N.Y. Comp. Codes R. & Regs. tit. 11, § 136-1.1 – Preamble.

(a) Subsection (b) of section 314 of the Insurance Law authorizes the Superintendent of Financial Services to promulgate certain standards with respect to the public retirement and pension systems of the State of New York or of a municipality thereof. Specifically, subsection (b) provides as follows:
“(b) Notwithstanding any other provision of law to the contrary, the superintendent shall have, in addition to any other powers conferred upon him by law, the following authority with respect to any system:
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(2) to promulgate and amend from time to time, after consultation with the administrative heads of systems and after a public hearing, standards with respect to actuarial assumptions, accounting practices, administrative efficiency, discharge of fiduciary responsibilities, investment policies and financial soundness.”
(b) This Subpart is designed to implement, with respect to certain of the public retirement and pension systems, the legislative intent contained in the foregoing.