Reporting By Domestic Insurers of Investments Made in Designated Persons Engaged in Energy Sector Investments in Iran
Pursuant to Section 1415 of the New York Insurance Law, effective February 11, 2014, investments made by domestic insurers in designated* persons engaged in energy sector investments in Iran are to be treated as non-admitted assets. Insurers are required to identify and report to the New York State Department of Financial Services ("DFS") any such investments they had in the previous calendar year, including any transfers or other transactions, by April 1, 2014 and annually thereafter by March 1. Please note that only direct investments in such persons need be reported, and insurers with no such investments need not provide a report. Please further note that insurers are not required to non-admit assets as of December 31, 2013; insurers are required to non-admit assets starting with the March 31, 2014 quarterly statement.
The report should be provided using the template spreadsheet available at the link below. Please complete it in detail, then email the completed spreadsheet to DFS mailbox [email protected], no later than the above deadline. Please direct any questions to Matti Peltonen, Division Chief, Capital Markets, at (212) 709-1530 or [email protected]
*Persons included on the list of persons created by the NYS Office of General Services pursuant to paragraph (b) of subdivision three of Section 165-a of the New York State Finance Law.