2021 New York Laws
ISC - Insurance
Article 42 - Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies
4239 - Allocation and Reporting of Income and Expenses of Life Insurers.

§  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.