New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter D - Reinsurance
Part 127 - Reinsurance Transactions By Authorized Life Insurers And Certain Other Authorized Insurers
Section 127.4 - Existing agreements

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 127.4

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

(a) The reduction of a liability or establishment of an asset with respect to a reinsurance agreement entered into prior to the effective date of this Part [September 1, 1993], which was in compliance with this Part in effect immediately preceding the effective date of this Part, shall be reduced to zero by December 31, 1993 in all financial statements filed with the superintendent by the insurer, if under the provisions of this Part, the reduction of any liability or establishment of any asset is no longer permitted.

(b) Section 127.2(a)(12) of this Part shall not apply until December 31, 1995 to any agreement in effect on December 31, 1992 provided that:

(1) the agreement has not been amended after December 31, 1992 to cover additional policy forms or additional amounts of insurance;

(2) the agreement has not been amended after December 31, 1992 with respect to any of the items of reimbursement specified in section 127.2(a)(12) of this Part; and

(3) the approval of the superintendent is not otherwise required pursuant to section 127.2(b) of this Part.

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