NY Ins L § 6610 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6610 - Limitation of Risk.

§  6610.  Limitation  of  risk. (a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in  other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by a  co-operative property/casualty insurance company on a single risk for every kind of insurance it is authorized to write shall not  exceed,  in accordance  with  section  one  thousand  one  hundred  fifteen  of this chapter, ten percent of its surplus to policyholders  as  shown  in  its last sworn statement filed with the superintendent.  (b)  The  maximum  amount  of  insurance  less  reinsurance  in  other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an advance premium corporation on property not  protected  by  automatic sprinklers,  situated  within the boundaries of one city block or on one group of buildings composed of attached or adjacent buildings which have less than sixty feet of clear space at all points between such buildings and other buildings, shall not exceed ten  percent  of  its  surplus  to policyholders  as  shown  in  its  last  sworn  statement filed with the superintendent.  (c)  The  maximum  amount  of  insurance  less  reinsurance  in  other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an  assessment  corporation  on a single risk for the kinds of insurance listed below shall not exceed three percent of its surplus as  shown  in its  last  sworn  statement  filed  with  the superintendent or fourteen thousand dollars, whichever is greater.   Kinds of insurance specified in the following numbered  paragraphs  of subsection  (a)  of  section  one  thousand one hundred thirteen of this chapter:  (4) fire insurance;  (5) miscellaneous  property  insurance  (excluding  insurance  against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption);  (6) water damage insurance;  (7) burglary and theft insurance;  (8) glass insurance;  (9) boiler and machinery insurance;  (12) collision insurance;  (20) marine and inland marine insurance (inland marine insurance only; except  insurance  within  paragraph  twenty against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption).   The term "risk" means property which is situate less than  sixty  feet from  other  property  except  property  consisting  of  or located in a building of fire resistive construction or fully protected by  automatic sprinklers.  (d)  The  maximum amount of insurance (including the obligation to pay outside loss adjustment expense) less reinsurance  in  other  authorized insurers  or  accredited  reinsurers  as  defined  in  subsection (a) of section one hundred seven of this chapter which may  be  assumed  by  an assessment  corporation  on  a  single  risk  for the kinds of insurance listed below shall not exceed two percent of its surplus as shown in its last sworn statement filed with the superintendent.   Kinds of insurance specified in the following numbered  paragraphs  of subsection  (a)  of  section  one  thousand one hundred thirteen of this chapter:  (13) personal injury liability insurance;  (14) property damage liability insurance;  (15) workers'  compensation   and   employers'   liability   insurance (excluding  workers'  compensation insurance, but not excluding workers'  compensation insurance required  by  subsection  (j)  of  section  three thousand four hundred twenty of this chapter);  (19)  motor  vehicle and aircraft physical damage insurance (excluding aircraft physical damage insurance).  (e)  The  maximum  amount  of  insurance  less  reinsurance  in  other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an  assessment  corporation  on  a  single  risk  for  insurance against windstorm, tornado, cyclone,  flood,  earthquake  or  volcanic  eruption shall  not  exceed two percent of its surplus as shown in its last sworn statement filed with the  superintendent,  provided  however,  that  the aggregate  amount  incurred,  after  deducting  such  reinsurance,  with respect to losses due to a single occurrence of such insured peril which exceeds ten percent of the company's surplus as shown in its last  sworn statement  filed  with  the  superintendent  shall be reinsured in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven  of  this  chapter.  The  term  "single occurrence"  means  all  losses  occasioned  by the perils of windstorm, tornado, cyclone, flood, earthquake or volcanic  eruption  arising  from the   same   continuous   atmospheric   disturbance  or  other  physical disturbance occurring within a seventy-two hour period.