New York Insurance Law Section 1415 - Investments of domestic insurers in persons included on list of persons engaged in investment activities in Iran treated as nonadmitted assets.

  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.

Last modified: February 3, 2019