Circular Letter No. 3 (1995)
February 10, 1995
|TO:||All Authorized Property/Casualty Insurers, United States Branches of Alien Insurers, Reciprocals, Advance Premium Cooperatives, Assessment Cooperatives and Accredited Reinsurers|
|ATTN:||Chief Financial Officer|
|RE:||Filing Of The Property/Casualty Risk-Based Capital Report|
The 1994 NAIC Property/Casualty Annual Statement blank requires the reporting of risk-based capital results in the Five Year Historical Data Exhibit (Page 20 - lines 25 & 26). These results are calculated by completing the NAIC Property/Casualty Risk-Based Capital Report (the "RBC Report").
Other than those types of insurers exempted below, all New York domestic insurers that are required to file the NAIC Property/Casualty Annual Statement blank shall file the RBC Report with this Department on or before March 1st. Each filing shall consist of the hard copy RBC Report. (The accompanying diskette need not be filed with this Department). The RBC Report filing should be directed to:
Property Companies Bureau
New York State Insurance Department
160 West Broadway
New York, NY 10013
In addition, a copy of the RBC Report and the accompanying diskette shall be filed with the NAIC Support and Services Office in Kansas City in accordance with the Instructions to the RBC Report.
EXEMPTIONS FOR DOMESTIC INSURERS:
The following types of domestic insures are exempt from reporting RBC results in the NAIC Property/Casualty Annual Statement and from filing the RBC Report with this Department and with the NAIC:
- Mortgage Guaranty Insurers
- Financial Guaranty Insurers
- Title Insurers
- Assessment Co-Operative Insurers (only those licensed to write lines of business pursuant to Section 6605(a) of the New York Insurance Code)
AUTHORIZED INSURERS NOT DOMICILED IN NEW YORK AND ACCREDITED REINSURERS:
Authorized insurers not domiciled in New York and accredited reinsurers are required to report their RBC results in the Annual Statement's Five Year Historical Data Exhibit, but need not file a RBC Report with this Department unless a request has been made, in writing, to do so.