§ 2709 — Substantial compliance

New York § 2709

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 27: Holocaust Victims Insurance Act of 1998

Text

§ 2709. Substantial compliance. (a) An insurer which, pursuant to the\nlaws of another jurisdiction is required (or whose holding company is\nrequired) to report, certify or otherwise disclose information\nsubstantially equivalent to that required by section two thousand seven\nhundred five of this article, may satisfy the requirements of section\ntwo thousand seven hundred five of this article by filing with the\nsuperintendent within the applicable periods prescribed hereunder,\ncopies of such material filed with such jurisdiction. The determination\nas to whether the requirements of a given jurisdiction are substantially\nequivalent to those of section two thousand seven hundred five of this\narticle shall be made by the superintendent in his or her discretion.\nThe superintendent may require that any such filing be supplemented by a\nschedule or index referring to the specific requirements of section two\nthousand seven hundred five or the regulations promulgated thereunder.\n (b) The superintendent, in his or her discretion, may suspend the\napplication of section two thousand seven hundred five of this article\nto any insurer upon a finding that such insurer, a subsidiary of such\ninsurer, or any member of the holding company system that includes such\ninsurer, has subjected itself in good faith to the authority of the\ninternational commission referenced in a memorandum of intent, dated\nApril eighth, nineteen hundred ninety-eight executed by the\nsuperintendent, other United States insurance regulators, worldwide\nJewish organizations and insurers, or any successor thereto, and has\nmeaningfully participated in such commission or successor entity in a\nmanner reasonably calculated to effect the prompt investigation and\nresolution of claims of Holocaust victims and upon a finding by the\nsuperintendent that such commission or successor entity is effectively\nmoving toward the swift and equitable resolution of claims made against\nsuch insurer by Holocaust victims.\n (c) Each such suspension granted pursuant to subsection (b) of this\nsection shall be valid for a one year period and may be extended\nannually for additional one year periods upon a finding (i) that such\ninsurer, a subsidiary of such insurer, or any member of the holding\ncompany system that includes such insurer, continues to satisfy the\nrequirements set forth in subsection (b) of this section and (ii) that\nthe commission or successor entity is effective in achieving the prompt\nidentification of Holocaust victims to whom insurance policies were\nissued between January first, nineteen hundred twenty and December\nthirty-first, nineteen hundred forty-five, and the investigation and\nresolution of claims of those Holocaust victims. Each insurer who is\nexempted or seeks continued exemption pursuant to this section shall\nfile such reports or provide such other information as the\nsuperintendent may require in his or her discretion.\n (d) The superintendent shall have the discretion to discontinue any\nexemption made in accordance with this section if a reasonable\ndetermination is made by the superintendent that the insurer, its\nsubsidiary or division, or the member of the holding company system that\nincludes such insurer, as applicable, is not cooperating fully with such\ncommission or successor entity or that such commission or successor\nentity is not effective in promptly investigating and resolving such\nclaims.\n