§ 4239 — Allocation and reporting of income and expenses of life insurers

New York § 4239

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 42: Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies

Text

§ 4239. Allocation and reporting of income and expenses of life\ninsurers. (a) In order to enable the superintendent to determine\ncompliance with this chapter, he may issue reasonable regulations\nprescribing standards for the equitable allocation of income and\nexpenses as among lines of business and as between investment expenses\nand insurance expenses. No such regulation or amendment thereto shall be\npromulgated except upon notice to all insurers affected thereby, and\nafter hearing. Such regulation or amendment shall not preclude the use\nof other reasonable and equitable standards previously approved by the\nsuperintendent. He may also promulgate regulations defining the items of\nincome and expenses to be reported in each line of the annual statement.\nAny regulation or amendment thereto shall be promulgated at least six\nmonths before the beginning of the calendar year in which the same shall\ntake effect.\n (b) The restrictions in subsection (a) hereof as to notice, hearing,\nand effective period shall not apply to such regulations or amendments\nas may be approved by the superintendent for calendar years as to which\nsimilar regulations or amendments have been adopted by the National\nAssociation of Insurance Commissioners.\n (c) If the superintendent finds, after notice and hearing, that any\nsuch insurer has failed to comply with the requirements of this section,\nhe may order such insurer to change its methods of reporting or to\nmodify its basis of allocation so as to produce reasonable and equitable\nresults.\n