New York § 7009 Investments

New York Statutes

§ 7009 — Investments

New York § 7009

Law ISCInsurance

Art. 70Captive Insurance Companies

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Bluebook

N.Y. Insurance § 7009 (2026).

Text

§ 7009. Investments.

(a)No captive insurance company shall be\nsubject to any restrictions on allowable investments, except as set\nforth in subsections (b) and (c) of this section.\n (b) A group captive insurance company shall not make loans to the\nindustrial insureds that comprise its industrial insured group. A pure\ncaptive insurance company may make loans to its parent company or\naffiliates with the prior approval of the superintendent. Such loan\nmust be evidenced by a note in a form approved by the superintendent.\nLoans of minimum capital and surplus funds required by section seven\nthousand four of this article are prohibited.\n (c) The superintendent may prohibit or limit any investment that\nthreatens the solvency or liquidity of any captive insurance company.\n

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§ 7009. Investments. (a) No captive insurance company shall be\nsubject to any restrictions on allowable investments, except as set\nforth in subsections (b) and (c) of this section.\n (b) A group captive insurance company shall not make loans to the\nindustrial insureds that comprise its industrial insured group. A pure\ncaptive insurance company may make loans to its parent company or\naffiliates with the prior approval of the superintendent. Such loan\nmust be evidenced by a note in a form approved by the superintendent.\nLoans of minimum capital and surplus funds required by section seven\nthousand four of this article are prohibited.\n (c) The superintendent may prohibit or limit any investment that\nthreatens the solvency or liquidity of any captive insurance company.\n