STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
|Circular Letter No. 14 (2001)
May 10, 2001
|TO:||Authorized Insurers, Accredited Reinsurers, and Authorized Fraternal Benefit Societies|
|RE:||Adoption by Department of National Association of Insurance Commissioners Statement Blanks and Instructions|
|STATUTORY REFERENCES: Insurance Law Sections 307(a)(1) and (2), 308 and 4233(a)|
|Certain provisions of the
Insurance Law provide that authorized insurers, accredited reinsurers, and authorized
fraternal benefit societies shall file financial statements annually and quarterly with
the Superintendent. These entities are subject to the provisions of Sections 307 and 308
of the Insurance Law and are required to file Annual and Quarterly Statement Blanks on
forms prescribed by the Superintendent.
The purpose of this Circular Letter is to remind licensees of the Department that, except in regard to filings made by Underwriters at Lloyds, London, the Superintendent has prescribed and adopted the blanks and Annual and Quarterly Statement Instructions adopted by the National Association of Insurance Commissioners, as supplemented by additional New York forms and instructions.
You are further reminded that the Department has promulgated Regulation 172 (11 NYCRR 83) in order to enhance the consistency of the accounting treatment of assets, liabilities, reserves, income and expenses, by setting forth the accounting practices and procedures to be followed in completing annual and quarterly financial statements required by law.
Very truly yours,