Key Takeaways:

• A new provision of the New York insurer investment law treats as nonadmitted assets any investments made by domestic and foreign licensed insurers in designated persons engaged in energy sector investment activities in Iran.
• In addition to the nonadmission requirement, the new provision imposes a new annual reporting requirement regarding investments in these designated persons.
• Because of the delay between the approval by the legislature (June 2013) and signing by Governor Cuomo, it is unclear which will be the first statutory financial statement to which this nonadmission requirement will apply and for which calendar year the first annual report is due.