New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 63 - Reserve Requirements For Financial Guaranty Insurance In-force Prior To The Effective Date Of Article 69 Of The Insurance Law
Section 63.2 - Reserve requirements for financial guaranties written prior to and in force as of july 1, 1989 for financial guaranty insurance corporations authorized pursuant to section 6902 of the insurance law
Current through Register Vol. 46, No. 39, September 25, 2024
An authorized insurer that wrote financial guaranty insurance prior to May 14, 1989, and which is authorized to write financial guaranty insurance in this State pursuant to section 6902 of the Insurance Law, shall, for all such insurance written prior to and in force as of July 1, 1989, be subject to the following reserve requirements:
(a) Contingency reserve. A contingency reserve shall be established in accordance with the requirements set forth in section 63.1(a) of this Part.
(b) Loss and loss adjustment expense reserve. The reserve for loss and loss adjustment expenses shall be established in accordance with the requirements set forth in section 6903 (b) of the Insurance Law.
(c) Unearned premium reserve. The reserve for unearned premiums shall be established in accordance with the requirements set forth in section 6903 (c) of the Insurance Law.
