N.Y. Insurance Law Section 4239
Allocation and reporting of income and expenses of life insurers

(a)

In order to enable the superintendent to determine compliance with this chapter, he may issue reasonable regulations prescribing standards for the equitable allocation of income and expenses as among lines of business and as between investment expenses and insurance expenses. No such regulation or amendment thereto shall be promulgated except upon notice to all insurers affected thereby, and after hearing. Such regulation or amendment shall not preclude the use of other reasonable and equitable standards previously approved by the superintendent. He may also promulgate regulations defining the items of income and expenses to be reported in each line of the annual statement. Any regulation or amendment thereto shall be promulgated at least six months before the beginning of the calendar year in which the same shall take effect.

(b)

The restrictions in subsection (a) hereof as to notice, hearing, and effective period shall not apply to such regulations or amendments as may be approved by the superintendent for calendar years as to which similar regulations or amendments have been adopted by the National Association of Insurance Commissioners.

(c)

If the superintendent finds, after notice and hearing, that any such insurer has failed to comply with the requirements of this section, he may order such insurer to change its methods of reporting or to modify its basis of allocation so as to produce reasonable and equitable results.

Source: Section 4239 — Allocation and reporting of income and expenses of life insurers, https://www.­nysenate.­gov/legislation/laws/ISC/4239 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

4202
Capital and surplus requirements of life insurance companies 4203
Transfer of shares of domestic life insurance company 4204
Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies 4205
Life, accident and health, and legal services insurance companies 4206
Deposits by life, accident and health, and legal services insurance companies 4207
Dividends to shareholders of life, and accident and health insurance companies 4208
Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies 4209
Mutual life insurance companies, mutual accident and health insurance companies 4210
Election of directors of domestic mutual life insurance companies 4211
Election of directors of domestic stock life insurance companies 4212
Stock life insurance companies 4213
Industrial life insurance 4214
Industrial accident and industrial health insurance 4215
Contracts with industrial life insurance agents 4216
Group life insurance 4217
Valuation of insurance policies and contracts 4218
When actual premium is less than net premium 4219
Limitation on accumulation of surplus of life insurance companies 4220
Life insurance and annuities 4221
Standard nonforfeiture law 4222
Policy loans 4223
Standard nonforfeiture law for annuities 4224
Life, accident and health insurance 4225
Domestic life insurance companies 4226
Misrepresentations, misleading statements and incomplete comparisons by insurers 4228
Life insurance and annuity business 4230
Salaries and pensions to officers and employees 4231
Policyholder’s participation in surplus of life insurance companies 4232
Amounts credited on certain contracts or life insurance policies 4233
Annual statements of life insurance companies 4235
Group accident and health insurance 4236
Joint underwriting of group health insurance for persons aged sixty-five and over 4237
Blanket accident and health insurance 4237‑A
Stop-loss insurance 4238
Group annuity contracts 4239
Allocation and reporting of income and expenses of life insurers 4240
Separate accounts 4241
Penalty for violation of filing requirements
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 4239’s source at nysenate​.gov

Link Style