2010 New York Code
ISC - Insurance
Article 27 - (2701 - 2711) HOLOCAUST VICTIMS INSURANCE ACT OF 1998
2705 - Reports from insurers.

§   2705.  Reports  from  insurers.    (a)  Every  insurer  organized,
  registered, accredited or licensed to do an insurance business  in  this
  state  shall  file  or  shall cause its holding company to file with the
  superintendent, within one hundred and twenty days of the effective date
  of this  article,  a  report  setting  forth  such  insurer's  plan  for
  complying  with  the  provisions  of this article. Any insurer which has
  determined that it does not have any of  the  information  requested  in
  subsection  (b)  of this section shall file or cause its holding company
  to file a report stating  that  they  have  no  such  information.    In
  addition,  an insurer may request to be relieved from filing any further
  reports upon providing evidence satisfactory to the superintendent  that
  such insurer has fulfilled its obligations under this article.
    (b)  Every insurer organized, licensed, registered or accredited to do
  an insurance business in this state shall  report  or  shall  cause  its
  holding   company   to   report  to  the  superintendent  the  following
  information:
    (1) whether it is a member of a holding company system  including  any
  insurer, any other member, subsidiary or division in each case whether a
  licensee  or  not,  that  could  possibly  be expected to have issued an
  insurance policy to a Holocaust victim between January  first,  nineteen
  hundred  twenty  and  December thirty-first, nineteen hundred forty-five
  and a list of each such entity;
    (2) the approximate number and the total value of all  such  insurance
  policies  issued  by  such insurer or by any other member, subsidiary or
  division within the reporting insurer's holding company  system,  which,
  as  of  the  date  of  such  report,  remain  unpaid or were paid to, or
  expropriated by a government located in areas under Nazi influence, that
  was not the named beneficiary of such insurance policy;
    (3) attempts made by the insurer to locate the  beneficiaries  of  any
  such insurance policies for which no claim of benefits has been made;
    (4)  if  requested  by the superintendent and to the extent consistent
  with applicable laws and confidentiality obligations,  with  respect  to
  each  such  insurance  policy,  the  names of the owner, the name of the
  beneficiary and the face amount or pay-out value;
    (5) the number of claims filed by persons who allege or  have  alleged
  that  they  are  Holocaust  victims and whether each such claim has been
  paid or payment has been denied;
    (6) if requested by the superintendent, an explanation of  any  denial
  or  pending  payment of a claim to any person who alleges or has alleged
  that he or she is a Holocaust victim;
    (7) a summary of the length of time for the processing and disposition
  of such a claim by the insurer; and
    (8) in the event that the insurer is unable  to  provide  any  of  the
  information  required by this section, an explanation of the reasons why
  and whether such information may, in the future, be  ascertainable.  The
  reports  required  by  this  subsection shall be made within thirty days
  after the end of the calendar year in  which  this  article  shall  have
  become  effective and annually thereafter for each of the succeeding ten
  years except as provided in subsection (a) of this section.
    (c) Reports submitted to the superintendent pursuant to  this  section
  shall  be  certified  and  affirmed  under  oath  as  being true and not
  misleading and as containing the most accurate information available  at
  the time of such report's submission.
    (d)  The  superintendent may waive penalties and fines imposed by this
  article for those insurers that, through no fault  of  their  own,  were
  unaware  that they, or members of a holding company system that includes
  such insurer, were obligated to file reports pursuant  to  this  article
  and to comply with the provisions of this article.

(e) The superintendent is authorized to use any power available to the
  state  to  compel  holding  company  systems  that  include  issuers  of
  insurance policies to Holocaust victims to submit  reports  pursuant  to
  this article and to comply with the provisions of this article.
    (f)  Any  insurer  which  knowingly  or  recklessly  files  a false or
  misleading certification required by this section  shall  be  fined  not
  less  than  one  hundred  thousand dollars or such greater amount as the
  superintendent   deems   appropriate   based   upon   the   degree    of
  misrepresentation,  the  willfulness of the misconduct and the amount of
  funds misappropriated. Such insurer also  may  be  barred  from  further
  sales of insurance in New York for a period of up to ten years.