N.Y. PBH Law § 4611
This is the official text of N.Y. PBH Law § 4611, part of New York’s PBH Law — part of the compiled statutory law of New York, published by the state as "PBH Law." Browse the sections below, each linked to its official government source.
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Reserves and supporting assets
Official statutory text
§ 4611. Reserves and supporting assets. 1. An operator shall maintain\nreserve liabilities and supporting assets in an amount and for the\npurposes set forth in a regulation issued by the superintendent of\nfinancial services. Liquid assets must be maintained for the following\nreserve liabilities:\n a. Principal and interest payments and payments for taxes and\ninsurance for up to twelve months;\n b. Total estimated operating costs for up to six months as set by the\nsuperintendent;\n c. Repairs and replacements for up to twelve months; and\n d. In addition, the amount of liquid assets must meet any cash flow\nrequirements and conditions as set forth in a regulation.\n 2. The assets in support of reserve liabilities of subdivision one of\nthis section shall meet quantitative and qualitative standards set forth\nin regulations issued by the superintendent.\n
Status: in_force · Read it on the official government site
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