N.Y. ISC Law § 1412
This is the official text of N.Y. ISC Law § 1412, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Disposal or deduction of investments unlawfully acquired
Official statutory text
§ 1412. Disposal or deduction of investments unlawfully acquired. (a)\nEvery domestic insurer shall forthwith dispose of any investment\nacquired in violation of the law in force at the date of acquisition.\n (b) In determining the financial condition of any such insurer, the\nvalue of any wholly ineligible investments, and the value of any\ninvestment in excess of any limitation prescribed in this chapter, shall\nbe deducted as a non-admitted asset of such insurer.\n
Status: in_force · Read it on the official government site
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