Acquisition and Disclaimer of Control of a New York Domestic Property and Casualty Insurance Company
The following procedures apply to acquisitions of New York domestic property and casualty insurance companies.
Acquisition of Control
An application for acquisition of control must comply with Section 1506 of the Insurance law and Regulation 52 Subpart 80-1. The application should be in the format specified in Section 80-1.6 of Regulation 52 and include all the required information/documents specified in that section.
For financial statements, the Department requires submission of the following:
- audited financial statements of the ultimate controlling person(s) for the preceding five years; and
- unaudited financial information regarding the earnings and financial condition of the ultimate controlling person(s) as of a date not earlier than 90 days prior to the filing of the application for acquisition of control.
The Department also requires the submission of an acquisition commitment letter (MS Word).
To manage and submit an application for acquisition of control, visit DFS Connect:
- For instructions or help using DFS Connect, read the DFS Connect User Guide and check our DFS Connect for Insurance Companies FAQs
The Department reserves the right to request hard copies of documents submitted with the application.
Biographical Affidavits
Do not submit biographical affidavits with your application. Biographical affidavits should be provided to independent third party vendors for verification. Third-party verification reports and biographical affidavits should continue to be sent directly from the vendor to the Department.
Disclaimer of Control
An application for disclaimer of control must comply with Section 1501(c) of the Insurance law and Regulation 52 Section 80-1.3. The application for disclaimer of control shall include all the required information/documents specified in that section.
The Department also requires the company to submit a disclaimer commitment letter.
To submit your disclaimer application for acquisition of control, visit DFS Connect:
- For instructions or help using DFS Connect, read the DFS Connect User Guide and check our DFS Connect for Insurance Companies FAQs.
The Department reserves the right to request hard copies of documents submitted with the application.
Have Questions or Need Help?
Browsers and Blockers
- Use a supported browser including the latest version, plus one previous version, of Firefox, Chrome and Safari.
- You may need to Disable “pop-up blocker” settings in your browser before using DFS Connect.
- Scheduled maintenance may make an application unavailable between 7:30 and 7:45 a.m.
- Portal apps may not be compatible with certain smart phones, tablets, and other mobile devices.
For instructions on accessing or help using DFS Connect, read the DFS Connect User Guide and check our DFS Connect for Insurance Companies FAQs.
If you are still having trouble, email the Property Bureau at [email protected].