§ 41-09 Risk Management Plan Review.
RCNY § 41-09
(a)Within thirty days after receipt of a risk management plan, the Commissioner shall determine whether such plan is complete. If the Commissioner determines that the plan is incomplete, then he or she shall notify the responsible party that the plan is incomplete and identify the respects in which the plan is incomplete. Within fifteen days after such notification, the responsible party shall file a revised plan consistent with the Commissioner's notification. Within fifteen days after receipt of such revised plan, the Commissioner shall determine whether the revised plan is complete.
(b)Within ninety days after the Commissioner's determination that the responsible party has filed a complete plan, the Commissioner shall approve or make modifications to the plan and shall notify the responsible party filing such plan in writing of his or her approval or modifications.
(c)If the Commissioner makes modifications to the responsible party's risk management plan, the responsible party shall incorporate such modifications into its risk management plan, provided, however that the responsible party may, within forty-five days after receipt of such modifications, submit alternative modifications to the Commissioner or explain why the Commissioner's modifications are not necessary. The Commissioner shall within forty-five days review the alternative modifications or explanation and shall: (i) require the responsible party to incorporate, by a date certain not to exceed forty-five days, either the Commissioner's modifications, the alternative modifications or a combination of such modifications into its risk management plan, (ii) approve the unmodified plan or (iii) disapprove the plan.
