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Regulation 52 – Section 80-1.5

11 NYCRR 80-1.5

Transactions

Parallel Citations  Regulation 52

Former Citations  11 NYCRR 80.5

(a) Requests for approval of transactions pursuant to Insurance Law, section 1505(c), and notices of proposed transactions pursuant to section 1505(d) shall be accompanied by descriptions of the essential features of such transactions which are reasonably adequate to permit proper evaluation thereof by the superintendent.

(b) Such descriptions shall in all cases include at least the following: the nature and purpose of the transaction; the nature and amounts of any payments or transfers of assets between the parties, the identities of all parties to such transaction and whether any officers or directors of a party are pecuniarily interested therein and copies of any contracts, agreements or memoranda of understanding between the parties relating to the transaction.

(c) For the purposes of section 1505(d)(4) of the Insurance Law, the following transactions between a domestic controlled insurer and any person in its holding company system are deemed to be material transactions:

(1) Any sale, purchase, exchange, loan or extension of credit, or investment involving one-half of one percent or less of the insurer's admitted assets at last year-end which, when added to the respective aggregate of any such other sales, purchases, exchanges, unpaid loans, unpaid extensions of credit, or investments made during the preceding 12 months, causes the aggregate to exceed:

(i) one-half of one percent of this insurer's admitted assets at last year-end, if the insurer is subject to article 42 of the Insurance Law; or

(ii) one percent of the insurer's admitted assets at last year-end, if the insurer is not subject to article 42 of the Insurance Law.

(2) Any lease of real or personal property which does not provide for the rendering of services on a regular and systematic basis and where the aggregate payments to be made, including any renewal or extension thereof, exceeds:

(i) one-half of one percent of the insurer's admitted assets at last year-end, if the insurer is subject to article 42 of the Insurance Law; or

(ii) one percent of the insurer's admitted assets at last year-end, if the insurer is not subject to article 42 of the Insurance Law.

(3) Any series of transactions designed to evade the provisions of this subdivision.

Return to: Holding Company Filings – Article 15

Updated 03/29/2011