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7non-disapproval, the Company terminated its participation in the Federal Pool and entered into a 100%gross quota share reinsurance agreement with FIC. As a result of these changes, effective January 1, 2018,the Company no longer assumes any written premium; the negative assumed written premiums reported in2018 are a result of the Company “unwinding” its participation in the Federal Pool.C.Reinsurance CededEffective January 1, 2016, the Company and other affiliated participants of the Federal Pool enteredinto a net liabilities quota share reinsurance agreement with ACE Property and Casualty InsuranceCompany, an affiliate, to reinsure 20% of the Federal Pool's current accident year results, excludingunallocated loss adjustment expenses ("legacy Chubb net liabilities QS agreement"). Effective January 1,2017, this agreement was amended to reinsure 35% of the Federal Pool's current accident year underwritingresults beginning January 1, 2017. Effective January 1, 2018, the Federal Pool’s net liabilities QSagreement was terminated, with development on subject losses continuing to be reinsured.Effective January 1, 2018, the Company terminated its participation in the Federal Pool and enteredinto a 100% quota share reinsurance agreement with an affiliate, FIC, that reinsures the Company's grossunderwriting exposure. FIC collateralizes the Company's recoverable balances to the extent such balancesexceed three times the Company's surplus as regards policyholders reported in its most recently filedquarterly statutory statement. The collateral requirement as of the examination date was 238.4 million and 265.6 million was placed in trust.The Company filed the above reinsurance agreement with the Department pursuant to the provisionsof Section 1505(d)(2) of the New York Insurance Law, and it was subsequently non-disapproved by theDepartment.Examination review found that the Schedule F data reported by the Company in its filed annualstatement accurately reflected its reinsurance transactions. Additionally, examination review indicated thatthe Company was not a party to any finite reinsurance agreements. The ceded reinsurance agreement inplace was accounted for utilizing reinsurance accounting as set forth in the NAIC Accounting Practices andProcedures Manual, Statement of Statutory Accounting Principles (“SSAP”) No. 62R.

8D.Holding Company SystemChubb Indemnity Insurance Company is a member of the Chubb Group. The Company is a whollyowned subsidiary of FIC, an Indiana domiciled insurer, which is wholly owned by Chubb INA Holdings,Inc. (“Chubb INA”), which is ultimately controlled by Chubb Limited. Chubb Limited is a Swissincorporated holding company; its direct and indirect subsidiaries (collectively known as the Chubb Groupof Companies) comprise a global insurance and reinsurance organization. Subsidiaries of Chubb INAoperate through three business segments in North America: North America Commercial Property andCasualty Insurance, North America Personal Property and Casualty Insurance, and North AmericaAgricultural Insurance. North America Commercial Property and Casualty Insurance comprises operationsthat provide property and casualty insurance and services to large, middle market, and small commercialbusinesses. North America Personal Property and Casualty Insurance operations includes the businesswritten by Chubb Personal Risk Services division, which includes high net worth personal lines business,with operations in the United States and Canada. The North America Agricultural Insurance operationprovides coverages including crop insurance, as well as farm and ranch and specialty property and casualtyinsurance products and services.A review of the holding company registration statements filed with this Department indicated thatsuch filings were completed and were filed in a timely manner pursuant to Article 15 of the New YorkInsurance Law and Department Regulation 52.The following is an abridged chart of the holding company system at December 31, 2019:

9Chubb Limited (Switzerland)Chubb Group Holdings, Inc. (Delaware)80%Chubb INA Holdings, Inc. (Delaware)Federal Insurance Company (Indiana)NAIC # 20281Chubb Indemnity Insurance Company (New York)NAIC # 12777Chubb National Insurance Company (Indiana)NAIC # 10052Chubb Insurance Company of New Jersey (New Jersey)NAIC # 41386Chubb Lloyds Insurance Company of Texas (Texas)NAIC # 27774Vigilant Insurance Company (New York)NAIC # 20397Great Northern Insurance Company (Indiana)NAIC # 2030320%

