New York Insurance Superintendent Eric Dinallo notified insurers yesterday that exceptions from capital and surplus accounting standards granted by other states must not be reflected in New York financial statements they must file by March 1.
His announcement in a formal bulletin follows action by Connecticut, Indiana and Iowa, which have used permitted practice procedure to grant rules waivers to a number of companies seeking waivers of capital and surplus requirements.
Mr. Dinallo's bulletin, circular letter No. 4, http://www.ins.state.ny.us/circltr/2009/cl09_04.htm, said that foreign insurers, those not domiciled in New York, must adjust their statements to reflect New York accounting practices.
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