(b)(1) An authorized domestic insurer, other than a domestic insurer
required to register as a controlled insurer pursuant to section one
thousand five hundred three of this chapter, shall adopt a formal
enterprise risk management function and shall file an enterprise risk
report with the superintendent by April thirtieth of each year. The
report shall, to the best of the insurer's knowledge and belief,
identify the material risks within any subsidiary that could pose
enterprise risk to the insurer.
(2) For the purposes of this article, "enterprise risk" means any
activity, circumstance, event, or series of events involving one or more
subsidiaries of an insurer that, if not remedied promptly, is likely to
have a material adverse effect upon the financial condition or liquidity
of the insurer, including anything that would cause the insurer's
risk-based capital to fall into company action level as set forth in
section one thousand three hundred twenty-four of this chapter, or that
would cause further transaction of business to be hazardous to the
insurer's policyholders or creditors or the public.
Structure New York Laws
1601 - Authority to Invest in Subsidiaries; Businesses of Subsidiaries.
1602 - Minimum Ownership of Subsidiaries' Shares.
1603 - Notice of Intent to Acquire or Divest.
1605 - When Corporation Is Deemed a Subsidiary.
1606 - Valuation of Shares of Subsidiary.
1607 - Subsidiary's Name Not to Mislead.
1608 - Relationships and Transactions Between Parent and Subsidiary.
1609 - Prohibitions on Investments of Subsidiaries.
1610 - Authority to Conduct Certain Business Directly Instead of Through Subsidiary.