New York Laws
Article 15 - Holding Companies
1504 - Reporting; Examination; Publication.

(2) To determine compliance with this article, the superintendent may
order any controlled insurer to produce information not in the insurer's
possession if the insurer can obtain access to the information pursuant
to contractual relationships, statutory obligations, or other method. In
the event the insurer cannot obtain the information requested by the
superintendent, the insurer shall provide the superintendent a detailed
explanation of the reason that the insurer cannot obtain the information
and the identity of the holder of information. Whenever it appears to
the superintendent that the detailed explanation is without merit, in
addition to any other penalty provided by law, the superintendent, after
notice and an opportunity to be heard, may levy a penalty against the
insurer not to exceed five hundred dollars per day for each day beyond
the date specified by the superintendent for response.
(b) Every holding company and every controlled person within a holding
company system shall be subject to examination by order of the
superintendent if the superintendent has cause to believe that the
operations of such persons may materially affect the operations,
management or financial condition of any controlled insurer within the
system, including by posing enterprise risk to the insurer, and that the
superintendent is unable to obtain relevant information from such
controlled insurer. The grounds relied upon by the superintendent for
such examination shall be stated in the superintendent's order. Such
examination shall be confined to matters specified in the order. The
cost of such examination shall be assessed against the person examined
and no portion thereof shall thereafter be reimbursed to it directly or
indirectly by the controlled insurer.
(c) The superintendent shall keep the contents of each report made
pursuant to this article and any information obtained in connection
therewith confidential and shall not make the same public without the
prior written consent of the controlled insurer to which it pertains
unless the superintendent after notice and an opportunity to be heard,
shall determine that the interests of policyholders, shareholders or the
public will be served by the publication thereof. In any action or
proceeding by the superintendent against the person examined or any
other person within the same holding company system a report of such
examination published by the superintendent shall be admissible as
evidence of the facts stated therein.