§ 6404. Assets; title plant; valuation. In determining the financial
condition of any corporation doing business under this article, the
superintendent shall allow as admitted assets only such assets as are
prescribed by section one thousand three hundred one of this chapter and
as are not excluded by section one thousand three hundred two of this
chapter, except as follows:

(a) The superintendent may allow as an admitted asset of such
corporation its title plant or plants covering real property located
within or without the state of New York, at its fair value as determined
by him; provided, however, that with respect to any title plant or
plants acquired after December thirty-first, nineteen hundred
fifty-four, such value shall be reduced by not less than ten percent of
the amount thereof on December thirty-first of the third year following
the acquisition of such title plant or plants, and be further reduced by
ten percent of said original amount on the thirty-first day of December
of each succeeding calendar year, and provided further that in no event
shall the aggregate amount allowed for any title plant or plants
acquired after December thirty-first, nineteen hundred sixty-nine,
exceed five percent of the total admitted assets of such corporation.

(b) The superintendent shall allow as admitted assets premiums and
fees for title examination and insurance and for abstracts and searches,
not more than ninety days past due. Such premiums and fees shall be
deemed to be due when the services for which such premiums and fees are
chargeable shall have been performed, except that with respect to
abstracts and searches, not later than the closing of the transaction
for which the services were rendered, and with respect to examinations
on a closed title basis premiums and fees shall be deemed due when title
is closed.