Statute · New York Insurance Law
N.Y. Ins. Law § 1412 — Disposal or deduction of investments unlawfully acquired
N.Y. Ins. Law § 1412
- Type
- Statute
- Source
- New York Insurance Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 1412. Disposal or deduction of investments unlawfully acquired. (a) Every domestic insurer shall forthwith dispose of any investment acquired in violation of the law in force at the date of acquisition.
Citator
N.Y. Ins. Law § 1412 — Disposal or deduction of investments unlawfully acquired is in force in the current edition of the Code, and nothing recorded condemns it.
§ 1412. Disposal or deduction of investments unlawfully acquired. (a) Every domestic insurer shall forthwith dispose of any investment acquired in violation of the law in force at the date of acquisition.
(b) In determining the financial condition of any such insurer, the value of any wholly ineligible investments, and the value of any investment in excess of any limitation prescribed in this chapter, shall be deducted as a non-admitted asset of such insurer.