NY Ins L § 5908 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5908 - Notice and Registration Requirements of Purchasing Groups.

§ 5908. Notice and registration requirements of purchasing groups. (a) A  purchasing  group  which  intends to do business in this state shall, prior to doing such business, furnish notice of such  intention  to  the superintendent. This notice shall include the following information:  (1) the state in which the group is domiciled;  (2) the principal place of business of the group;  (3)  the  kinds  and  classifications of liability insurance which the purchasing group intends to purchase;  (4) the method by which, and the person  or  persons  if  any  through whom,  insurance will be offered to its members whose risks are resident or located in this state;  (5) the name and  chartering  jurisdiction  of  the  insurer  or  risk retention  group from which the purchasing group intends to purchase its insurance; and  (6) all other states in which the group intends to do business.  (b) A purchasing group shall, as to any subsequent changes in  any  of the  items  set  forth  in  subsection  (a)  of this section, notify the superintendent within ten days of any such change.  (c) Each purchasing group which is required to give notice pursuant to subsection (a) of this section shall also furnish  such  information  as may be required by the superintendent to:  (1) verify that the entity qualifies as a purchasing group; and  (2) determine compliance with any applicable state law.  (d)  A purchasing group which does business in this state shall submit to the superintendent a statement of registration, for  which  a  filing fee  shall  be imposed in accordance with a regulation to be promulgated by the superintendent, which statement of registration shall  include  a certified  power of attorney designating the superintendent as its agent for the purpose of receiving service of legal documents or process.  (1) The power of attorney shall be accompanied by written  designation of  the  name and address of the officer, agent, or other person to whom such legal documents or process shall be forwarded by the superintendent or his deputy on behalf of such purchasing  group.  In  the  event  such designation  is changed, a new certificate of designation shall be filed with the superintendent within ten days of such change.  (2) Service of legal documents or  process  upon  a  purchasing  group pursuant to this subsection shall be made by serving the superintendent, any  deputy  superintendent  or  any salaried employee of the department whom the superintendent designates for  such  purpose  with  two  copies thereof  and  the payment of a fee of twenty dollars. The superintendent shall forward a copy of such legal documents or process by registered or certified mail to the purchasing group  at  the  address  given  in  its written certificate of designation, and shall keep a record of all legal documents  or  process so served upon him. Service of legal documents or process so made shall be deemed made within the territorial jurisdiction of any court in this state.  (3) The registration and designation requirement  of  this  subsection shall  not  apply in the case of a purchasing group which only purchases insurance that was authorized under the Federal Product  Liability  Risk Retention Act of 1981; and  (A)  was domiciled before April first, nineteen hundred eighty-six and is domiciled  on  or  after  October  twenty-seventh,  nineteen  hundred eighty-six in any state;  (B)   before  October  twenty-seventh,  nineteen  hundred  eighty-six, purchased liability insurance only from an insurer licensed in any state and since October twenty-seventh, nineteen hundred eighty-six  purchases its liability insurance only from an insurer licensed in any state; and  (C)  before October twenty-seventh, nineteen hundred eighty-six, was a purchasing group under the requirements of the federal Product Liability Risk Retention Act of 1981.  (e)  Any purchasing group which was doing business in this state prior to the enactment of this article shall, within  thirty  days  after  the effective  date  of  this  article, furnish notice to the superintendent pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b), (c) and (d) of this section.