic stock […]
§ 1403. Reserve and other investments; certain requirements. (a) If the requirements of section one thousand four hundred two of this article are met: (1) any domestic life insurance company may invest its funds in, or otherwise acquire, or loan upon, only the types of investments specified in section one thousand four hundred two, this […]
§ 1404. Types of reserve investments permitted for non-life insurers. (a) In addition to the investments specified in subsection (b) hereof, but excluding any investment prohibited by the provisions of paragraph one, three, four, six, eight, nine or ten of subsection (a) of section one thousand four hundred seven of this article, the reserve investments […]
§ 1405. Investments of life insurers. (a) The assets of a domestic insurer that is authorized to make investments under this section may be invested in the following types of investments, in addition to investments otherwise authorized, subject in the case of investments made under this section to the limitations set forth below and the […]
§ 1406. Policy loans. (a) Any life insurance company may lend to any policyholder upon the security of the value of his policy a sum not exceeding the legal reserve which it is required to maintain thereon. (b) A fraternal benefit society may make similar loans subject to the provisions of article forty-five of this […]
§ 1407. Non-reserve and prohibited investments for property/casualty and certain other insurers. (a) Any insurer that makes investments under the authority of subsection (c) of section one thousand four hundred three of this article and meets the requirements of such subsection (c) and section one thousand four hundred two of this article may invest in, […]
§ 1408. Acquisition of insurance company shares; limitations thereon. (a) Any insurer which makes investments under the authority of subsection (c) of section one thousand four hundred three of this article and which meets the requirements of such subsection and section one thousand four hundred two of this article, may invest in, or otherwise acquire, […]
§ 1409. Limitation of investments. (a) Except as more specifically provided in this chapter, no domestic insurer shall have more than ten percent of its admitted assets as shown by its last statement on file with the superintendent invested in, or loaned upon, the securities (including for this purpose certificates of deposit, partnership interests and […]
§ 1410. Derivative transactions and derivative instruments. (a) For purposes of this section, except subsection (k) of this section, an insurer shall mean a domestic life insurer, a domestic property/casualty insurer, a domestic reciprocal insurer, a domestic mortgage guaranty insurer, a domestic co-operative property/casualty insurance corporation or a domestic financial guaranty insurer. (b) (1) An […]
§ 1411. Authorization of, and restrictions on, investments. (a) No domestic insurer shall make any loan or investment, except as provided in subsection (h) hereof, unless authorized or approved by its board of directors or a committee thereof responsible for supervising or making such investment or loan. The committee’s minutes shall be recorded and a […]
§ 1412. Disposal or deduction of investments unlawfully acquired. (a) Every domestic insurer shall forthwith dispose of any investment acquired in violation of the law in force at the date of acquisition. (b) In determining the financial condition of any such insurer, the value of any wholly ineligible investments, and the value of any investment […]
§ 1413. Investments of foreign and alien insurers. (a) The superintendent may refuse a new or renewal license to any foreign insurer, if he finds that its investments do not comply in substance with the investment requirements and limitations imposed by this chapter upon like domestic insurers hereafter organized to do the same kind or […]
§ 1414. Valuation of investments. (a) (1) All obligations having a fixed term and rate of interest and held by any life insurance company or fraternal benefit society authorized to do business in this state, if amply secured and not in default as to principal or interest, shall be valued as follows: (A) if purchased […]
§ 1415. Investments of domestic insurers in persons included on list of persons engaged in investment activities in Iran treated as nonadmitted assets. 1. As used in this section, the following definitions shall apply: (a) “Iran” shall have the same definition as used in section one hundred sixty-five-a of the state finance law. (b) “Person” […]
