New York State Seal
STATE OF NEW YORK
INSURANCE DEPARTMENT
25 BEAVER STREET
NEW YORK, NEW YORK 10004

The Office of General Counsel issued the following informal opinion on March 4, 2002, representing the position of the New York State Insurance Department.

Re: Assets of Insurers

Question Presented:

Does the New York Insurance Law require Insurance Company A to keep a list of its assets, particularly, bank accounts, on record at the Department?

Conclusion:

Insurance Company A is required to list certain assets in the annual statement that it is required to file with the Department pursuant to N.Y. Ins. Law § 307(a)(1) (McKinney 2001-2002) and the quarterly statement that it is required to file with the Department pursuant to N.Y. Ins. Law § 308(b) (McKinney 2001-2002).

Facts:

Attorney B is the attorney for Construction Company C, which has obtained a civil judgment in New York State Supreme Court, Bronx County, against Insurance Company A, a stock property and casualty insurance company that is licensed in New York State but is domiciled in Iowa. Insurance Company A had entered into a performance and payment bond in which Insurance Company A, as a surety, was bound to the City of New York in connection with construction work performed at the Billingsley Playground in the Bronx. Attorney B is seeking to enforce the judgment against Insurance Company A by restraining its assets.

Analysis:

N.Y. Ins. Law § 307(a)(1) (McKinney 2001-2002) provides in pertinent part as follows:

Every insurer and every fraternal benefit society which is authorized to do an insurance business in this state…shall file in the office of the superintendent, annually on or before the first day of March, a statement, to be known as its annual statement, executed in duplicate, verified by the oath of at least two of its principal officers, showing its condition at last year-end….Such statement shall be in such form and shall contain such matters as the superintendent shall prescribe.

N.Y. Ins. Law § 308(b) (McKinney 2001-2002) provides as follows:

In addition to the other reports required by this article, the superintendent may also require the filing of quarterly or other statements, which shall be in such form and shall contain such matters as the superintendent shall prescribe.

As an insurer that is authorized to do an insurance business in the State of New York, Insurance Company A is required to file annual statements with the Department pursuant to N.Y. Ins. Law § 307(a)(1) (McKinney 2001-2002). Insurance Company A is also required to file quarterly statements with the Department pursuant to N.Y. Ins. Law § 308(b) (McKinney 2001-2002). Insurance Company A is required to list certain assets in both the annual statements and the quarterly statements. One who is interested in examining such statements could make a request pursuant to the Freedom of Information Law ("FOIL"). The records can either be viewed by the requestor at the Department’s New York City Office or be sent to the requestor in copy form. A FOIL application can be obtained from the Department’s web site at www.ins.state.ny.us.

For further information you may contact Senior Attorney Ethan G. Wolfe at the New York City Office.