New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter I - GENERAL PROVISIONS
Part 16 - SPECIAL RISK INSURANCE
Section 16.2 - Limitations on transactions
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 16.2
Current through Register Vol. 46, No. 39, September 25, 2024
(a) For property/casualty insurers:
(1)
(i) the
insurer's net premiums written pursuant to section
6302 of the
Insurance Law during the prior calendar year shall not exceed 75 percent of the
surplus to policyholders, as reported in the insurer's annual statement filed
with the superintendent for the corresponding calendar year;
(ii) the insurer's direct premiums written
pursuant to section
6302 of the
Insurance Law during the prior calendar year shall not exceed 75 percent of the
surplus to policyholders, as reported in the insurer's annual statement filed
with the superintendent for the corresponding calendar year; and
(iii) the insurer's total net premiums
written in the United States shall not exceed 200 percent of surplus to
policyholders, as reported in the insurer's annual statement filed with the
superintendent for the corresponding calendar year.
(2) An insurer may request the
superintendent's prior written approval to exceed the limitations specified in
paragraph (1) of this subdivision. If the superintendent determines that it
would not be harmful to policyholders or the people of this State, the
superintendent may in such approval allow the insurer to exceed such
limitations. The approval shall specify what limits may apply. In reviewing an
application for such an approval, the superintendent shall consider:
(i) the market need for the
coverage;
(ii) the insurer's
financial condition;
(iii) the type
of business to be written by the insurer within and without the insurer's
holding company system, including a breakdown, by annual statement line of
business, of business assumed and ceded within the insurer's holding company
system;
(iv) the projected amounts
of gross and net premiums to be written, by annual statement line of business,
including a breakdown, by line of business, of the amounts of special risk
premiums to be ceded to authorized special risk insurers; and
(v) other factors affecting the insurer's
compliance with applicable laws and regulations.
(b) For life and accident and health insurers:
(1) the insurer's net
premiums written pursuant to section
6302 of the
Insurance Law during the prior calendar year shall not, for any line of
business written, exceed one percent of the insurer's total net premiums
written as reported in the insurer's annual statement filed with the
superintendent for the corresponding calendar year for the same lines of
business as reported in the gain and loss exhibit of the annual statement,
separated into individual and group business; and
(2) the insurer's direct premiums written
pursuant to section
6302 of the
Insurance Law during the prior calendar year shall not, for any line of
business written, exceed one percent of the insurer's total net premiums
written as reported in the insurer's annual statement filed with the
superintendent for the corresponding calendar year for the same lines of
business as reported in the gain and loss exhibit of the annual statement,
separated into individual and group business.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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