Section 4233. Annual statements of life insurance companies

(a) In addition
  to  any  other matter which may be required to be stated therein, either
  by law or by the superintendent pursuant to law, every annual  statement
  of  every  life  insurance  company  doing  business in this state shall
  conform substantially to the form of statement adopted from time to time
  for such purpose by, or by the authority of, the National Association of
  Insurance Commissioners, together  with  such  additions,  omissions  or
  modifications,  similarly  adopted from time to time, as may be approved
  by the superintendent.
    (b) The annual statement  required  by  subsection  (a)  hereof  shall
  include  an  accurate,  concise  and complete statement of the following
  matters:
    (1) All moneys expended in connection with any matter  pending  before
  any  legislative body or any officer or department of government, giving
  particulars with respect to all items of one hundred dollars or more  as
  to  dates,  amounts,  names  and  addresses  of  payees,  the measure or
  proceeding in connection with  which  the  payment  was  made,  and  the
  interest of the company therein.
    (2)  The  names  of  the officers and directors of the company and the
  proceedings at the last annual election of directors, giving  the  names
  of  candidates  and  the  number  of  votes cast for each and whether in
  person, by proxy or by mail.
    (3) The compensation and names of the  chief  executive  officer,  the
  four most highly paid other executive officers, regardless of the amount
  of  the  compensation,  the next five highly compensated employees whose
  individual total compensation exceeds one hundred thousand  dollars  and
  all  directors, other than those officers or employees who may otherwise
  have been disclosed pursuant to this paragraph and  who  also  serve  as
  directors.  A list of the job titles and compensation for any officer or
  employee not otherwise disclosed pursuant to this  paragraph  where  the
  individual's  total  compensation  is  in  excess of seven hundred fifty
  thousand dollars. Compensation shall consist of any and all remuneration
  paid to or on behalf of an officer, employee or director provided for in
  this paragraph during the  year,  including  wages,  salaries,  bonuses,
  commissions,  stock grants, gains from the exercise of stock options and
  any other emolument. Amounts disclosed for directors  must  include  all
  compensation  paid  for services on the board and committees, as well as
  any other compensation for  any  other  activity  or  service,  such  as
  consulting agreements.
    (4)  All  banks and trust companies in which an account was maintained
  at any time during the year, and the balance at the end of the year,  if
  any,  carried by such company in each such bank or trust company and the
  largest balances carried by such company during each month of  the  year
  in  each  bank  or trust company in which the largest balance during the
  year exceeded one-fortieth of one percent  of  admitted  assets  at  the
  beginning  of  the  year  or five hundred thousand dollars, whichever is
  smaller.
    (5) All death claims resisted or compromised by  such  company  during
  the  year,  and,  for each such case the sums insured, the sums paid and
  the reasons for resisting or compromising the claim.
    (6) A complete statement of the gains  and  losses  upon  all  of  its
  business  transacted  during  the year and the sources of such gains and
  losses. Any life insurance company which is authorized or  permitted  to
  issue  in  this  state  participating  policies  or contracts, and which
  issues in the United States  both  participating  and  non-participating
  policies or contracts, shall make a separate statement showing gains and
  losses,  with  respect  to  each  of  such classes of business, and also
  showing the manner in which any general gains and outlays of the company

  have been apportioned to each of such classes of business, in conformity
  with section four thousand two hundred thirty-one of this  article.  Any
  life  insurance company issuing industrial life insurance policies shall
  make  a similar separate statement showing gains and losses with respect
  to such industrial business and with  respect  to  the  company's  other
  business  and  also  showing  the  manner in which any general gains and
  outlays of the company have been apportioned to each of such classes  of
  business.
    (7)  A  statement  showing separately the first year and total expense
  limits and the first year and total expenses, determined  in  accordance
  with section four thousand two hundred twenty-eight of this article. Any
  life insurance company which is authorized or permitted to issue in this
  state  both  participating  and  non-participating policies or contracts
  shall make  a  separate  statement  showing  these  expense  limits  and
  expenses, with respect to each of such classes of business.
    (8)  The  rates  of  annual dividends declared during the year for all
  plans of insurance for policies issued during  each  of  the  last  five
  years  and during each fifth year of the preceding seventy years and for
  ages at entry, twenty-five, thirty-five, forty-five and fifty-five,  and
  the precise method by which such dividends have been calculated.
    (9)  All income, disbursements and reserves relative to noncancellable
  disability insurance issued  in  connection  with  or  supplementary  to
  policies  of  life  insurance  or annuity contracts shall be reported in
  such annual statement.
    (10) With respect to participating policies subject to the  provisions
  of section four thousand two hundred twenty or four thousand two hundred
  twenty-one  of  this  article  upon  which  the  reserves  determined in
  accordance with section four thousand  two  hundred  seventeen  of  this
  article  were  calculated  at  an  interest rate lower than that used in
  calculating the cash surrender values permanently  guaranteed  for  such
  policies:
    (A)  The approximate amount by which such reserves for policies issued
  prior to January first, nineteen hundred forty-eight, are  greater  than
  they would have been had they been computed at the interest rate used in
  computing  the  reserves  for such policies as of December thirty-first,
  nineteen hundred forty-seven.
    (B) The approximate amount by which such reserves for policies  issued
  on  and  after  January first, nineteen hundred forty-eight, are greater
  than they would have been had they been computed at  the  interest  rate
  used  in  computing the cash surrender values permanently guaranteed for
  such policies.
    (C) A schedule supporting the amounts shown in subparagraphs  (A)  and
  (B)  hereof,  in  accordance  with  the  same  paragraphs as are used in
  reporting the reserve in the annual statement.
    (D) A statement of the  nature  of  increase,  if  any,  in  the  cash
  surrender values and nonforfeiture benefits allowed on policies on which
  a  default  in  payment of a premium occurred during the year over those
  permanently guaranteed for such policies and  the  aggregate  amount  in
  excess  of  guaranteed  values  paid  out  during  the  year on policies
  surrendered for cash.
    (11) A statement setting  forth  a  description  of  the  investments,
  activities  or  other  contributions of the company relating to New York
  state, its residents, municipalities, businesses and institutions  shall
  be   considered   to   fulfill   the  requirements  of  this  paragraph.
  Investments, activities or contributions shall include, but need not  be
  limited   to:   obligations   of   state   government,   its   agencies,
  municipalities or other instrumentalities; real  estate  and  mortgages,
  including  financing  of  housing, the construction or rehabilitation of

  which is undertaken in conjunction with federal, state or local  housing
  assistance programs, including the federal low-income housing tax credit
  program;  common  stock  and  other securities of business and industry,
  including  existing and new small business, and commercial enterprise in
  state empire  zones  or  in  federal  empowerment  zones  or  enterprise
  communities;  charitable  and  philanthropic  contributions;  activities
  conducted by the company to make its customers aware of the investments,
  activities, or other contributions described in the statement; and  such
  other  investment,  activities or contributions within the intent of the
  requirements  of  this  paragraph  as  the   superintendent   may   deem
  appropriate pursuant to rules or regulations of the department.