New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter C - Fire, Marine, Casualty And Surety Insurers
Part 112 - Loss Portfolio Transfers
Section 112.0 - Purpose
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 112.0
Current through Register Vol. 46, No. 12, March 20, 2024
Insurers enter into arrangements that increase the transferring company's surplus to policyholders on the basis of a loss portfolio transfer at a cost or consideration below the amount of the incurred loss and loss adjustment expense reserves transferred. This Part has been promulgated because of the department's concerns that such transactions may be hazardous to policyholders or the citizens of this State and that proper recognition must be given to disclosure, accounting treatment and maintenance of reserves in connection with loss portfolio transfers.
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