reglab/housing_qa huggingface dataset:
NY Ins L § 4528 (2021)
2021 New York Laws ISC - Insurance Article 45 - Fraternal Benefit Societies 4528 - New Business Limitations.

§ 4528. New business limitations. Every authorized society shall limit the  issuance  of  new  life  insurance  certificates  and  new  annuity contracts  in  accordance  with  requirements  for  new  life  insurance policies  and  new  annuity  contracts  under  section four thousand two hundred twenty-seven of this chapter, except that:  (a) No such limitations shall apply to new life insurance certificates or new annuity contracts issued by the  society  before  January  first, nineteen hundred ninety-eight; and  (b)  Limitations equal to one hundred fifty percent of the limitations established in section four thousand two hundred  twenty-seven  of  this chapter  shall  apply to new life insurance certificates and new annuity contracts issued by the society after January  first,  nineteen  hundred ninety-eight but before January first, two thousand; and  (c)  The  limitations established in section four thousand two hundred twenty-seven of this chapter shall fully apply to all new life insurance certificates and all new annuity contracts issued by the society  on  or after January first, two thousand.
NY Ins L § 4529 (2021)
2021 New York Laws ISC - Insurance Article 45 - Fraternal Benefit Societies 4529 - Subsidiaries Authorized.

§  4529.  Subsidiaries  authorized.  (a)  A domestic fraternal benefit society may invest in subsidiaries as authorized in article seventeen of this chapter  for  domestic  life  insurance  companies,  provided  such society  meets  the requirements of subsection (b) of section forty-five hundred twenty-seven or section four thousand  five  hundred  thirty  of this article.  (b)  A  domestic  fraternal  benefit  society may create, maintain and operate, or  may  establish  organizations  to  operate,  not-for-profit institutions  to  provide one or more social, intellectual, educational, charitable,  benevolent,  moral,  fraternal,  patriotic   or   religious benefits to members. Such institutions may furnish services free or at a reasonable  charge.  Any real or personal property owned, held or leased by the society for this purpose  shall  be  reported  in  the  society's annual statement.
NY Ins L § 4530 (2021)
2021 New York Laws ISC - Insurance Article 45 - Fraternal Benefit Societies 4530 - Optional Investment Authority.

§  4530.  Optional  Investment  Authority.  (a)  An authorized society meeting the requirements set forth in  this  section  is  authorized  to invest  its  funds  in, or otherwise acquire, or loan upon, the types of investments specified in sections one thousand  four  hundred  two,  one thousand  four  hundred  three,  one  thousand  four  hundred  five, one thousand four hundred six, one  thousand  four  hundred  ten,  and  four thousand  two  hundred forty of this chapter, subject to the limitations contained therein. The provisions of section one thousand  four  hundred four  of  this  chapter shall not have any application to investments of such societies, except to the  extent  provided  in  paragraph  four  of subsection (b) of section one thousand four hundred two of this chapter.  (b)  In  addition to other requirements of this article, an authorized society investing pursuant to this  section  shall  meet  the  following requirements:  (1)  Prior  to  investing  pursuant to this section, the society shall submit notice to the superintendent that the board of directors  of  the society  has  approved  investment pursuant to this section and that the society meets the requirements of this section  and  intends  to  invest hereunder;  (2)  The  society  shall:  (A) have been in continuous operation for a minimum of five years; and (B) have total admitted assets  of  at  least two  billion  dollars  for  a  period of five continuous years as of the immediately preceding calendar year; and  (3) For each calendar year during which this section  applies  to  the society,  the  society  shall  have,  as  of  the end of the immediately preceding calendar year:  (A) had a risk based capital level of at least  six  times  authorized control  level  RBC as defined by the provisions of section one thousand three hundred twenty-two of this chapter; and  (B)  maintained  a  minimum  claims-paying,  financial   strength   or equivalent  rating  from  at least one nationally recognized statistical rating organization in one of the organization's  three  highest  rating categories  for the time period during which this section applies to the society provided that the rating shall not  depend  on  a  guarantee  or other  credit enhancement from another entity; and shall not be modified or  otherwise  qualified  to  show  dependence  of  the  rating  on  the performance or a contractual obligation of, or the society's affiliation with, another society.  (c)  Whenever  a  society  fails to meet the requirements set forth in this section, the superintendent may, in his or her discretion, prohibit or limit the  society  from  engaging  in  new  investments  under  this section.
NY Ins L § 4601 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4601 - Definitions.

