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 112.1 - Applicability

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 112.1

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

(a) This Part shall apply to all loss portfolio transfers with an effective date of December 31, 2000 or prior, entered into by every insurer subject to article 41, 61, 62 or 66 of the Insurance Law, that is authorized or accredited to insure or reinsure any of the basic kinds of insurance specified in section 4101 of the Insurance Law.

(b) All loss portfolio transfers with an effective date on or after January 1, 2001 shall, in accordance with section 83.3(c) of this Title, be governed by the accounting practices and procedures set forth in statement of statutory accounting principles (SSAP) 62, and shall also be subject to the provisions of sections 112.5(j) and 112.6(k) of this Part.

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