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 85 - Allowance Of Aircraft As An Admitted Asset
Section 85.0 - Preamble

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 85.0

Current through Register Vol. 46, No. 39, September 25, 2024

Section 1301 (a)(19) of the Insurance Law was added by chapter 614 of the Laws of 1976, effective January 17, 1977, and permits an aircraft to be allowed as an admitted asset of an insurer provided prior written approval has been secured from the superintendent pursuant to compliance with such standards as he shall by regulation prescribe; such standards, in outline, are to include, but not be limited to, the following:

(a) a reasonable need for the proposed acquisition of the aircraft is shown;

(b) the purchase price is in keeping with prevailing cost scales;

(c) the purchase price shall not exceed a prescribed percentage of admitted assets; and

(d) there shall be an orderly program of depreciation.

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