§ 4601. Definitions. In this article:  (a) "Employees"  means  the  employees,  officers,  and  agents of any person, firm or corporation  or  of  one  or  more  corporations  having business interests in common.  (b) "Employer"  means  the  person,  firm,  corporation or one or more corporations having business  interests  in  common,  and  includes  any organization of such employers.  (c) "Retirement  system" or "system" means a non-profit corporation or trust formed for the purpose of providing pension benefits.  (d) "Pension benefits" means benefits provided by a retirement  system for members retiring by reason of age or length of service, or both, and benefits  permitted  by  section four thousand six hundred three of this article.
NY Ins L § 4602 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4602 - Creation of Retirement Systems.

§  4602.  Creation  of  retirement  systems.  (a)  The  employees,  an employer, or the employees and employer jointly, may create a retirement system by filing in the office of the superintendent  a  declaration  of their  intention  to  do  so,  in a form approved by the superintendent, subscribed and affirmed as true under the penalties of  perjury  by  two provisional  trustees  or  officers of such system, and an authenticated copy of the constitution, by-laws or declaration  of  trust  adopted  to regulate the affairs of the system.  (b)  Upon  such  filing  the superintendent may, if satisfied that the rates of contribution are adequate and that the  plan  of  operation  is sound  and  equitable,  issue  a  license,  subject to the provisions of section one thousand one hundred two of this  chapter,  authorizing  the retirement system to do the business described in the plan.  (c)  A  system shall have trustees who shall choose officers or agents to carry on the business of the system. The by-laws  or  declaration  of trust  of  such  a  system  shall  prescribe the manner in which and the officers or agents by whom the system may be conducted and the manner in which its funds shall be collected and disbursed.  (d) The funds and investments of a system shall be held  independently of  the  funds  and investments of the employer and of any other person. The manner of investment of the funds of a system shall  be  limited  in every  respect  as in the case of the funds of a domestic life insurance company, except  that  investments  shall  be  made  under  section  one thousand four hundred four not section one thousand four hundred five of this  chapter  and  shall  be  subject  to the provisions of section one thousand four hundred four of this  chapter  that  relate  specially  to retirement systems.  (e)  A  system  shall not issue or deliver any certificate or contract providing for or promising to pay any benefit until a copy of  its  form has  been  filed  with  the  superintendent  and  approved  by him. Such certificate or contract shall conform to the provisions of this  article and,  insofar  as  practicable,  to the other provisions of this chapter applicable to similar policies or contracts.
NY Ins L § 4603 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4603 - Benefits.

§  4603.  Benefits.  (a)  A  system  providing  retirement benefits by agreement with an employer may also provide in the  same  agreement  for withdrawal equities and benefits on account of disability or death.  (b)  A system may provide pension benefits by entering into agreements with an employer or group of employers having a common  retirement  plan which has been approved by the superintendent to receive funds which are to  be  accumulated  at  interest  and, subject to the conditions agreed upon, to apply the accumulated funds to provide pension benefits for the employees of the  employer  or  group  of  employers  as  each  employee retires.  (c)  No  agreement  shall be entered into with an employer or group of employers having less than twenty-five employees who  are  eligible  for retirement benefits under the agreement.  (d)  The accumulation of any funds contributed by an employee shall be used for his exclusive benefit.
NY Ins L § 4604 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4604 - Contributions.

