|
§6404
|
§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 §1301 of this chapter and as are not excluded by §1302 of this chapter, except as follows:
|
|
§6404(a)
|
(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 31st, 1954, such value shall be reduced by not less than 10% of the amount thereof on December 31st of the 3rd year following the acquisition of such title plant or plants, and be further reduced by 10% of said original amount on the 31st 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 31st, 1969, exceed 5% of the total admitted assets of such corporation.
|
|
§6404(b)
|
(b) The superintendent shall allow as admitted assets premiums and fees for title examination and insurance and for abstracts and searches, not more than 90 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. Source Data downloaded: 2009-04-09 15: 32: 13; Processed: 2009-05-08 15: 36: 24
|