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§4233
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§4233 . Annual statements of life insurance companies.
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§4233(a)
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(a) In addition to any other matter which may be required to be stated therein, either by law or by the superintendent pursuant to law, every annual statement of every life insurance company doing business in this state shall conform substantially to the form of statement adopted from time to time for such purpose by, or by the authority of, the NAIC, together with such additions, omissions or modifications, similarly adopted from time to time, as may be approved by the superintendent.
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§4233(b)
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(b) The annual statement required by (sub§ (a)) hereof shall include an accurate, concise and complete statement of the following matters:
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§4233(b)(1)
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(1) All moneys expended in connection with any matter pending before any legislative body or any officer or department of government, giving particulars with respect to all items $100 or more as to dates, amounts, names and addresses of payees, the measure or proceeding in connection with which the payment was made, and the interest of the company therein.
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§4233(b)(2)
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(2) The names of the officers and directors of the company and the proceedings at the last annual election of directors, giving the names of candidates and the number of votes cast for each and whether in person, by proxy or by mail.
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§4233(b)(3)
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(3) The compensation and names of the chief executive officer, the 4 most highly paid other executive officers, regardless of the amount of the compensation, the next 5 highly compensated employees whose individual total compensation exceeds $100,000 and all directors, other than those officers or employees who may otherwise have been disclosed pursuant to (this ¶) and who also serve as directors. A list of the job titles and compensation for any officer or employee not otherwise disclosed pursuant to (this ¶) where the individual's total compensation is in excess of $750,000. Compensation shall consist any all remuneration paid to or on behalf an officer, employee or director provided for in (this ¶) during the year, including wages, salaries, bonuses, commissions, stock grants, gains from the exercise stock options any other emolument. Amounts disclosed for directors must include all compensation paid for services on the board committees, as well as any other compensation for any other activity or service, such as consulting agreements.
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§4233(b)(4)
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(4) All banks and trust companies in which an account was maintained at any time during the year, and the balance at the end of the year, if any, carried by such company in each such bank or trust company and the largest balances carried by such company during each month of the year in each bank or trust company in which the largest balance during the year exceeded 1-40th 1 of admitted assets at the beginning of the year or $500,000, whichever is smaller.
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§4233(b)(5)
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(5) All death claims resisted or compromised by such company during the year, and, for each such case the sums insured, the sums paid and the reasons for resisting or compromising the claim.
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§4233(b)(6)
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(6) A complete statement of the gains and losses upon all of its business transacted during the year and the sources of such gains and losses. Any life insurance company which is authorized or permitted to issue in this state participating policies or contracts, and which issues in the United States both participating and non-participating policies or contracts, shall make a separate statement showing gains and losses, with respect to each of such classes of business, and also showing the manner in which any general gains and outlays of the company have been apportioned to each of such classes of business, in conformity with §4231 of this article. Any life insurance company issuing industrial life insurance policies shall make a similar separate statement showing gains and losses with respect to such industrial business and with respect to the company's other business and also showing the manner in which any general gains and outlays of the company have been apportioned to each of such classes of business.
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§4233(b)(7)
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(7) A statement showing separately the 1st year and total expense limits and the 1st year and total expenses, determined in accordance with §4228 of this article. Any life insurance company which is authorized or permitted to issue in this state both participating and non-participating policies or contracts shall make a separate statement showing these expense limits and expenses, with respect to each of such classes of business.
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§4233(b)(8)
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(8) The rates of annual dividends declared during the year for all plans of insurance for policies issued during each of the last 5 years and during each 5th year of the preceding 70 years and for ages at entry, 25, 35, 45 and 55, and the precise method by which such dividends have been calculated.
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§4233(b)(9)
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(9) All income, disbursements and reserves relative to noncancellable disability insurance issued in connection with or supplementary to policies of life insurance or annuity contracts shall be reported in such annual statement.
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§4233(b)(10)
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(10) With respect to participating policies subject to the provisions of §4220 or §4221 of this article upon which the reserves determined in accordance with §4217 of this article were calculated at an interest rate lower than that used in calculating the cash surrender values permanently guaranteed for such policies:
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§4233(b)(10)(A)
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(A) The approximate amount by which such reserves for policies issued prior to January 1st, 1948, are greater than they would have been had they been computed at the interest rate used in computing the reserves for such policies as of December 31st, 1947.
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§4233(b)(10)(B)
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(B) The approximate amount by which such reserves for policies issued on and after January 1st, 1948, are greater than they would have been had they been computed at the interest rate used in computing the cash surrender values permanently guaranteed for such policies.
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§4233(b)(10)(C)
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(C) A schedule supporting the amounts shown in (sub¶ (A)) and (sub¶ (B)) hereof, in accordance with the same as are used in reporting the reserve in the annual statement.
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§4233(b)(10)(D)
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(D) A statement of the nature of increase, if any, in the cash surrender values and nonforfeiture benefits allowed on policies on which a default in payment of a premium occurred during the year over those permanently guaranteed for such policies and the aggregate amount in excess of guaranteed values paid out during the year on policies surrendered for cash.
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§4233(b)(11)
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(11) A statement setting forth a description of the investments, activities or other contributions of the company relating to New York state, its residents, municipalities, businesses and institutions shall be considered to fulfill the requirements of (this ¶) . Investments, activities or contributions shall include, but need not be limited to: obligations of state government, its agencies, municipalities or other instrumentalities; real estate and mortgages, including financing of housing, the construction or rehabilitation of which is undertaken in conjunction with federal, state or local housing assistance programs, including the federal low-income housing tax credit program; common stock and other securities of business and industry, including existing and new small business, and commercial enterprise in state empire zones or in federal empowerment zones or enterprise communities; charitable and philanthropic contributions; activities conducted by the company to make its customers aware of the investments, activities, or other contributions described in the statement; and such other investment, activities or contributions within the intent of the requirements of (this ¶) as the superintendent may deem appropriate pursuant to rules or regulations of the department. Source Data downloaded: 2009-04-19 12: 33: 26; Processed: 2009-05-08 15: 36: 08
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