Circular Letter No. 4 (1997)

February 21, 1997

TO:

All Licensed Life, Accident and Health, Property/Casualty, Financial Guaranty, Mortgage Guaranty, and Co-operative Property/Casualty Insurance Companies; Reciprocal Insurers; The Medical Malpractice Insurance Association; The State Insurance Fund; Fraternal Benefit Societies; and Accredited Reinsures

RE:

Electronic Filing in Lieu of Hard Copy Filing - 1997 Annual Statement

The National Association of Insurance Commissioners (NAIC) has initiated a pilot project that enables a foreign insurer or a United States Branch of an alien insurer not entered through New York ("non-domestic") to file electronically with the NAIC, certain parts of its annual statement, in lieu of filing the hard copy of those parts in every state in which the insurer is licensed. New York has agreed to participate in this pilot project.

Domestic insurers, including the United States Branches of alien insurers entered through New York ("domestic"), must continue to file all parts of the annual statement in hard copy with New York. All insurers must continue to file all parts of the annual statement on diskette with New York.

Those parts of the annual statement which non-domestics may file electronically with the NAIC are:

Property/Casualty -

Insurance Expense Exhibit
Credit Insurance Experience Exhibit
Long-Term Care Experience Reporting Form

Life/Accident & Health -

Long-Term Care Insurance Exhibit
Interest Sensitive Life Insurance Products Report
Credit Insurance Experience Exhibit
Life, Health and Annuity Guaranty Association Model Act Assessment Base
Reconciliation Exhibit
Adjusts to the Life, Health and Annuity Guaranty Association Model Act Assessment
Base Reconciliation Exhibit
Long-Term Care Experience Reporting Form

Fraternal -

Long-Term Care Insurance Exhibit
Interest Sensitive Life Insurance Products Report
Long-Term Care Experience Reporting Form

Non-domestic insurers are advised that they may, but are not required to, file these parts (relevant to their type of company) of the annual statement with the NAIC, in accordance with the rules and procedures established by the NAIC.

  •  Insurers are reminded of the following:

    1.  The parts of the annual statement listed above to be filed
         with the NAIC must be filed by the applicable due dates for the parts;

    2.  A non-domestic insurer that does not file with the NAIC must file
         the appropriate parts of the annual statement with the New York Insurance
         Department along with the rest of its annual statement, and:

    3.  A domestic insurer may file any of these parts of its annual statement with the NAIC, 
         but must file them with the Department as well.

Kindly direct any questions to Mel Kwassman, Principal Examiner, at 212-602-0593.