Iran Investment Reporting
Pursuant to Section 1415 of the New York Insurance Law, effective February 11, 2014, investments made by domestic insurers in Designated Persons engaged in energy sector investments in Iran are to be treated as non-admitted assets.
Designated Persons are persons included on the list created by the NYS Office of General Services pursuant to paragraph (b) of subdivision three of Section 165-a of the New York State Finance Law.
Insurers are required to identify and report to the New York State Department of Financial Services any such investments they had in the previous calendar year, including any transfers or other transactions annually by March 1.
Please note that only direct investments in such persons need be reported, and insurers with no such investments need not provide a report. Insurers are not required to non-admit assets as of December 31, 2013; insurers are required to non-admit assets starting with the March 31, 2014 quarterly statement.
The report should be provided using the template spreadsheet available at the link below. Please complete the spreadsheet in detail, and email the completed spreadsheet to [email protected], no later than the above deadline.