2014 New York Laws
ISC - Insurance
Article 64 - (6401 - 6411) TITLE INSURANCE CORPORATIONS
6404 - Assets; title plant; valuation.

  6404.  Assets; title plant; valuation. In determining the financial
  condition of any corporation doing  business  under  this  article,  the
  superintendent  shall  allow  as admitted assets only such assets as are
  prescribed by section one thousand three hundred one of this chapter and
  as are not excluded by section one thousand three hundred  two  of  this
  chapter, except as follows:
(a)  The  superintendent  may  allow  as  an  admitted  asset  of such
  corporation its title plant or plants  covering  real  property  located
  within or without the state of New York, at its fair value as determined
  by  him;  provided,  however,  that  with  respect to any title plant or
  plants  acquired   after   December   thirty-first,   nineteen   hundred
  fifty-four,  such value shall be reduced by not less than ten percent of
  the amount thereof on December thirty-first of the third year  following
  the acquisition of such title plant or plants, and be further reduced by
  ten  percent of said original amount on the thirty-first day of December
  of each succeeding calendar year, and provided further that in no  event
  shall  the  aggregate  amount  allowed  for  any  title  plant or plants
  acquired  after  December  thirty-first,  nineteen  hundred  sixty-nine,
  exceed five percent of the total admitted assets of such corporation.
(b)  The  superintendent  shall  allow as admitted assets premiums and
  fees for title examination and insurance and for abstracts and searches,
  not more than ninety days past due. Such  premiums  and  fees  shall  be
  deemed  to be due when the services for which such premiums and fees are
  chargeable shall have  been  performed,  except  that  with  respect  to
  abstracts  and  searches,  not later than the closing of the transaction
  for which the services were rendered, and with respect  to  examinations
  on a closed title basis premiums and fees shall be deemed due when title
  is closed.