N.Y. ISC Law § 6113 — New York Code / Act ISC / Article 61 / Section 6113
Foreign or alien reciprocal insurers
Status: in_force

§ 6113. Foreign or alien reciprocal insurers. (a) The superintendent\nmay, in his discretion, pursuant to section one thousand one hundred six\nof this chapter, issue a license to a reciprocal insurer domiciled in,\nor organized under the laws of another state or of any province of\nCanada, to do in this state such kind or kinds of insurance business as\na domestic reciprocal insurer may be authorized to do in this state.\n  (b) Such foreign or alien reciprocal insurer shall comply with\nsubstantially the same requirements of this chapter which are applicable\nto domestic reciprocal insurers organized and authorized to do the same\nkind or kinds of insurance business and in addition every such alien\nreciprocal shall be subject to the provisions of this chapter relating\nto alien insurance companies authorized to do the same kind or kinds of\ninsurance business.\n  (c) Nothing herein contained shall be deemed to require that the\nattorney-in-fact of a foreign or alien reciprocal insurer shall be\nresident or domiciled in this state, or shall maintain his or its\nprincipal office in this state, or shall be organized under the laws of\nthis state; but every authorized reciprocal insurer shall maintain at\nleast one office in this state.\n  (d) Every foreign or alien reciprocal insurer shall maintain a minimum\nsurplus to policyholders in an amount at least equal to that required of\na similar domestic reciprocal insurer organized and licensed to do the\nsame kind or kinds of insurance.\n  (e) The superintendent shall pursuant to section one thousand two\nhundred twelve of this chapter be appointed the true and lawful attorney\nfor every such foreign or alien reciprocal insurer and any service upon\nhim shall be equivalent to the personal service within this state of\nsuch process on each and every of the individual subscribers or\nunderwriters, by whatever name called, of such reciprocal insurer.\n  (f) (1) The superintendent may accept the statement of the duly\nauthorized attorney-in-fact, or of any officer of a corporation\nattorney-in-fact, or of any member of a firm attorney-in-fact,\nsubscribed and affirmed by him as true under the penalties of perjury,\nthat all of the subscribers have executed the subscriber's agreement\nused by such reciprocal insurer, which agreement shall authorize the\nattorney-in-fact to designate and appoint the superintendent as attorney\nin this state and the supervisory insurance officials of other\njurisdictions upon whom legal process may be served.\n  (2) Whenever any change, amendment or modification of the power of\nattorney or subscriber's agreement has been submitted for execution to\nsubscribers, in the manner prescribed by section six thousand one\nhundred seven of this article, a certified copy thereof shall be filed\nwith the superintendent and within thirteen months thereafter there\nshall be filed with the superintendent a statement similarly subscribed\nto the effect that it has been signed by all subscribers of record.\n  (3) The attorney-in-fact shall annually with the filing of the annual\nstatement of such foreign or alien reciprocal insurer certify that all\nother and additional subscribers which have joined such insurer have\nexecuted the subscriber's agreement as last amended and on file with the\nsuperintendent.\n  (g) The subscriber's agreement and articles of association, if any, of\nevery foreign reciprocal insurer licensed to do business in this state\non January first, nineteen hundred forty shall conform to the\nrequirements applicable to a domestic reciprocal insurer organized and\nlicensed after such date.\n