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 96.4 - Allocations to the account

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 96.4

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

(a) If provided for in the plan approved by the superintendent, an insurer may, subject to the provisions of section 96.8 of this Part, make an initial allocation of specified assets or funds to the surplus management account, based on either a retrospective accumulation of formula charges to surplus funds or a prospective determination of that portion of current surplus funds that the insurer does not deem necessary to maintain within each line of business.

(b) An insurer may allocate to the surplus management account extraordinary realized gains. Such allocation shall not be made without the prior approval of the superintendent, either as part of the plan or upon specific application.

(c) An insurer may make subsequent allocations to the account under rules set forth in the plan approved by the superintendent.

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