New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter A - Rules of General Application
Part 78 - Evaluation Of Subsidiaries Of Insurance Companies
Section 78.4 - Additional provisions
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Within 60 days after the effective date of this Part, an insurer shall file with the superintendent relevant information identifying, supporting and justifying the value of, and the basis of valuation used in acordance with the provisions of section 78.3 of this Part for each of its noninsurer subsidiaries.
(b) Within 30 days after the acquisition of a noninsurer subsidiary, an insurer shall file with the superintendent relevant information identifying, supporting and justifying the value of, and the basis of valuation used in accordance with the provisions of section 78.3 of this Part for such subsidiary.
(c) A valuation basis used for a subsidiary shall thereafter be consistently used unless a change is substantiated as reasonable and on that basis is approved in writing by the superintendent.
(d) If a subsidiary is valued on the basis of paragraph (1) of subdivision (b) of section 78.3 of this Part and the books of the subsidiary are not audited at the time the valuation is included in the insurer's annual statement, the insurer shall thereafter report and explain the difference, if any, between the value of the subsidiary as reported in the annual statement and the value as determined by audit. Such report and explanation shall be made as soon as possible following such audit.
(e) If any subsidiary, which is not itself an insurance company, is valued other than on the basis of market value as defined in paragraph (3) of subdivision (b) of section 78.3 of this Part, there shall be deducted from the otherwise determined value a sum equal to the value claimed for any of its assets which would not constitute admitted assets for the insurer if held directly by the insurer, if such assets: