Final answer:
Insurance companies in New York must file annually to prove they are solvent, meaning they have enough assets to cover liabilities, ensuring they can meet their obligations to policyholders.
Step-by-step explanation:
Every insurance company in New York must file annually with the office of the Superintendent to demonstrate that it is solvent. 'Solvent' means that the company has sufficient assets to cover its liabilities and is financially healthy. This filing is crucial because it ensures that insurance companies can fulfill the claims and obligations to their policyholders. Profitability, while important for a business, is not the primary concern in this context.
Compliance typically refers to following rules and regulations, which is part of solvency requirements. Competitiveness is about how well a company performs in the market compared to others, which is not a direct requirement for the annual filing.