NU Online News Service, Feb. 21, 3:26 p.m. – The New York State Insurance Department is asking each licensed life insurer and accredited life reinsurer in the state to send it a detailed liquidity report by May 1.
The chief financial officer or the highest ranking financial of the insurer must sign a statement declaring that “he or she consulted with all appropriate persons to ensure the response is complete and accurate,” Gregory Serio, the department’s superintendent, writes in a Feb. 13 circular letter announcing the data call.
The department has included an 8-page attachment with the letter describing the data that must be submitted.
The first table asks an insurer to give information about large cash demands and smaller, retail cash demands due in 0 to 7 days, 8 to 14 days, 15 to 30 days, 31 to 90 days, 91 to 180 days, and more than 180 days.
The first table also asks an insurer to describe which of the obligations it can defer for at least six months, and reinsurance receivable on the cash obligations.
A second table asks the insurer to give the market value and statement value of cash resources, including cash, investments maturing within one month, U.S. Treasury notes, U.S. Treasury bonds, other U.S. obligations, private placements, commercial mortgages and publicly traded stocks and bonds.