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 79 - Letters Of Credit
Section 79.8 - Existing reinsurance agreements, letters of credit or confirmations

(a) The provisions required in reinsurance agreements as set forth in section 79.5 of this Part will not apply to reinsurance agreements entered into prior to October 1, 1983, provided that the reinsurance agreements do not restrict in any way the ceding insure's right to draw on the letter of credit and no new business has been ceded under such agreements after such date.

(b) Letters of credit or confirmations issued on or prior to December 31, 1987, the effective date of this Part, which fully comply with this department's prior standards will continue to be acceptable to this department until the occurrence of the earlier of their stated expiration date, next extension or renewal date, modification or amendment. The failure of such letters of credit or confirmations to specifically identify the beneficiary, as required by section 79.2(d) and paragraph (e)(4) of section 79.4 of this Part, shall not be construed to affect any actions or rights which the superintendent may take or possess pursuant to the provisions of the Insurance Law or any other applicable statute.