NY Ins L § 6113 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6113 - Foreign or Alien Reciprocal Insurers.

§  6113.  Foreign or alien reciprocal insurers. (a) The superintendent may, in his discretion, pursuant to section one thousand one hundred six of this chapter, issue a license to a reciprocal insurer  domiciled  in, or  organized  under  the  laws  of  another state or of any province of Canada, to do in this state such kind or kinds of insurance business  as a domestic reciprocal insurer may be authorized to do in this state.  (b)  Such  foreign  or  alien  reciprocal  insurer  shall  comply with substantially the same requirements of this chapter which are applicable to domestic reciprocal insurers organized and authorized to do the  same kind  or  kinds  of  insurance business and in addition every such alien reciprocal shall be subject to the provisions of this  chapter  relating to  alien insurance companies authorized to do the same kind or kinds of insurance business.  (c) Nothing herein contained shall  be  deemed  to  require  that  the attorney-in-fact  of  a  foreign  or  alien  reciprocal insurer shall be resident or domiciled in this  state,  or  shall  maintain  his  or  its principal  office in this state, or shall be organized under the laws of this state; but every authorized reciprocal insurer  shall  maintain  at least one office in this state.  (d) Every foreign or alien reciprocal insurer shall maintain a minimum surplus to policyholders in an amount at least equal to that required of a  similar  domestic reciprocal insurer organized and licensed to do the same kind or kinds of insurance.  (e) The superintendent shall pursuant  to  section  one  thousand  two hundred twelve of this chapter be appointed the true and lawful attorney for  every such foreign or alien reciprocal insurer and any service upon him shall be equivalent to the personal service  within  this  state  of such  process  on  each  and  every  of  the  individual  subscribers or underwriters, by whatever name called, of such reciprocal insurer.  (f) (1) The superintendent  may  accept  the  statement  of  the  duly authorized   attorney-in-fact,  or  of  any  officer  of  a  corporation attorney-in-fact,  or  of  any  member  of  a   firm   attorney-in-fact, subscribed  and  affirmed by him as true under the penalties of perjury, that all of the subscribers have  executed  the  subscriber's  agreement used  by  such  reciprocal  insurer, which agreement shall authorize the attorney-in-fact to designate and appoint the superintendent as attorney in  this  state  and  the  supervisory  insurance  officials  of   other jurisdictions upon whom legal process may be served.  (2)  Whenever  any  change,  amendment or modification of the power of attorney or subscriber's agreement has been submitted for  execution  to subscribers,  in  the  manner  prescribed  by  section  six thousand one hundred seven of this article, a certified copy thereof shall  be  filed with  the  superintendent  and  within  thirteen months thereafter there shall be filed with the superintendent a statement similarly  subscribed to the effect that it has been signed by all subscribers of record.  (3)  The attorney-in-fact shall annually with the filing of the annual statement of such foreign or alien reciprocal insurer certify  that  all other  and  additional  subscribers  which have joined such insurer have executed the subscriber's agreement as last amended and on file with the superintendent.  (g) The subscriber's agreement and articles of association, if any, of every foreign reciprocal insurer licensed to do business in  this  state on   January   first,  nineteen  hundred  forty  shall  conform  to  the requirements applicable to a domestic reciprocal insurer  organized  and licensed after such date.