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 85.4 - Prescribed percentage of admitted assets
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 85.4
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Except as provided in subdivision (b) of this section, the cost of any aircraft proposed to be acquired shall not exceed, as of the 31st day of December next preceding, the sum of:
(1) 1/4 of one percent of the insurer's
admitted assets up to and including $500,000,000; plus
(2) 1/8 of one percent of the insurer's
admitted assets in excess of $500,000,000.
Should the cost of an aircraft exceed the amounts set forth in paragraphs (1) and (2) of this subdivision, it shall nevertheless be allowed as an admitted asset up to and including the amounts as determined in this subdivision.
(b) The superintendent may consider whether the insurer's financial condition would indicate that a lesser amount than the maximum is warranted.
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