Transactions, 11 NYCRR § 80-1.5

Summary

(a) Requests for approval of transactions pursuant to Insurance Law section 1505(c), and notices of proposed transactions pursuant to Insurance Law section 1505(d), shall be accompanied by descriptions of the essential features of such transactions that are reasonably adequate to permit proper evaluation thereof by the superintendent.

(b) Such descriptions shall in all cases include at least the following:

(1) the nature and purpose of the transaction;

(2) the nature and amounts of any payments or transfers of assets between the parties;

(3) the identities of all parties to such transaction and whether any officers or directors of a party are pecuniarily interested therein; and

(4) copies of any contracts, agreements or memoranda of understanding between the parties relating to the transaction, provided, however, that the domestic controlled insurer need not submit a reinsurance contract, agreement or memorandum unless requested by the superintendent where the reinsurance ...