§ 1708. Information reports. Every parent corporation that has acquired one or more subsidiaries shall (except to the extent exempted by section one thousand seven hundred four of this article) file an information report on or before May first of each year or on or before such other date as the superintendent may permit. The information report shall provide (i) a description of the activities of the subsidiary, (ii) a description of all material transactions between the subsidiary and such parent corporation and affiliates of such subsidiary, and (iii) such other information as the superintendent may by regulation prescribe.

Terms Used In N.Y. Insurance Law 1708

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Parent corporation: means a parent corporation of a type described in subsection (a), (b) or (c) of section one thousand seven hundred one of this article. See N.Y. Insurance Law 1702
  • Subsidiary: means subsidiaries of the types described in subsection (b) of section one thousand seven hundred four of this article and subsidiaries acquired or held under this article, section one thousand four hundred five or section four thousand two hundred forty of this chapter, but shall not include a subsidiary acquired or held under section one thousand four hundred four of this chapter or a subsidiary acquired or held by an insurer authorized to make investments by subsection (c) of section one thousand four hundred three of this chapter. See N.Y. Insurance Law 1702
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