N.Y. Comp. Codes R. & Regs. tit. 11, § 95.11 – Minimum reserve requirements with and without an acceptable actuarial opinion and memorandum.

(a) Where there is an acceptable actuarial opinion and memorandum as to the sufficiency of assets supporting the liabilities of contracts or policies, then the reserve shall be the greater of:
1. (1) the statutory minimum reserve determined in accordance with the provisions of section 4217 of the Insurance Law; and
2. (2) the reserve determined by the appointed actuary to be required in order to support an unqualified actuarial opinion under section 95.7 or 95.8 of this Part, whichever is applicable.
(b) A company that is required to prepare and submit a memorandum required by section 95.9 of this Part may elect not to do so, but only if the company maintains reserves which are not less than 115 percent nor more than 200 percent of the statutory minimum reserve determined in accordance with the provisions of section 4217 of the Insurance Law, as determined by the superintendent, to be appropriate to support the actuarial opinion submitted pursuant to section 95.8 of this Part.
(c) A company that desires to hold additional reserves pursuant to this section in lieu of submitting the memorandum required by section 95.9 of this Part shall so notify the superintendent not later than December 1st of the year to which the actuarial opinion applies. The notice shall be accompanied by such information about the company' s business, assets and liabilities as of such date and as projected to the end of such year as the superintendent deems sufficient to determine the amount by which the company must increase its reserve. The superintendent shall notify the company of the amount of the required reserve increase within 30 days after his receipt of such information.
(d) Any company holding additional reserves on lieu of preparing the memorandum required by section 95.9 of this Part shall submit an actuarial opinion which shall conform to the format of section 95.7 of this Part, except section 95.7(b)(7), modified as necessary for this section. In lieu of section 95.7(b)(7), a paragraph shall document the eligibility for the company to provide an opinion as provided by section 95.11 of this Part. It shall include the following, if applicable:
1. (1) “This opinion is provided in accordance with section 95.11 of New York Insurance Regulation 126. As such it does not include an opinion regarding the adequacy of reserves and related actuarial items when considered in light of the assets that support them. The company is not eligible for exemption from submission of a statement of actuarial opinion in accordance with section 95.8 because the company is a category D company, for which no exemption is made.”;
2. (2) “The company is a category C company for which the company is not exempt every third year.”; or
3. (3) “The company is a category [A] [B] [C] company but is not eligible for exemption as noted by one or more of the following:
  1. (i) The ratio of the sum of capital and surplus to the total admitted assets is [insert amount], which [does][does not] equal or exceed the applicable criterion based on the admitted assets of the company.
  2. (ii) The ratio of the sum of the reserves and liabilities for annuities and deposits to the total admitted assets is [insert amount], which [is] [is not] less than the applicable criteria based of the total admitted assets of the company.
  3. (iii) The ratio of book value of the noninvestment grade bonds to the sum of capital and surplus is [insert amount], which [is] [is not] less than the applicable criteria of.50.
  4. (iv) To my knowledge, based on such inquiry as I considered reasonable, the NAIC Examiner Team [has] [has not] designated the company as a first priority company in either 20__ or 20__ generally based of the annual statements for 20__ and 20__, or a second priority company in each of such years, or the company has resolved the first or second priority status to the satisfaction of the commissioner of the state of domicile.”
  “The company has requested permission from the superintendent under section 95.11 of Insurance Regulation No. 126 for exemption from an actuarial opinion required by section 95.8 and has received his approval on condition that the reserves maintained are not less than ___ percent of the statutory minimum reserves. The reserves held are approximately ___ percent of the statutory minimum reserves.
(e) When reserves for any contracts and policies are determined in accordance with this section where no actuarial opinion and memorandum acceptable to the superintendent has been filed, the calculations for the reserves, and an accompanying explanation of the basis of such calculations, shall be sent to the superintendent, attention of:
Life Bureau, Actuarial Valuation Unit
New York State Department of Financial Services
One Commerce Plaza
Albany, NY 12257
The explanation should include a demonstration of how the reserves comply with this section.