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SECTION 4233
Annual statements of life insurance companies
Insurance (ISC) CHAPTER 28, ARTICLE 42
§ 4233. Annual statements of life insurance companies. (a) In addition
to any other matter which may be required to be stated therein, either
by law or by the superintendent pursuant to law, every annual statement
of every life insurance company doing business in this state shall
conform substantially to the form of statement adopted from time to time
for such purpose by, or by the authority of, the National Association of
Insurance Commissioners, together with such additions, omissions or
modifications, similarly adopted from time to time, as may be approved
by the superintendent.

(b) The annual statement required by subsection (a) hereof shall
include an accurate, concise and complete statement of the following
matters:

(1) All moneys expended in connection with any matter pending before
any legislative body or any officer or department of government, giving
particulars with respect to all items of one hundred dollars or more as
to dates, amounts, names and addresses of payees, the measure or
proceeding in connection with which the payment was made, and the
interest of the company therein.

(2) The names of the officers and directors of the company and the
proceedings at the last annual election of directors, giving the names
of candidates and the number of votes cast for each and whether in
person, by proxy or by mail.

(3) The compensation and names of the chief executive officer, the
four most highly paid other executive officers, regardless of the amount
of the compensation, the next five highly compensated employees whose
individual total compensation exceeds one hundred thousand dollars and
all directors, other than those officers or employees who may otherwise
have been disclosed pursuant to this paragraph and who also serve as
directors. A list of the job titles and compensation for any officer or
employee not otherwise disclosed pursuant to this paragraph where the
individual's total compensation is in excess of seven hundred fifty
thousand dollars. Compensation shall consist of any and all remuneration
paid to or on behalf of an officer, employee or director provided for in
this paragraph during the year, including wages, salaries, bonuses,
commissions, stock grants, gains from the exercise of stock options and
any other emolument. Amounts disclosed for directors must include all
compensation paid for services on the board and committees, as well as
any other compensation for any other activity or service, such as
consulting agreements.

(4) All banks and trust companies in which an account was maintained
at any time during the year, and the balance at the end of the year, if
any, carried by such company in each such bank or trust company and the
largest balances carried by such company during each month of the year
in each bank or trust company in which the largest balance during the
year exceeded one-fortieth of one percent of admitted assets at the
beginning of the year or five hundred thousand dollars, whichever is
smaller.

(5) All death claims resisted or compromised by such company during
the year, and, for each such case the sums insured, the sums paid and
the reasons for resisting or compromising the claim.

(6) A complete statement of the gains and losses upon all of its
business transacted during the year and the sources of such gains and
losses. Any life insurance company which is authorized or permitted to
issue in this state participating policies or contracts, and which
issues in the United States both participating and non-participating
policies or contracts, shall make a separate statement showing gains and
losses, with respect to each of such classes of business, and also
showing the manner in which any general gains and outlays of the company
have been apportioned to each of such classes of business, in conformity
with section four thousand two hundred thirty-one of this article. Any
life insurance company issuing industrial life insurance policies shall
make a similar separate statement showing gains and losses with respect
to such industrial business and with respect to the company's other
business and also showing the manner in which any general gains and
outlays of the company have been apportioned to each of such classes of
business.

(7) A statement showing separately the first year and total expense
limits and the first year and total expenses, determined in accordance
with section four thousand two hundred twenty-eight of this article. Any
life insurance company which is authorized or permitted to issue in this
state both participating and non-participating policies or contracts
shall make a separate statement showing these expense limits and
expenses, with respect to each of such classes of business.

(8) The rates of annual dividends declared during the year for all
plans of insurance for policies issued during each of the last five
years and during each fifth year of the preceding seventy years and for
ages at entry, twenty-five, thirty-five, forty-five and fifty-five, and
the precise method by which such dividends have been calculated.

(9) All income, disbursements and reserves relative to noncancellable
disability insurance issued in connection with or supplementary to
policies of life insurance or annuity contracts shall be reported in
such annual statement.

(10) With respect to participating policies subject to the provisions
of section four thousand two hundred twenty or four thousand two hundred
twenty-one of this article upon which the reserves determined in
accordance with section four thousand two hundred seventeen of this
article were calculated at an interest rate lower than that used in
calculating the cash surrender values permanently guaranteed for such
policies:

(A) The approximate amount by which such reserves for policies issued
prior to January first, nineteen hundred forty-eight, are greater than
they would have been had they been computed at the interest rate used in
computing the reserves for such policies as of December thirty-first,
nineteen hundred forty-seven.

(B) The approximate amount by which such reserves for policies issued
on and after January first, nineteen hundred forty-eight, are greater
than they would have been had they been computed at the interest rate
used in computing the cash surrender values permanently guaranteed for
such policies.

(C) A schedule supporting the amounts shown in subparagraphs (A) and
(B) hereof, in accordance with the same paragraphs as are used in
reporting the reserve in the annual statement.

(D) A statement of the nature of increase, if any, in the cash
surrender values and nonforfeiture benefits allowed on policies on which
a default in payment of a premium occurred during the year over those
permanently guaranteed for such policies and the aggregate amount in
excess of guaranteed values paid out during the year on policies
surrendered for cash.

(11) A statement setting forth a description of the investments,
activities or other contributions of the company relating to New York
state, its residents, municipalities, businesses and institutions shall
be considered to fulfill the requirements of this paragraph.
Investments, activities or contributions shall include, but need not be
limited to: obligations of state government, its agencies,
municipalities or other instrumentalities; real estate and mortgages,
including financing of housing, the construction or rehabilitation of
which is undertaken in conjunction with federal, state or local housing
assistance programs, including the federal low-income housing tax credit
program; common stock and other securities of business and industry,
including existing and new small business, and commercial enterprise in
state empire zones or in federal empowerment zones or enterprise
communities; charitable and philanthropic contributions; activities
conducted by the company to make its customers aware of the investments,
activities, or other contributions described in the statement; and such
other investment, activities or contributions within the intent of the
requirements of this paragraph as the superintendent may deem
appropriate pursuant to rules or regulations of the department.