New York Laws
Article 3 - Administrative and Procedural Provisions
307 - Annual Statements; Audited Financial Statements.

(2) The superintendent shall from time to time prescribe the form of
such annual statement, which may be a printed document and/or electronic
media, and which may be varied as to different types of insurers,
corporations, societies, pension funds and retirement systems, as shall
seem to him best adapted to elicit a true exhibit of the condition of
each such entity, in respect to every matter which he may deem material.
For every annual statement form which differs from or is in addition to
those adopted from time to time by the national association of insurance
commissioners, the superintendent shall cause to be prepared and
furnished to every insurer, pension fund or retirement system required
by law to report to him, printed forms of the statements and schedules
required by him.
(3) The annual statement of an alien insurer may be verified by the
oath of the manager or assistant manager thereof within the United
States, or by any other official of such insurer authorized by it to
sign and verify its annual statements, if such authorization shall be
proved by filing with the superintendent such evidence as he may
require. The annual statement of an alien insurer, excepting a fraternal
benefit society, shall be a separate statement, to be known as its
general form of statement, of the business done within the United States
and of the assets held by or for it within the United States for the
protection of policyholders and creditors within the United States and
of the liabilities incurred against such assets, and shall not contain
any statement in regard to its assets and business elsewhere. But the
superintendent may require any such alien insurer to give such
additional information as to its total business or assets or any portion
thereof as he may determine.
(4) Every insurer and every fraternal benefit society which is
authorized to do an insurance business in this state, and every pension
fund, retirement system or state fund which is required by any law of
this state to report to the superintendent, which willfully fails to
file an annual statement as required in this section, or willfully fails
to reply within thirty days to a written inquiry by the superintendent
in connection therewith, shall, in addition to other penalties provided
by this chapter, be subject, upon due notice and opportunity to be
heard, to a penalty of up to two hundred fifty dollars per day of delay,
not to exceed twenty-five thousand dollars in the aggregate, for each
such failure.
(b) (1) Every licensed insurer, except an assessment co-operative
property/casualty insurance company having direct premiums written in
this state of less than two hundred fifty thousand dollars in any
calendar year and having less than five hundred policyholders at the end
of such calendar year, shall be required to file within five months of
the end of such calendar year, an annual financial statement (including
an annual financial statement of any subsidiary of the type described in
paragraph nine of subsection (a) of section one thousand four hundred
four or subparagraph (B) of paragraph four of subsection (a) of section
one thousand four hundred seven of this chapter) together with an
opinion thereon of an independent certified public accountant on the
financial statement of such insurer and any such subsidiary, which
statement and opinion shall be available for public inspection at the
office of the superintendent and the principal office of the insurer.
Each such insurer shall furnish the superintendent with an evaluation by
such accountant of the accounting procedures and internal control
systems of the insurer that are necessary to the furnishing of the
opinion. Each such insurer shall require the accountant to make
available for review by the superintendent the work papers and any
communications between the accountant and the insurer relating to the
examination of the insurer. Any such work papers and communications made
available to the superintendent shall be kept confidential, shall not be
subject to subpoena and shall not be made public unless, after notice
and opportunity to be heard, the superintendent determines that the
interests of policyholders, stockholders or the public will be served by
the publication thereof. Each such insurer shall require the accountant
to notify the superintendent if the accountant has determined that the
insurer has materially misstated its financial condition as reported to
the superintendent or that the insurer does not meet minimum capital or
surplus to policyholder requirements.
(2) If the insurer is part of a group of insurance companies which
utilizes a pooling agreement or one hundred percent reinsurance
agreement that affects the solvency and integrity of such insurer's
reserves and such insurer cedes all of its direct and assumed business
to the pool, then such insurer may file audited consolidated or combined
financial statements in lieu of separate annual audited financial
statements provided that a consolidating or combining exhibit be filed
that clearly reconciles amounts in the audited financial statement to
the individual company annual statements. In addition, an insurer may
comply by filing statements prepared in accordance with generally
accepted accounting principles, provided that appropriate reconciliation
is made of the differences between net income and capital and surplus
reported on that basis and that reported in the annual statutory
statement filed with the superintendent.
(3) In lieu of the requirements of this subsection, the superintendent
may accept copies of filings of audited financial statements required by
another state where they are found to be substantially similar to the
requirements herein. Upon written application of any insurer, extensions
of the filing date and exemptions from the filing requirements may be
granted by the superintendent, if the superintendent finds, upon review
of the application, that compliance would constitute a financial or
organizational hardship upon the insurer.