New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XVII - Certified Capital Companies Under Section 11 Of The Tax Law
Part 400 - Certified Capital Companies Under Section 11 Of The Tax Law
Section 400.6 - Qualified investment levels

(a) A certified capital company, in order to continue its certification pursuant to section 11(c) of the Tax Law, shall abide by the investment schedule contained in section 11(c)(1). In the event that the certified capital company fails to abide by the investment schedule contained in section 11(c)(1), the certified capital company shall be subject to decertification and the certified investor shall, pursuant to section 1511(k)(5) of the Tax Law, be subject to disallowance and recapture of the credit allowed under section 1511(k)(1). If a certified capital company's certification from a certified capital company program is revoked on the grounds set forth in section 11(f) of the Tax Law before the later of (i) the third anniversary of the certified capital company's certification date, or (ii) the date on which the certified capital company satisfies the requirements of section 11(c)(1)(C) of the Tax Law, there shall be disallowance of 100 percent of the credit allowed under section 1511(k)(1) of the Tax Law with respect to such certified capital company program and the recapture of any portion of such credit that was previously taken.

(b) Once a certified capital company has attained the investment level required by section 11(e)(5), the certified capital company shall file with the superintendent an audited financial statement, within 90 days of the close of the fiscal year in which it has met such investment level, which shall contain information sufficient to enable the superintendent to verify attainment of such investment level. The superintendent shall conduct a review of the certified capital company, at its expense, to verify attainment of such investment level. Upon the superintendent's determination that such investment level has been met and the certified capital company has met all the other requirements under section 11(e), the certified capital company shall no longer be subject to regulation by the superintendent and shall no longer be subject to the requirements of section 11(c) of the Tax Law with respect to such program. The certified capital company shall remain subject to section 400.10 of this Part.