Application for Acquisition 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. Contact Capital Markets Bureau regarding the procedures for financial guaranty and mortgage guaranty insurance companies.

The application for acquisition of control (application) must comply with Section 1506 of the Insurance law and Regulation 52 Subpart 80-1. The application for acquisition of control shall 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.

The company should not submit biographical affidavits and IdentoGo receipts or hard copies of fingerprint cards and IdentoGo pre-enrollment forms with the application.  The company should not print out the pre-enrollment forms until instructed by the Department. The Department will notify the company when and how to submit these documents after the application is received.  

The Department reserves the right to request hard copies of the documents submitted with the application.

Instructions regarding fingerprinting including New York State Authorized IdentoGO locations:

Application for 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 (excluding financial guaranty and mortgage guaranty insurance companies).

The 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.