Circular Letter No. 4 (2002)
February 13, 2002
All licensed life insurers, and accredited life reinsurers, hereinafter referred to as "insurers"
Issues Regarding Liquidity
STATUTORY REFERENCE: Section 308 of the Insurance Law
Pursuant to Section 308 of the New York Insurance Law, all licensed life insurers and accredited life reinsurers shall file with the Department a report, as of December 31, 2001, in the format of the attachment to this Circular Letter. The report shall be filed by May 1, 2002 and shall be signed by the Chief Financial Officer (CFO) of the insurer. If the Company does not have a CFO, the report shall be signed by the highest-ranking financial officer of the insurer and include a statement to such effect. The CFO or highest-ranking financial officer shall complete the attached acknowledgement page, making an explicit statement that he or she consulted with all appropriate persons to ensure the response is complete and accurate. If an insurer submitting information pursuant to this Circular Letter deems such information to be a trade secret or contends that such information, if disclosed, would cause substantial injury to the competitive position of the insurer, it may, at the time the report is submitted, request that the Department except such information from disclosure. The request shall be in writing and shall state the reasons why the information should be excepted from disclosure. Such request shall be determined in accordance with the procedures set forth in Section 89(5) of the Public Officers Law and Insurance Department Regulation No. 71 (11 NYCRR 241).
In future years, the Department may make similar requests for Liquidity information on our website at www.ins.state.ny.us.
The report from licensed life insurers and accredited reinsurers should be submitted to:
Michael D. Cebula
Supervising Actuary - Life Bureau
New York State Insurance Department
Agency Building One
Empire State Plaza
Albany, NY 12257
Very truly yours,
Gregory V. Serio
Superintendent of Insurance