§  4604.  Contributions.  (a)  The  participating  employees,  or  the employer, or both may contribute to the funds  of  the  system  and  the rates  of  contribution shall be fixed by the trustees upon the basis of actuarial recommendations and shall be adequate to support the  benefits granted.  (b)  The  trustees  may,  with  the  approval  of  the superintendent, increase or decrease the rates of contribution whenever such  action  is deemed  by  them  necessary  to  preserve the solvency and equity of the system.
NY Ins L § 4605 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4605 - Reinsurance.

§  4605. Reinsurance. (a) All or any part of the pension benefits of a system may be reinsured in an insurance  company  authorized  to  insure such  risks  in  this  state,  as  may be provided for in the by-laws or declaration of trust of the retirement system.  (b) The reinsurance contract may be terminated  by  agreement  between the  reinsurer  and  the ceding retirement system or a successor and the assets supporting such agreement may be transferred to  such  system  or its  successor  in  one sum or over a period of years in accordance with terms and conditions approved by the superintendent. In such event,  the funds  transferred  in  one  sum  or  the  present  value  of sums to be transferred over a period of years shall become  an  admitted  asset  of such system or its successor.
NY Ins L § 4606 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4606 - Reserves.

§  4606.  Reserves.  (a) A system shall, except to the extent that its benefits are reinsured by an insurance company  authorized  to  transact such business in this state, create and maintain reserves, calculated to be  adequate  to  cover  the  liabilities on account of benefits payable under its contracts, by-laws, or declaration of trust.  (b)  The  calculation  shall  be  made  on  the  basis  of  mortality, disability, and other experience tables based on reliable experience for such or a similar group of employees and approved by the superintendent, and of interest at a rate which is approved by the superintendent and is not  in  excess of the maximum rate permitted to domestic life insurance companies under section four thousand  two  hundred  seventeen  of  this chapter  for  the  valuation  of  group annuities, for all participating employees in the system upon application by the  system  and  a  showing that  such  rate  can be supported by the income from the investments of the system.  (c) The reserves required in respect of service rendered  or  benefits granted  prior  to  the  date of organization or creation of such system under this chapter may be accumulated on a basis calculated to produce a balance between the actuarial present value of the  assets  and  of  the liabilities  of the system within a period of not exceeding thirty years from the date of the incorporation or creation thereunder.
NY Ins L § 4607 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4607 - Exemption From Taxation; Trusts; Higher Education Loans.

§  4607.  Exemption from taxation; trusts; higher education loans. (a) The property of a system, the portion of wages or salary of an  employee deducted  or  to  be  deducted,  the  right  of an employee to a pension benefit, and all his rights in the funds of the system, shall be  exempt from  taxation  and from the operation of any law relating to bankruptcy or insolvency, except as provided in section four thousand  six  hundred eight  of  this  article  and subject to the provisions of section three thousand two hundred twelve of this chapter.  (b) No trust created pursuant to this article shall be deemed  invalid as violating any existing laws against perpetuities or suspension of the power  of  alienation  of title to property; and the income arising from any property, real or personal, held in such trust may be  permitted  to accumulate  until  the  fund  shall  be sufficient in the opinion of its trustee or trustees to accomplish the purposes of such trust.  (c) Any system may lend money to any of its participating employees or their children, who are attending or  planning  to  attend  college,  to assist  them  in  meeting their expenses of higher education, where such loans  are  guaranteed  by  the  New  York  higher  education   services corporation in accordance with the provisions of article fourteen of the education  law.  In  such cases no further security for the repayment of such loans shall be required of the borrowers by such system.
NY Ins L § 4608 (2021)
2021 New York Laws ISC - Insurance Article 46 - Retirement Systems 4608 - Application.

