State Codes and Statutes
Statutes > New-york > Isc > Article-70 > 7006§ 7006. Annual report. Every captive insurance company licensed to do a captive insurance business in this state shall file with the superintendent: (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. (d) the superintendent shall report to the governor, the temporary president of the senate, and the speaker of the assembly, by September first of each year on the state of the captive insurance industry in New York. The report shall include a status on the number and type of captive insurers, the lines of insurance written through them, and their overall effect on the New York insurance market.
