11 CRR-NY 90.1NY-CRR
11 CRR-NY 90.1
11 CRR-NY 90.1
90.1 Definitions.
As used in this Part, the following terms shall have the meaning ascribed to them:
(a) Article 16 system means an authorized domestic insurer registered or required to register under Insurance Law article 16 and all of the insurer’s subsidiaries.
(b) Article 17 system means a parent corporation registered or required to register under Insurance Law article 17 and all of the parent corporation’s subsidiaries.
(c) Corporate governance framework means the structures, processes, information, and relationships used for the oversight, direction, control, and management of an insurer or system and for ensuring compliance with legal and regulatory requirements.
(d) Holding company system has the meaning set forth in Insurance Law section 1501(a)(6).
(e) Insurer means an insurer authorized to do an insurance business in this State, including a domestic corporation organized pursuant to Insurance Law article 43.
(f) Key person means any individual who may exercise discretion over, or have a material effect or significant influence on, an insurer’s or system’s business plans, operations, or funds.
(g) Most senior governing entity means the level at which:
(1) the insurer’s or system’s risk appetite is determined;
(2) the earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively and at which the supervision of those factors are coordinated and exercised; or
(3) legal responsibility for failure to oversee or supervise general corporate governance duties is placed.
(h) Senior management means any corporate officer responsible for reporting information to the board of directors, or other governing body, at regular intervals, or to regulators, and shall include the chief executive officer, chief financial officer, chief operations officer, chief procurement officer, chief legal officer, chief information officer, chief technology officer, chief revenue officer, chief compliance officer, chief auditor, or any other C-level executive.
(i) System means a holding company system, article 16 system, or article 17 system.
11 CRR-NY 90.1
Current through June 30, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.