New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 90 - Corporate Governance
Section 90.1 - Definitions
Current through Register Vol. 46, No. 39, September 25, 2024
As used in this Part, the following terms shall have the meaning ascribed to them:
(a) Article 16 system means an authorized domestic insurer registered or required to register under Insurance Law article 16 and all of the insurer's subsidiaries.
(b) Article 17 system means a parent corporation registered or required to register under Insurance Law article 17 and all of the parent corporation's subsidiaries.
(c) Corporate governance framework means the structures, processes, information, and relationships used for the oversight, direction, control, and management of an insurer or system and for ensuring compliance with legal and regulatory requirements.
(d) Holding company system has the meaning set forth in Insurance Law section 1501(a)(6).
(e) Insurer means an insurer authorized to do an insurance business in this State, including a domestic corporation organized pursuant to Insurance Law article 43.
(f) Key person means any individual who may exercise discretion over, or have a material effect or significant influence on, an insurer's or system's business plans, operations, or funds.
(g) Most senior governing entity means the level at which:
(h) Senior management means any corporate officer responsible for reporting information to the board of directors, or other governing body, at regular intervals, or to regulators, and shall include the chief executive officer, chief financial officer, chief operations officer, chief procurement officer, chief legal officer, chief information officer, chief technology officer, chief revenue officer, chief compliance officer, chief auditor, or any other "C"-level executive.
(i) System means a holding company system, article 16 system, or article 17 system.
