New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 96 - Surplus Management Account
Section 96.1 - Definitions

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 96.1

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

Wherever used in this Part, the following terms shall have the respective meanings hereinafter set forth or indicated, unless the context otherwise requires:

(a) Annual statement means the annual statement promulgated by the superintendent pursuant to section 307 (a) of the Insurance Law for use by domestic or foreign life insurers licensed to do business in the State of New York.

(b) Annual statement lines of business means those lines of business as to which reporting is required in the "Analysis of Operations by Lines of Business" section of the annual statement.

(c) Balance of the account means the assets less the liabilities of the surplus management account, valued on the same basis as such assets and liabilities would be valued for annual statement purposes, determined in accordance with a plan approved by the superintendent pursuant to section 96.7 of this Part.

(d) Surplus management account means an account in which specified assets or funds held with respect to lines of business may be earmarked and managed separately from the assets or funds of the respective lines of business, but this Part shall not apply to:

(1) a corporate segment established and maintained in accordance with a plan solely for the allocation of investment income and expenses approved by the superintendent pursuant to Part 91 of this Title;

(2) any account which is established solely for internal management purposes, and which does not function as a surplus management account; or

(3) a surplus management account established and maintained by a stock life insurance company to which funds held with respect to nonparticipating insurance policies and annuity contracts are allocated.

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