Section 2709. Substantial compliance

(a) An insurer which, pursuant to the
  laws  of  another  jurisdiction is required (or whose holding company is
  required)  to  report,  certify  or   otherwise   disclose   information
  substantially  equivalent to that required by section two thousand seven
  hundred five of this article, may satisfy the  requirements  of  section
  two  thousand  seven  hundred  five  of  this article by filing with the
  superintendent  within  the  applicable  periods  prescribed  hereunder,
  copies  of such material filed with such jurisdiction. The determination
  as to whether the requirements of a given jurisdiction are substantially
  equivalent to those of section two thousand seven hundred five  of  this
  article  shall  be  made by the superintendent in his or her discretion.
  The superintendent may require that any such filing be supplemented by a
  schedule or index referring to the specific requirements of section  two
  thousand seven hundred five or the regulations promulgated thereunder.
    (b)  The  superintendent,  in  his  or her discretion, may suspend the
  application of section two thousand seven hundred five of  this  article
  to  any  insurer  upon a finding that such insurer, a subsidiary of such
  insurer, or any member of the holding company system that includes  such
  insurer,  has  subjected  itself  in  good faith to the authority of the
  international commission referenced in a  memorandum  of  intent,  dated
  April   eighth,   nineteen   hundred   ninety-eight   executed   by  the
  superintendent, other  United  States  insurance  regulators,  worldwide
  Jewish  organizations  and  insurers,  or any successor thereto, and has
  meaningfully participated in such commission or successor  entity  in  a
  manner  reasonably  calculated  to  effect  the prompt investigation and
  resolution of claims of Holocaust victims and  upon  a  finding  by  the
  superintendent  that  such commission or successor entity is effectively
  moving toward the swift and equitable resolution of claims made  against
  such insurer by Holocaust victims.
    (c)  Each  such  suspension granted pursuant to subsection (b) of this
  section shall be valid for  a  one  year  period  and  may  be  extended
  annually  for  additional  one year periods upon a finding (i) that such
  insurer, a subsidiary of such insurer, or  any  member  of  the  holding
  company  system  that  includes  such  insurer, continues to satisfy the
  requirements set forth in subsection (b) of this section and  (ii)  that
  the  commission or successor entity is effective in achieving the prompt
  identification of Holocaust victims  to  whom  insurance  policies  were
  issued  between  January  first,  nineteen  hundred  twenty and December
  thirty-first, nineteen hundred forty-five,  and  the  investigation  and
  resolution  of  claims  of  those Holocaust victims. Each insurer who is
  exempted or seeks continued exemption pursuant  to  this  section  shall
  file   such   reports   or   provide   such  other  information  as  the
  superintendent may require in his or her discretion.
    (d) The superintendent shall have the discretion  to  discontinue  any
  exemption   made  in  accordance  with  this  section  if  a  reasonable
  determination is made  by  the  superintendent  that  the  insurer,  its
  subsidiary or division, or the member of the holding company system that
  includes such insurer, as applicable, is not cooperating fully with such
  commission  or  successor  entity  or  that such commission or successor
  entity is not effective in promptly  investigating  and  resolving  such
  claims.