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Circular Letter No. 4 (2002)
February 13, 2002 |
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| TO: |
All licensed life insurers, and
accredited life reinsurers, hereinafter referred to as "insurers" |
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| RE: |
Issues Regarding Liquidity |
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| 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: |
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Michael D. Cebula
Supervising Actuary – Life Bureau
New York State Insurance Department
Agency Building One
Empire State Plaza
Albany, NY 12257
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Very truly yours,
____________________
Gregory V. Serio
Superintendent of Insurance
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| Attachment To Circular Letter No 4 (2002) |
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