§ 1415. Investments of domestic insurers in persons included on list\nof persons engaged in investment activities in Iran treated as\nnonadmitted assets.
1.As used in this section, the following\ndefinitions shall apply:\n (a) "Iran" shall have the same definition as used in section one\nhundred sixty-five-a of the state finance law.\n (b) "Person" shall have the same definition as used in section one\nhundred sixty-five-a of the state finance law.\n (c) "Investment" shall mean any investment permitted under section\nfourteen hundred four or fourteen hundred five of this article.\n 2. Investments by a domestic insurer in persons which are included on\nthe list of persons created by the office of general services pursuant\nto paragraph (b) of subdivision three of section one hundred\
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§ 1415. Investments of domestic insurers in persons included on list\nof persons engaged in investment activities in Iran treated as\nnonadmitted assets. 1. As used in this section, the following\ndefinitions shall apply:\n (a) "Iran" shall have the same definition as used in section one\nhundred sixty-five-a of the state finance law.\n (b) "Person" shall have the same definition as used in section one\nhundred sixty-five-a of the state finance law.\n (c) "Investment" shall mean any investment permitted under section\nfourteen hundred four or fourteen hundred five of this article.\n 2. Investments by a domestic insurer in persons which are included on\nthe list of persons created by the office of general services pursuant\nto paragraph (b) of subdivision three of section one hundred\nsixty-five-a of the state finance law shall be treated as nonadmitted\nassets.\n 3. On or before December thirtieth, two thousand thirteen, and\nannually thereafter, the insurer shall determine what investments it had\nin the past calendar year, including any transfers or other\ntransactions, in persons which are included on the list of persons\ncreated by the office of general services pursuant to paragraph (b) of\nsubdivision three of section one hundred sixty-five-a of the state\nfinance law.\n 4. On March first, two thousand fourteen, and annually thereafter, the\ninsurer shall provide the department with a list of investments it had\nin the past calendar year, including any transfers or other\ntransactions, in persons included on the list of persons created by the\noffice of general services described in subdivision three of this\nsection, including, but not limited to, the issuer, by name, of all the\nstock, bonds, securities, and other evidence of indebtedness.\n 5. This section shall cease to be operative if both of the following\napply:\n (a) Iran is removed from the United States department of state's list\nof countries that have been determined to repeatedly provide support for\nacts of international terrorism.\n (b) Pursuant to the appropriate federal statute, the president of the\nUnited States determines and certifies to the appropriate committee of\nthe congress of the United States that Iran has ceased its efforts to\ndesign, develop, manufacture, or acquire a nuclear explosive device or\nrelated materials and technology.\n