2006 New York Code - Contents Of Advertisements And Other Public Announcements Concerning Financial Condition Of Insurers.

 
    §  1313.  Contents  of  advertisements  and other public announcements
  concerning financial condition of insurers. (a) (1) Except  as  provided
  in subsection (g) hereof or permitted by regulation, every advertisement
  or  other  public  announcement published, issued or distributed in this
  state by any domestic  or  foreign  insurer,  a  subsidiary  thereof,  a
  holding  company or controlled person as defined by section one thousand
  five hundred one of this  chapter,  or  by  any  agent  of  any  of  the
  foregoing,  purporting  to  make  known the insurer's separate financial
  condition, shall show the amount of its admitted assets, liabilities and
  reserves required or permitted by law, and its surplus to policyholders,
  and shall  correspond  with  its  last  verified  statement  (annual  or
  quarterly,  at  its  option) made to the superintendent. Such surplus to
  policyholders shall show the amount of the  insurer's  paid  up  capital
  stock, if any.
    (2)  The  provisions  of  paragraph  one  hereof shall not apply to an
  advertisement or other public announcement showing  only  the  insurer's
  capital  paid  up,  or  its  surplus  and capital, if any, separately or
  combined, but such items shall not be in  excess  of  the  corresponding
  items  shown  on  the  insurer's  last  verified  statement  (annual  or
  quarterly, at its option) made to the superintendent.
    (b) (1) Every advertisement or other public  announcement,  published,
  issued  or distributed in this state by any alien insurer doing business
  in this state, a subsidiary thereof, a  holding  company  or  controlled
  person  as  defined  by  section  one  thousand five hundred one of this
  chapter, or by any agent of any of the  foregoing,  purporting  to  make
  known  the  separate  financial  condition of the insurer, shall show as
  assets only its admitted assets held by its United  States  branch,  its
  liabilities   and   reserves   required  by  law,  and  its  surplus  to
  policyholders in the  United  States,  and  shall  correspond  with  the
  insurer's  last  verified statement (annual or quarterly, at its option)
  made to the superintendent. Such surplus to policyholders shall show the
  amount of the statutory deposit of such United States branch.
    (2) Notwithstanding  the  provisions  of  paragraph  one  hereof,  any
  authorized life insurance company or fraternal benefit society organized
  under  the  laws  of  Canada  or  any  province  thereof  may use in its
  advertising  in  this  state  a  statement  of  its  complete  financial
  condition,   in  addition  to  its  statement  of  admitted  assets  and
  liabilities in the United States,  if  a  similar  domestic  insurer  is
  permitted  by  the  laws  of Canada or the provinces thereof in which it
  does an insurance business to advertise therein its  complete  financial
  condition on a corresponding basis.
    (c)  No  statement of separate financial condition shall be published,
  issued or distributed as provided in subsection (a) or (b) hereof unless
  it or a footnote clearly shows the amount  of  securities,  included  in
  admitted  assets,  which  are  pledged  as  collateral  for  any loan or
  guaranty, or which are otherwise not available to pay losses and  claims
  or are not held to protect the insurer's policyholders or creditors.
    (d)  No  insurer  doing  business  in  this  state  nor any subsidiary
  thereof, or holding company or controlled person as defined  in  section
  one  thousand  five  hundred one of this chapter nor any agent of any of
  the foregoing, shall in any advertisement or other  public  announcement
  make  any statement or communication to the effect that the insurer has,
  or expects to have,  reinsurance  by  any  named  assuming  insurer  not
  authorized  to  do  such  reinsurance  business in this state, or to the
  effect that the insurer's policies are guaranteed wholly  or  partly  by
  any other person, insurer or institution.
    (e)  Nothing  in  this  section  shall  apply  to  reports  issued  to
  shareholders or government agencies or instrumentalities  by  a  holding
  company  or  controlled  person  as defined in section one thousand five
  hundred one of this  chapter  or  prohibit  any  supplemental  reference
  concerning  an  insurer's  separate  financial condition on the basis of
  actual  market values of its securities or the inclusion of supplemental
  factual information with respect to the separate financial condition  of
  such  insurer  in a report issued by such insurer to its shareholders or
  policyholders.
    (f) Advertisements and other public announcements  directed  primarily
  at  calling  the attention of policyholders or prospective policyholders
  to an insurer and containing  a  statement  of  the  separate  financial
  condition  of  the holding company system shall also contain a statement
  of the separate financial condition of the insurer  which  shall  comply
  with this section.
    (g) Consolidated financial statements of an authorized insurer and any
  of  its  subsidiaries  may  be used only to the extent authorized by the
  superintendent or required by any government agency or instrumentality.