§  4608. Application. (a) Every system organized or created under this chapter  shall  be  subject  to  the  provisions  of  this  article,  to subsection  (g) of section one thousand one hundred two of this chapter, to the appropriate provisions of articles one, three and seventy-four of this chapter, and to articles thirteen and  fourteen  of  this  chapter, insofar  as  applicable to the assets and investments of a domestic life insurance company, except that the provisions of  section  one  thousand four  hundred  four (and the provisions therein that relate specially to retirement systems) shall be applicable instead  of  the  provisions  of section one thousand four hundred five of this chapter.  (b) Article seventeen of this chapter is applicable to any such system for  the  purpose of investing in the stock of a domestic life insurance company organized on a restricted plan pursuant  to  the  provisions  of subsection  (b) of section four thousand two hundred two of this chapter and for investing in or otherwise acquiring subsidiaries  of  the  types described in section one thousand seven hundred four of this chapter.  (c)  Section  four thousand two hundred forty of this chapter shall be applicable to any such system  in  which  the  total  present  value  of benefits  provided by the employer for members in active service exceeds fifty million dollars, subject to such modifications in the  application of the provisions of such section as the superintendent may prescribe by rules  and  regulations  not  inconsistent  with  the provisions of this chapter, as may be  appropriate  to  carry  out  the  purposes  of  this article.
NY Ins L § 4701 (2021)
2021 New York Laws ISC - Insurance Article 47 - Municipal Cooperative Health Benefit Plans 4701 - Legislative Findings.

§  4701.  Legislative  findings.  (a)  Cooperative health risk-sharing agreements allow public entities to: share, in whole or part, the  costs of   self-funding  employee  health  benefit  plans;  provide  municipal corporations, school  districts  and  other  public  employers  with  an alternative  approach  to  stabilize  health claim costs; lower per unit administration  costs;  and  enhance  negotiating  power   with   health providers by spreading such costs among a larger pool of risks.  (b)  Appropriate  safeguards  are  necessary  to help keep self-funded municipal cooperative health benefits plans from exposing municipalities and  their  taxpayers  to  unpredictable  and  potentially  catastrophic liabilities.  Minimum standards regarding benefits and participation can better assure that  self-funded  municipal  cooperative  health  benefit plans  will  continue  to  act  responsibly  and  provide  coverage  for high-cost conditions and high-cost individuals.  (c) It is  the  policy  of  this  state  to  expand  the  alternatives available to public employers by permitting the development of municipal cooperative  health  benefit plans while, at the same time, establishing appropriate standards designed to promote  fair  competition  and  sound operation of such plans on an ongoing basis.  (d)  It  is the legislative intent that the superintendent implement a workable system of authorization and regulation of municipal cooperative health benefit plans in this state, in order to assure that  such  plans are:  (1)  operated on an actuarially sound basis with appropriate financial and other standards to protect plan participants and their beneficiaries as well as local taxpayers; and  (2) not unduly disruptive of the regulated insurance market and public health programs.
NY Ins L § 4707 (2021)
2021 New York Laws ISC - Insurance Article 47 - Municipal Cooperative Health Benefit Plans 4707 - Stop-Loss Requirements.

§ 4707. Stop-loss requirements. (a) The governing board of a municipal cooperative  health  benefit plan shall obtain and maintain on behalf of the plan a stop-loss insurance policy  or  policies  delivered  in  this state and issued by a licensed insurer, providing:  (1)  aggregate  stop-loss  coverage with an annual aggregate retention amount or attachment point not  greater  than  one  hundred  twenty-five percent  of the amount certified by a qualified actuary to represent the expected claims of the plan for the current fiscal year; and  (2) specific stop-loss coverage with a specific  retention  amount  or attachment  point  not greater than four percent of the amount certified by a qualified actuary to represent the plan's expected claims  for  the current fiscal year.  (b)  Upon  application  of the governing board, the superintendent may waive the requirement for the stop-loss insurance, in whole or part,  or modify  the maximum retention amounts or attachment points for stop-loss insurance, provided that:  (1) the plan maintains reserves and surplus equal to or  greater  than one hundred fifty percent of the amounts specified in paragraphs one and five  of  subsection  (a)  of section four thousand seven hundred six of this article; or  (2) the superintendent is satisfied that such waiver  or  modification of  retention  amounts  or attachment points would not be detrimental to the plan's solvency and stability, after  considering  such  factors  as availability  and  affordability of stop-loss insurance, the plan's past and expected experience,  plan  size,  reserves,  surplus,  and  premium equivalent   rates,   and  the  contingent  liability  of  participating municipal corporations.  (c) As an alternative to suspension or revocation pursuant to  section four  thousand  seven hundred twelve of this article, the superintendent may reduce the aggregate or  specific  stop-loss  retention  amounts  or attachment  points  specified  in subsection (a) of this section for any municipal  cooperative  health  benefit  plan  that  fails  to  maintain required reserves and surplus.
NY Ins L § 4708 (2021)
2021 New York Laws ISC - Insurance Article 47 - Municipal Cooperative Health Benefit Plans 4708 - Contingent Liability.

