This text of New York § 1302 (Assets not admitted) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 1302. Assets not admitted.
(a)In addition to assets not admitted\npursuant to section one thousand three hundred one of this article, the\nfollowing shall not be allowed as admitted assets of a domestic or\nforeign insurer or the United States branch of an alien insurer in any\ndetermination of its financial condition:\n (1) Trade names, agency plants and other like intangible assets.\n (2) Prepaid or deferred charges for expenses except as provided in\nparagraph sixteen of subsection (a) of section one thousand three\nhundred one of this article, and commissions paid by the insurer.\n (3) Advances to officers (except policy loans), whether secured or\nnot, and advances to employees, agents and other persons on personal\nsecurity only.\n (4) Shares of such insurer, owned by it, or
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§ 1302. Assets not admitted. (a) In addition to assets not admitted\npursuant to section one thousand three hundred one of this article, the\nfollowing shall not be allowed as admitted assets of a domestic or\nforeign insurer or the United States branch of an alien insurer in any\ndetermination of its financial condition:\n (1) Trade names, agency plants and other like intangible assets.\n (2) Prepaid or deferred charges for expenses except as provided in\nparagraph sixteen of subsection (a) of section one thousand three\nhundred one of this article, and commissions paid by the insurer.\n (3) Advances to officers (except policy loans), whether secured or\nnot, and advances to employees, agents and other persons on personal\nsecurity only.\n (4) Shares of such insurer, owned by it, or any equity therein or\nloans secured thereby, or any proportionate interest in such shares\nthrough the ownership by such insurer of an interest in another firm,\ncorporation or business unit.\n (5) Tangible personal property, fixtures and printed matter except\nsuch as an insurer is permitted to hold pursuant to paragraph five of\nsubsection (a) of section one thousand four hundred four of this\nchapter.\n (6) Items of bank credits representing checks, drafts or notes\nreturned unpaid after the date of statement.\n (7) The amount, if any, by which the aggregate book value of\ninvestments as carried in the ledger assets of such insurer exceeds the\naggregate value thereof as determined in accordance with the provisions\nof this chapter.\n (b) All non-admitted assets and all other assets of doubtful value or\ncharacter included as ledger or non-ledger assets in any statement by an\ninsurer to the superintendent, or in any examiner's report to him, shall\nalso be reported, to the extent of the value disallowed, as deductions\nfrom the gross assets of such insurer except where the superintendent\npermits a reserve to be carried among the liabilities of such insurer in\nlieu of any such deduction.\n