11 CRR-NY 178.0NY-CRR
11 CRR-NY 178.0
11 CRR-NY 178.0
178.0 Purposes.
The purposes of this Part, with respect to derivative instruments used to engage in hedging, replication and certain limited income generation transactions, authorized pursuant to section 1410 of the Insurance Law, are to:
(a) define certain terms;
(b) establish the content of the derivative use plan to be submitted by an insurer to the superintendent;
(c) establish effective management oversight standards, including quarterly reporting to the board of directors or a committee thereof charged with the responsibility for supervising investments;
(d) require that the insurer establish adequate systems of internal control and reporting to ensure that derivative transactions are properly supervised and that transactions are in accordance with the insurer' s authorized policies and procedures;
(e) establish documentation and reporting requirements; and
(f) establish appropriate accounting standards.
11 CRR-NY 178.0
Current through May 31, 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.