10Holding Company AgreementsAt December 31, 2019, the Company was party to the following agreements with other members ofits holding company system:Service AgreementEffective January 1, 2018, the Company entered into a service agreement with ACE AmericanInsurance Company (“ACE American”) and FIC whereby ACE American provides services includingadministration, underwriting, claims, and actuarial support. In 2019, the Company paid 46,795,198 underthis agreement. The agreement was filed with this Department pursuant to Section 1505 of the New YorkInsurance Law.Management AgreementEffective January 1, 1998, and subsequently amended numerous times, the Company engaged FICto act as manager for the Company’s insurance business and provide financial advisory services. In 2019,the Company paid a management fee to FIC in the amount of 29,571,012. The agreement was filed withthis Department pursuant to Section 1505 of the New York Insurance Law.Intercompany Tax Allocation AgreementSince January 15, 2016, the Company is included in a U.S. consolidated federal income tax returnwith direct and indirect subsidiaries of Chubb Group Holdings, Inc. The agreement provides that anysubsidiary having taxable income will pay a tax liability equivalent to what that subsidiary would have paidif it had filed a separate federal income tax return for the year. If the separately calculated federal incometax return for any subsidiary results in a tax loss, the current tax benefit resulting from such loss, to theextent utilizable on a separate return basis, will be paid to that subsidiary. The agreement was filed withthis Department pursuant to Section 1505 of the New York Insurance Law and New York Regulation 52.The Company also participates in the following immaterial management and service contracts withaffiliates:1. Investment advisory services agreement with Chubb Asset Management, Inc.2. SIU service and support agreement with ESIS, Inc.3. Amended and restated inter-company allocation agreement with ACE American InsuranceCompany and ACE Property and Casualty Insurance Company.4. Accounts receivable sale agreement with Recovery Services International, Inc.

113.A.FINANCIAL STATEMENTSBalance SheetThe following shows the assets, liabilities and surplus as regards policyholders as of December 31,2019, as reported by the Company:AssetsAssetsAssets NotAdmittedNet AdmittedAssetsBondsCash, cash equivalents and short-terminvestmentsInvestment income due and accruedUncollected premiums and agents' balances inthe course of collectionDeferred premiums, agents' balances andinstallments booked but deferred and not yetdueAccrued retrospective premiumsAmounts recoverable from reinsurersCurrent federal and foreign income taxrecoverable and interest thereonReceivables from parent, subsidiaries andaffiliatesEquities and deposits in pools and associationsState surcharges receivable 103,303,532 0 8Total assets 273,946,225 0 273,946,225

12Liabilities, Surplus and Other FundsLiabilitiesNet deferred tax liabilityCeded reinsurance premiums payable (net of ceding commissions)Payable to parent, subsidiaries and affiliatesCommissions payableSurcharges payableOther miscellaneous liabilities Total liabilitiesSurplus and Other FundsCommon capital stockGross paid in and contributed surplusUnassigned funds (surplus)Surplus as regards policyholdersTotal liabilities, surplus and other 4 95,138,450 3,500,00013,032,725162,275,050178,807,775 273,946,225Note: The Internal Revenue Service has completed its audits of the Company’s consolidated federalincome tax returns through tax year 2015. All material adjustments, if any, made subsequent to the date ofexamination and arising from said audits, are reflected in the financial statements included in this report.Audits covering tax years 2016 through 2018 are currently under examination. The examiner is unawareof any potential exposure of the Company to any tax assessment and no liability has been established hereinrelative to such contingency.

13B.Statement of IncomeThe net income for the examination period as reported by the Company was 17,699,725, as detailedbelow:Underwriting IncomePremiums earnedDeductions:Losses and loss adjustment expenses incurredOther underwriting expenses incurred 29,381,619 18,379,9516,449,884Total underwriting deductions24,829,835Net underwriting gain or (loss) 4,551,784Investment IncomeNet investment income earnedNet realized capital gain 12,398,6031,582,224Net investment gain or (loss)13,980,827Other IncomeNet gain or (loss) from agents' or premium balances charged offTotal other income (30)(30)Net income before dividends to policyholders and before federaland foreign income taxesDividends to policyholders 18,532,581277,067Net income after dividends to policyholders but before federaland foreign income taxesFederal and foreign income taxes incurred 18,255,514555,789Net income 17,699,725

