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New York to Insurers: So, How's Your Mom?

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The New York State Insurance Department is asking insurers doing business in the state to give it any annual registration statements the insurers’ holding companies file in other states.

The New York department is making the request in Supplement Number 1 to Circular Letter Number 10 (2010).

New York department officials have addressed the notice to every domestic insurer that is exempt from New York state annual registration statement filing requirements because its parent files an annual registration statement in another state.

Each exempted insurer should send the New York department a copy of the annual insurance holding company registration statement that its parent files in another state, and each exempted insurer should provide a report before taking control of another insurer or engaging in other major transactions, officials say.

The notice affects some authorized insurers, including alien insurers transacting business in New York through U.S. branches, that are not considered to be either “holding companies” or “controlled insurers.”

New York insurance regulators need to see holding company reports to understand the holding company structures of authorized insurers operating in New York, and to assess current or potential risks to insurance subsidiaries, officials say.

If an insurer does not file an annual registration statement either in New York or in another state, it should provide the data within 120 days after the close of the top-level parent company’s fiscal year, officials say.

- Allison Bell

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