A New York-domiciled P&C insurer is part of a holding company system. Under NY Insurance Law § 1505, what must the domestic insurer file with DFS regarding transactions with affiliates within the holding company group?

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EstatePass Inc. · Accepted Answer

Prior notice (typically 30 days before) for material affiliate transactions such as management agreements, reinsurance, or service contracts, allowing the Superintendent to disapprove — NY Insurance Law Article 15 (§§ 1501-1506) implements the NAIC Holding Company Act in New York. Section 1501 defines 'control' as 10% or more of voting securities; § 1502 requires registration of insurers within a holding company system on Form HC-1 (annual update on Form HC-2); § 1503 governs acquisitions of control (Form A); § 1505 requires 30-day prior notice for material affiliate transactions, with implicit DFS approval if not disapproved within the period; § 1506 sets standards for affiliate management agreements. The 'fair and equitable' standard ensures the domestic insurer is not stripped of capital through related-party deals.

A New York-domiciled P&C insurer is part of a holding company system. Under NY Insurance Law § 1505, what must the domestic insurer file with DFS regarding transactions with affiliates within the holding company group?

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