NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES …
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FINANCIAL CONDITION REPORT ON EXAMINATION OF THE LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
CONDITION: DATE OF REPORT:
DECEMBER 31, 2012 MAY 1, 2014
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FINANCIAL CONDITION REPORT ON EXAMINATION OF THE LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK AS OF DECEMBER 31, 2012
DATE OF REPORT: EXAMINER:
MAY 1, 2014 WILLIAM O'CONNELL
TABLE OF CONTENTS
ITEM 1. 2. 3.
4.
5. 6.
7. 8.
Executive Summary Scope of examination Description of Company A. History B. Holding company C. Organizational chart D. Service agreements E. Management Territory and plan of operations A. Statutory and special deposits B. Direct operations C. Reinsurance Significant operating results Financial statements A. Independent accountants B. Net admitted assets C. Liabilities, capital and surplus D. Condensed summary of operations E. Capital and surplus account Self-support Summary and conclusions
PAGE NO. 2 3 5 5 5 6 7 8 10 10 10 11 12 15 15 16 17 18 19 20 22
Andrew M. Cuomo Governor
Benjamin M. Lawsky Superintendent
May 22, 2014
Honorable Benjamin M. Lawsky Superintendent of Financial Services New York, New York 10004
Sir:
In accordance with instructions contained in Appointment No. 30977, dated April 24, 2013 and annexed hereto, an examination has been made into the condition and affairs of Lincoln Life & Annuity Company of New York, hereinafter referred to as "the Company," at its administrative office located at 1300 South Clinton Street, Fort Wayne, Indiana, 46802. The Company's home office is located at 100 Madison Street, Suite 1860, Syracuse, New York, 13202.
Wherever "Department" appears in this report, it refers to the New York State Department of Financial Services.
The report indicating the results of this examination is respectfully submitted.
(212) 480-4933| ONE STATE STREET, 2ND FLOOR, NEW YORK, NY 10004-1511 | WWW.DFS.
2
1. EXECUTIVE SUMMARY
The material violation contained in this report is summarized below.
For one policy form, with 2,306 policies issued, the Company violated Section 4228(h) of the New York Insurance Law by failing to demonstrate that pricing was performed prior to the date that the statement of self-support was signed.
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