11 CRR-NY 110.1NY-CRR
11 CRR-NY 110.1
11 CRR-NY 110.1
110.1 Installment premiums as admitted assets.
In any statement, annual or quarterly, by any insurer, or in any other determination of the financial condition of an insurer, installment premiums, other than life insurance premiums, which are recorded on the books of the insurer and on which the appropriate unearned premium reserve is charged as a liability, shall be deemed an admitted asset in an amount equal to the unpaid balance of such installments at the date of determination (less commissions payable thereon unless a separate liability is carried for such commissions), except in either of the following cases:
(a) If any installment of any premium other than a premium on a policy of the kind specified in subdivision (b) of this section, has been due and unpaid for more than 90 days at the date of determination, no unpaid installment of such premium shall be allowed as an admitted asset.
(b) If any installment of premium for any policy or contract of insurance or surety bond issued to owners or operators of motor vehicles which is required by the provisions of the Vehicle and Traffic Law of this State has been due and unpaid for more than 30 days at the date of determination, no unpaid installment of such premium shall be allowed as an admitted asset.
11 CRR-NY 110.1
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.