Legislation
SECTION 1415
Investments of domestic insurers in persons included on list of persons engaged in investment activities in Iran treated as nonadmitted a...
Insurance (ISC) CHAPTER 28, ARTICLE 14
§ 1415. Investments of domestic insurers in persons included on list
of persons engaged in investment activities in Iran treated as
nonadmitted assets. 1. As used in this section, the following
definitions shall apply:
(a) "Iran" shall have the same definition as used in section one
hundred sixty-five-a of the state finance law.
(b) "Person" shall have the same definition as used in section one
hundred sixty-five-a of the state finance law.
(c) "Investment" shall mean any investment permitted under section
fourteen hundred four or fourteen hundred five of this article.
2. Investments by a domestic insurer in persons which are included on
the list of persons created by the office of general services pursuant
to paragraph (b) of subdivision three of section one hundred
sixty-five-a of the state finance law shall be treated as nonadmitted
assets.
3. On or before December thirtieth, two thousand thirteen, and
annually thereafter, the insurer shall determine what investments it had
in the past calendar year, including any transfers or other
transactions, in persons which are included on the list of persons
created by the office of general services pursuant to paragraph (b) of
subdivision three of section one hundred sixty-five-a of the state
finance law.
4. On March first, two thousand fourteen, and annually thereafter, the
insurer shall provide the department with a list of investments it had
in the past calendar year, including any transfers or other
transactions, in persons included on the list of persons created by the
office of general services described in subdivision three of this
section, including, but not limited to, the issuer, by name, of all the
stock, bonds, securities, and other evidence of indebtedness.
5. This section shall cease to be operative if both of the following
apply:
(a) Iran is removed from the United States department of state's list
of countries that have been determined to repeatedly provide support for
acts of international terrorism.
(b) Pursuant to the appropriate federal statute, the president of the
United States determines and certifies to the appropriate committee of
the congress of the United States that Iran has ceased its efforts to
design, develop, manufacture, or acquire a nuclear explosive device or
related materials and technology.
of persons engaged in investment activities in Iran treated as
nonadmitted assets. 1. As used in this section, the following
definitions shall apply:
(a) "Iran" shall have the same definition as used in section one
hundred sixty-five-a of the state finance law.
(b) "Person" shall have the same definition as used in section one
hundred sixty-five-a of the state finance law.
(c) "Investment" shall mean any investment permitted under section
fourteen hundred four or fourteen hundred five of this article.
2. Investments by a domestic insurer in persons which are included on
the list of persons created by the office of general services pursuant
to paragraph (b) of subdivision three of section one hundred
sixty-five-a of the state finance law shall be treated as nonadmitted
assets.
3. On or before December thirtieth, two thousand thirteen, and
annually thereafter, the insurer shall determine what investments it had
in the past calendar year, including any transfers or other
transactions, in persons which are included on the list of persons
created by the office of general services pursuant to paragraph (b) of
subdivision three of section one hundred sixty-five-a of the state
finance law.
4. On March first, two thousand fourteen, and annually thereafter, the
insurer shall provide the department with a list of investments it had
in the past calendar year, including any transfers or other
transactions, in persons included on the list of persons created by the
office of general services described in subdivision three of this
section, including, but not limited to, the issuer, by name, of all the
stock, bonds, securities, and other evidence of indebtedness.
5. This section shall cease to be operative if both of the following
apply:
(a) Iran is removed from the United States department of state's list
of countries that have been determined to repeatedly provide support for
acts of international terrorism.
(b) Pursuant to the appropriate federal statute, the president of the
United States determines and certifies to the appropriate committee of
the congress of the United States that Iran has ceased its efforts to
design, develop, manufacture, or acquire a nuclear explosive device or
related materials and technology.