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 96.6 - Charges to the account
Current through Register Vol. 46, No. 39, September 25, 2024
An insurer that establishes a surplus management account may elect to make charges to the account for any or all of the following purposes:
(a) to be used in the payment of dividends in a manner that is fair and equitable to the policyholders;
(b) to absorb losses incurred in one or more lines of business that can be demonstrated by the insurer to be irrecoverable;
(c) 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; and
(d) for any other purposes specified in the approved plan filed with the superintendent.