§  4708. Contingent liability. (a) The municipal cooperation agreement and  the  plan  document  delivered  to  each  participating   municipal corporation shall provide that every municipal corporation participating in  the municipal cooperative health benefit plan shall be liable in the event of an order issued pursuant to subsection (b) of this section  for an  assessment,  in addition to the amount of premium equivalent paid or payable.  (b) If the municipal cooperative health benefit  plan  does  not  have admitted  assets,  as  defined  in  section  one  hundred  seven of this chapter, at least equal to the aggregate of  its  liabilities,  reserves and  minimum  surplus  required  by this article, the governing board of such plan shall, within thirty days thereafter, order an assessment  for the  amount that will provide sufficient funds to remove such impairment and collect from each municipal corporation a pro  rata  share  of  such assessed amount.  (c)  Every  municipal  corporation  that participated in the municipal cooperative health benefit plan at any time during the  two-year  period prior  to  the  issuing  of  an assessment order by the plan's governing board shall, if notified of such assessment, pay its pro rata  share  of such assessment within ninety days after the issuance of that assessment order.  (d)  A  municipal corporation's pro rata share of any assessment shall be determined by applying the ratio of the total assessment to the total contributions or premium equivalents earned during the period covered by the assessment on all municipal corporations subject  to  assessment  to the  contribution  or  premium  equivalent  earned  during  such  period attributable to such municipal corporation.  (e) The contingent liability of municipal corporations for  additional premium  equivalents or assessments shall not be included as an asset in the financial statements of the  municipal  cooperative  health  benefit plan.
NY Ins L § 4709 (2021)
2021 New York Laws ISC - Insurance Article 47 - Municipal Cooperative Health Benefit Plans 4709 - Plan Benefits and Disclosure.

§  4709.  Plan benefits and disclosure. (a) The governing board of the municipal cooperative health benefit plan shall deliver or cause  to  be delivered  the plan document to all participating municipal corporations and  to  unions  which   are   the   exclusive   collective   bargaining representatives  of  employees  covered by the plan and the summary plan description to every employee  or  retiree  of  participating  municipal corporations covered by the plan.  (b)  The summary plan description shall be subject to regulation as if it were a health insurance subscriber  certificate,  provided  that  the superintendent  may  modify  or suspend any provision of this chapter or regulation  promulgated  thereunder  pertaining  to  scope  or  type  of coverage, if the superintendent determines:  (1)  such  provision of this chapter or regulation to be inappropriate for municipal cooperative health benefit plans;  (2) such modification or suspension  not  to  be  prejudicial  to  the interests of covered employees, retirees or dependents; and  (3)   such  modification  or  suspension  not  to  be  destructive  of competition.  (c) Conspicuously printed on the first page of the plan  document  and summary plan description, in at least ten point bold-face type, shall be the following statement:   "This  municipal  cooperative  health  benefit  plan is not a licensed insurer. It operates under  a  more  limited  certificate  of  authority granted   by   the   superintendent  of  financial  services.  Municipal corporations participating in the municipal cooperative  health  benefit plan are subject to contingent assessment liability."