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 96.3 - Use of funds in the account
Current through Register Vol. 46, No. 39, September 25, 2024
Funds in the surplus management account may be used for any or all of the following purposes:
(a) to finance growth in new or existing lines of business or ventures owned by the insurer, support the insurer's exposure to risk, or make other capital commitments deemed by such insurer to be necessary or appropriate for general corporate purposes, all in a manner that appropriately compensates the surplus management account for the use of such funds;
(b) to facilitate the establishment of, and financial reporting for, a distinct investment policy applicable to assets in the surplus management account; and
(c) for any other purposes specified in the plan filed with the superintendent pursuant to section 96.7 of this Part and deemed by the superintendent to be consistent with the purposes set forth in this section.
