N.Y. Insurance Law 7006 – Annual report
§ 7006. Annual report. Every captive insurance company licensed to do a captive insurance business in this state shall file with the superintendent:
Terms Used In N.Y. Insurance Law 7006
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Oath: A promise to tell the truth.
(a) annually on or before March first, a statement of its financial condition and any amendment to the plan of operation at last year-end, verified by the oath of at least two of its executive officers. The statement shall be in the form prescribed by the superintendent; and
(b) annually on or before July first, a report of its financial condition at last year-end with an opinion of an independent certified public accountant; and
(c) annually on or before July first, evidence in a form prescribed by the superintendent, that the industrial insured or member of the industrial insured group owning the captive insurance company continues to meet the financial standards set forth in subsection (e) of section seven thousand two of this article.