§ 2709. Substantial compliance. (a) An insurer which, pursuant to the
laws of another jurisdiction is required (or whose holding company is
required) to report, certify or otherwise disclose information
substantially equivalent to that required by section two thousand seven
hundred five of this article, may satisfy the requirements of section
two thousand seven hundred five of this article by filing with the
superintendent within the applicable periods prescribed hereunder,
copies of such material filed with such jurisdiction. The determination
as to whether the requirements of a given jurisdiction are substantially
equivalent to those of section two thousand seven hundred five of this
article shall be made by the superintendent in his or her discretion.
The superintendent may require that any such filing be supplemented by a
schedule or index referring to the specific requirements of section two
thousand seven hundred five or the regulations promulgated thereunder.

(b) The superintendent, in his or her discretion, may suspend the
application of section two thousand seven hundred five of this article
to any insurer upon a finding that such insurer, a subsidiary of such
insurer, or any member of the holding company system that includes such
insurer, has subjected itself in good faith to the authority of the
international commission referenced in a memorandum of intent, dated
April eighth, nineteen hundred ninety-eight executed by the
superintendent, other United States insurance regulators, worldwide
Jewish organizations and insurers, or any successor thereto, and has
meaningfully participated in such commission or successor entity in a
manner reasonably calculated to effect the prompt investigation and
resolution of claims of Holocaust victims and upon a finding by the
superintendent that such commission or successor entity is effectively
moving toward the swift and equitable resolution of claims made against
such insurer by Holocaust victims.

(c) Each such suspension granted pursuant to subsection (b) of this
section shall be valid for a one year period and may be extended
annually for additional one year periods upon a finding (i) that such
insurer, a subsidiary of such insurer, or any member of the holding
company system that includes such insurer, continues to satisfy the
requirements set forth in subsection (b) of this section and (ii) that
the commission or successor entity is effective in achieving the prompt
identification of Holocaust victims to whom insurance policies were
issued between January first, nineteen hundred twenty and December
thirty-first, nineteen hundred forty-five, and the investigation and
resolution of claims of those Holocaust victims. Each insurer who is
exempted or seeks continued exemption pursuant to this section shall
file such reports or provide such other information as the
superintendent may require in his or her discretion.

(d) The superintendent shall have the discretion to discontinue any
exemption made in accordance with this section if a reasonable
determination is made by the superintendent that the insurer, its
subsidiary or division, or the member of the holding company system that
includes such insurer, as applicable, is not cooperating fully with such
commission or successor entity or that such commission or successor
entity is not effective in promptly investigating and resolving such
claims.