§ 6404 — Assets; title plant; valuation

§ 6404. Assets; title plant; valuation. In determining the financial\ncondition of any corporation doing business under this article, the\nsuperintendent shall allow as admitted assets only such assets as are\nprescribed by section one thousand three hundred one of this chapter and\nas are not excluded by section one thousand three hundred two of this\nchapter, except as follows:\n (a) The superintendent may allow as an admitted asset of such\ncorporation its title plant or plants covering real property located\nwithin or without the state of New York, at its fair value as determined\nby him; provided, however, that with respect to any title plant or\nplants acquired after December thirty-first, nineteen hundred\nfifty-four, such value shall be reduced by not less than ten percent of\nthe amount thereof on December thirty-first of the third year following\nthe acquisition of such title plant or plants, and be further reduced by\nten percent of said original amount on the thirty-first day of December\nof each succeeding calendar year, and provided further that in no event\nshall the aggregate amount allowed for any title plant or plants\nacquired after December thirty-first, nineteen hundred sixty-nine,\nexceed five percent of the total admitted assets of such corporation.\n (b) The superintendent shall allow as admitted assets premiums and\nfees for title examination and insurance and for abstracts and searches,\nnot more than ninety days past due. Such premiums and fees shall be\ndeemed to be due when the services for which such premiums and fees are\nchargeable shall have been performed, except that with respect to\nabstracts and searches, not later than the closing of the transaction\nfor which the services were rendered, and with respect to examinations\non a closed title basis premiums and fees shall be deemed due when title\nis closed.\n