14C.Capital and SurplusSurplus as regards policyholders increased 15,140,161 during the three-year examination periodJanuary 1, 2017 through December 31, 2019, as reported by the Company, detailed as follows:Surplus as regards policyholders as reported bythe Company as of December 31, 2016 163,667,614Gains inSurplusLosses inSurplusNet incomeNet unrealized capital gains or lossesChange in net unrealized foreign exchange capitalgain or lossChange in net deferred income taxChange in nonadmitted assetsChange in provision for reinsuranceMiscellaneous prior period adjustment otal gains and losses 19,895,661 4,755,500Net increase (decrease) in surplusSurplus as regards policyholders as reported bythe Company as of December 31, 2019 045,24015,140,161 178,807,775No adjustments were made to surplus as a result of this examination.Capital paid in is 3,500,000 consisting of 20,000 shares of 175 par value per share common stock.Gross paid in and contributed surplus is 13,032,725. Gross paid in and contributed surplus did not changeduring the examination period.

154.LOSSES AND LOSS ADJUSTMENT EXPENSESThe examination liability for the captioned items of 0 is the same as reported by the Company asof December 31, 2019. The examination analysis of the loss and loss adjustment expense reserves wasconducted in accordance with generally accepted actuarial principles and statutory accounting principles,including SSAP No. 55.All of the Company’s reserves were ceded to its affiliate, FIC, through a 100% quota shareagreement (refer to section 2C of this report for further detail). FIC was examined concurrently with theCompany and there were no examination changes that affected FIC’s balance sheet or income statement.5.SUBSEQUENT EVENTSOn March 11, 2020, the World Health Organization declared an outbreak of a novel coronavirus(“COVID-19”) pandemic. The COVID-19 pandemic has continued to develop throughout 2020, withsignificant uncertainty remaining regarding the full effect of COVID-19 on the U.S. and global insuranceand reinsurance industry. At the time of releasing this report, the examination’s review noted that there hasbeen an impact to the Chubb Group of Companies (“Chubb Group”), which includes the Company.Specifically, in 2020, the Chubb Group reported a COVID-19 charge of 1,396 million pre-tax ( 1,193million after-tax). The Chubb Group also reported a decline in global net written premiums in certain lines,but an increase in operating cash flows and overall stability in its operations, solvency and liquiditypositions.The Department has been in communication with the Company regarding the impact of COVID-19on its business operations and financial position, including its pandemic preparedness plan, material thirdparty vendors’ business continuity plans, etc. In this regard, on April 9, 2020, the Company submitted, atthe Department’s request, a response to the Department describing its plans of preparedness to manage therisk of disruption to its operations and the financial risk arising from COVID-19.The Department continues to closely monitor the impact of the pandemic on the Company and willtake necessary action if a solvency concern arises.

166.COMPLIANCE WITH PRIOR REPORT ON EXAMINATIONThe prior report on examination contained two recommendations as follows (page numbers referto the prior report):ITEMA.PAGE NO.Accounts and Recordsi. It was recommended that the Company comply with Section 312(b) ofthe New York Insurance Law by submitting the report on examination toits board of directors and having each director sign a statement and retaina copy that such member has received and read the report.14The Company has complied with this recommendation.ii. It was recommended that the Company require all of its officers, directorsand key employees to complete a conflict of interest questionnaire on anannual basis and ensure that all questionnaires are competed accuratelyand signed. Additionally, it was recommended that the Company ensurethat all completed questionnaires are maintained and available forinspection.The Company has complied with this recommendation.7.SUMMARY OF COMMENTS AND RECOMMENDATIONSThis report on examination contains no comments or recommendations.14

Respectfully submitted,/C/Sheik H. Mohamed, CPCUAssociate Insurance ExaminerSTATE OF NEW YORK))ss:COUNTY OF NEW YORK )Sheik H. Mohamed, being duly sworn, deposes and says that the foregoing report, subscribed by him, istrue to the best of his knowledge and belief./S/Sheik H. MohamedSubscribed and sworn to before methisday of, 2021.

Pursuant to the requirements of the New York Insurance Law, and in compliance with the instructions contained in Appointment Number 32049 dated February 25, 2020, attached hereto, I have made an examination into the condition and affairs of Chubb Indemnity Insurance Company as of December 31,