2013 New York Consolidated Laws
ISC - Insurance
Article 16 - (1601 - 1612) SUBSIDIARIES OF DOMESTIC PROPERTY/CASUALTY INSURANCE COMPANIES AND CERTAIN OTHER ENTITIES
1604 - Registration.

 
    §  1604.  Registration.  (a)  An  authorized  domestic  insurer  shall
  register with the superintendent within thirty days of becoming  subject
  to  registration  and  shall  amend  the registration within thirty days
  following any  material  change  to  the  information  provided  in  the
  registration.  The  registration shall be in such form and shall contain
  such matters as the superintendent prescribes.  The  superintendent  may
  grant reasonable extensions of the time to register.
    (b)(1)  An  authorized domestic insurer, other than a domestic insurer
  required to register as a controlled insurer  pursuant  to  section  one
  thousand  five  hundred  three  of  this  chapter,  shall adopt a formal
  enterprise risk management function and shall file  an  enterprise  risk
  report  with  the  superintendent  by  April thirtieth of each year. The
  report shall, to  the  best  of  the  insurer's  knowledge  and  belief,
  identify  the  material  risks  within  any  subsidiary  that could pose
  enterprise risk to the insurer.
    (2) For the purposes of this  article,  "enterprise  risk"  means  any
  activity, circumstance, event, or series of events involving one or more
  subsidiaries  of an insurer that, if not remedied promptly, is likely to
  have a material adverse effect upon the financial condition or liquidity
  of the insurer,  including  anything  that  would  cause  the  insurer's
  risk-based  capital  to  fall  into company action level as set forth in
  section one thousand three hundred twenty-four of this chapter, or  that
  would  cause  further  transaction  of  business  to be hazardous to the
  insurer's policyholders or creditors or the public.