NY Ins L § 1113 (2021)
2021 New York Laws ISC - Insurance Article 11 - Licensing of Insurers 1113 - Kinds of Insurance Authorized.

§  1113.  Kinds  of  insurance  authorized. (a) The kinds of insurance which may be authorized in this state, subject to  other  provisions  of this   chapter,  and  their  scope,  are  set  forth  in  the  following paragraphs. The power to do any kind of insurance  against  loss  of  or damage  to  property  shall  include  the  power  to  insure  all lawful interests in such property  and  to  insure  against  loss  of  use  and occupancy,  rents  and profits resulting therefrom. No kind of insurance shall include life insurance, title insurance or insurance against legal liability for personal injury or death unless specified in this section. In addition to any power  specifically  conferred  by  this  chapter  to engage  in  any  other  kind of business than an insurance business, any insurer authorized to do business in this  state  may  engage  in  other kinds  of  business  to the extent necessarily or properly incidental to the kinds of insurance business it is authorized to do in this state.  (1) "Life Insurance," means every insurance upon the  lives  of  human beings, and every insurance appertaining thereto, including the granting of  endowment  benefits,  additional  benefits  in the event of death by accident, additional benefits to  safeguard  the  contract  from  lapse, accelerated  payments  of  part or all of the death benefit or a special surrender value upon (A) diagnosis of terminal illness defined as a life expectancy of  twelve  months  or  less,  (B)  diagnosis  of  a  medical condition  requiring  extraordinary medical care or treatment regardless of  life  expectancy,  (C)  certification  by  a  licensed  health  care practitioner  of  any  condition  which requires continuous care for the remainder of the insured's life in an eligible facility or at home  when the  insured  is  chronically  ill  as defined by Section 7702(B) of the Internal  Revenue  Code  and  regulations   thereunder,   provided   the accelerated  payments  qualify  under  Section 101(g)(3) of the Internal Revenue Code and all other applicable sections of federal law  in  order to  maintain  favorable  tax  treatment, (D) certification by a licensed health care practitioner that the insured is chronically ill as  defined by  Section  7702  (B)  of  the  Internal  Revenue  Code and regulations thereunder, provided the  accelerated  payments  qualify  under  Section 101(g)(3) of the Internal Revenue Code and all other applicable sections of  federal  law  in  order to maintain favorable tax treatment, (E) the insured's having been a resident  of  a  nursing  home,  as  defined  in section  twenty-eight hundred one of the public health law, for a period of three months or more, with an  expectation  that  such  insured  will remain  a  resident  of a nursing home until death, or (F) the insured's having been the recipient of end of  life  or  palliative  care,  for  a period of three months or more, at a residential health care facility as defined  in subdivision three of section twenty-eight hundred one of the public health law, home care services as defined in subdivision  one  of section  thirty-six  hundred  two of the public health law or hospice as defined in subdivision one of section four thousand two  of  the  public health  law,  with  the  expectation  that such insured will continue to require such services until death.  "Life  insurance"  also  includes  a special  surrender  value  upon  total  and  permanent disability of the insured, optional  modes  of  settlement  of  proceeds,  and  additional benefits  to  safeguard  the  contract  against  lapse  in  the event of unemployment of the insured or in the event the insured is a resident of a nursing home. Amounts paid the insurer for life insurance and proceeds applied under optional modes of settlement or under dividend options may be allocated by the insurer to one or more separate accounts pursuant to section four thousand two hundred forty of this chapter.  (2) "Annuities," means all agreements to make periodical payments  for a  period certain or where the making or continuance of all or some of a series of such payments, or the amount of any such payment, depends upon  the continuance of human life, except payments made under the  authority of  paragraph  one hereof. Amounts paid the insurer to provide annuities and proceeds  applied  under  optional  modes  of  settlement  or  under dividend options may be allocated by the insurer to one or more separate accounts  pursuant  to  section  four thousand two hundred forty of this chapter.  (3) "Accident and health insurance," means (i) insurance against death or personal injury by accident or by any  specified  kind  or  kinds  of accident  and  insurance  against  sickness,  ailment  or bodily injury, including insurance  providing  disability  and  family  leave  benefits pursuant  to  article  nine  of the workers' compensation law, except as specified in item  (ii)  hereof;  and  (ii)  non-cancellable  disability insurance, meaning insurance against disability resulting from sickness, ailment  or  bodily  injury  (but  excluding  insurance  solely  against accidental injury) under any contract which does not  give  the  insurer the option to cancel or otherwise terminate the contract at or after one year from its effective date or renewal date.  (4) "Fire insurance," means insurance against loss of or damage to any property  resulting  from fire, including loss or damage incident to the extinguishment of a fire or to the salvaging of property  in  connection therewith.  (5)  "Miscellaneous  property  insurance,"  means loss of or damage to property resulting from:  (A)  lightning,  smoke  or  smudge,   windstorm,   tornado,   cyclone, earthquake,  volcanic eruption, rain, hail, frost and freeze, weather or climatic conditions, excess or deficiency of moisture, flood, the rising of the waters of the ocean or its tributaries;  (B) insects, or blights, or disease of such property except animals;  (C) electrical disturbance causing or concomitant with a  fire  or  an explosion in public service or public utility property;  (D) bombardment, invasion, insurrection, riot, civil war or commotion, military  or  usurped  power,  any  order  of  a civil authority made to prevent  the  spread  of  a  conflagration,  epidemic  or   catastrophe, vandalism  or  malicious  mischief, strike or lockout, collapse from any cause, or explosion; but excluding any kind of  insurance  specified  in paragraph  nine  hereof,  except  insurance against loss of or damage to property resulting from:  (i) explosion of pressure vessels (except steam boilers of  more  than fifteen  pounds  pressure)  in  buildings  designed  and used solely for residential purposes by not more than four families,  (ii) explosion of any kind originating outside of the insured building or outside of the building containing the property insured,  (iii) explosion of pressure vessels which  do  not  contain  steam  or which are not operated with steam coils or steam jackets, or  (iv)  electrical  disturbance causing or concomitant with an explosion in public service or public utility property; or  (E) lateral or vertical subsidence of the  earth  caused  by  past  or present mining operations.  (6)  "Water  damage insurance," means insurance against loss or damage by water or other fluid or substance to any property resulting from  the breakage  or leakage of sprinklers, pumps or other apparatus erected for extinguishing fires or of water pipes or other conduits  or  containers, or  resulting  from  casual  water entering through leaks or openings in buildings or by seepage through building walls, but  excluding  loss  or damage  resulting from flood or the rising of the waters of the ocean or its tributaries; and including insurance against  accidental  injury  of such sprinklers, pumps, fire apparatus, conduits or containers.  (7) "Burglary and theft insurance," means:  (A)  Insurance  against  loss of, or damage to, any property resulting from burglary,  theft,  larceny,  robbery,  forgery,  fraud,  vandalism, malicious  mischief,  confiscation, or wrongful conversion, disposal, or concealment by any person, or from any attempt thereof;  (B)  Insurance  against loss of, or damage to, moneys, coins, bullion, securities, notes, drafts, acceptances, or any other valuable papers  or documents,  resulting  from  any  cause,  except while in the custody or possession of, and being transported by, any carrier for hire or in  the mail;  (C)  Insurance  of  individuals by means of an all-risk type of policy commonly known as the "Personal Property Floater" against any  kind  and all  kinds  of  loss  of,  or damage to, or loss of use of, any personal property other than merchandise;  (D) Insurance covering a ransom or  reward  payment  incurred  as  the result  of  an  abduction  or  the theft of property; travel and lodging expense and lost wages incurred as the result of an  act  or  threatened act  of  violence;  expense  incurred to locate or identify a missing or abducted person; or other expenses  to  respond  to  a  violent  act  or threatened act, or to prevent a reoccurrence thereof; and  (E)  Insurance  against  losses  and expenses resulting from a "stolen identity event," which shall include the theft, accidental  release,  or publication  of,  or  misappropriation  of  information  related  to, an individual's personal identification, social security number,  or  other method  of  identifying  the  individual, that has resulted in, or could reasonably result in, the wrongful use of the information.  (8) "Glass insurance," means insurance against loss of  or  damage  to glass and its appurtenances resulting from any cause.  (9)  "Boiler and machinery insurance," means insurance against loss of or damage to any property of the insured, resulting from explosion of or injury to:  (A) any boiler, heater or other fired pressure vessel;  (B) any unfired pressure vessel;  (C) pipes or containers connected with any such boilers or vessels;  (D) any engine, turbine, compressor, pump or wheel;  (E) any apparatus generating, transmitting or using electricity; or  (F) any other machinery or apparatus connected with or operated by any such boilers, vessels or machines; and including the incidental power to make inspections of, and issue certificates of inspection upon, any such boilers, apparatus, and machinery, whether insured or otherwise.  (10) "Elevator insurance," means insurance against loss of  or  damage to any property of the insured, resulting from ownership, maintenance or use of elevators, except loss or damage by fire.  (11)  "Animal insurance," means insurance against loss of or damage to any domesticated or wild animal resulting from any cause.  (12) "Collision insurance," means insurance against loss of or  damage to  any  property  of  the insured resulting from collision of any other object with such property, but excluding collision to or  by  elevators, or to or by vessels, craft, piers or other instrumentalities of ocean or inland navigation.  (13)  "Personal  injury  liability insurance," means insurance against legal liability of the insured, and  against  loss,  damage  or  expense incident   to  a  claim  of  such  liability  (including  the  insurer's obligation to pay medical, hospital, surgical and disability benefits to injured  persons,  and  funeral  and  death  benefits   to   dependents, beneficiaries  or  personal  representatives  of persons who are killed, irrespective of legal liability of the insured), arising out of death or injury of any person, or arising out of injury to the economic interests of any  person,  as  the  result  of  negligence  in  rendering  expert,  fiduciary  or  professional service, but excluding any kind of insurance specified in paragraph fifteen except insurance to  protect  an  insured against  liability  for indemnification or contribution to a third party held responsible for injury to the insured's employee arising out of and in  the  course of employment when such insurance is written pursuant to this paragraph and not written pursuant to  paragraph  fifteen  of  this subsection.  (14)  "Property  damage  liability insurance," means insurance against legal liability of the insured, and  against  loss,  damage  or  expense incident  to  a  claim  of  such  liability,  arising out of the loss or destruction of, or damage to, the property of any other person, but  not including any kind of insurance specified in paragraph thirteen, fifteen or twenty-eight of this subsection.  (15) "Workers' compensation and employers' liability insurance," means insurance  against  the  legal liability, under common law or statute or assumed by contract, of any employer for the death or disablement of, or injury to,  his  employee,  including  volunteer  firefighters'  benefit insurance  provided  pursuant to the volunteer firefighters' benefit law including  volunteer  ambulance  workers'  benefit  insurance   provided pursuant  to  the volunteer ambulance workers' benefit law and insurance for workers' compensation benefits for death and injuries arising out of crimes provided by the independent livery driver benefit  fund  pursuant to article six-G of the executive law.  (16) "Fidelity and surety insurance," means:  (A)  Guaranteeing  the fidelity of persons holding positions of public or private trust; and indemnifying banks,  thrifts,  brokers  and  other financial  institutions  against  loss  of money, securities, negotiable instruments, other specified  valuable  papers  and  tangible  items  of personal  property caused by larceny, misplacement, destruction or other stated perils including loss while being transported in an armored motor vehicle or by messenger; and insurance for loss caused by the forgery of signatures on,  or  alteration  of,  specified  documents  and  valuable papers;  (B)  Insurance  against  losses  that  financial  institutions  become legally obligated to pay by reason of loss of customers'  property  from safe deposit boxes;  (C) Any contract bond; including a bid, payment or maintenance bond or a  performance  bond where the bond is guaranteeing the execution of any contract other  than  a  contract  of  indebtedness  or  other  monetary obligation;  (D)  An  indemnity  bond for the benefit of a public body, railroad or charitable organization; a lost security or utility payment bond;  (E) Becoming surety on, or guaranteeing the performance of, any lawful contract, not specifically provided for in this paragraph, but does  not include becoming surety on, or guaranteeing the performance of:  (i)  any  insurance  contract except as authorized pursuant to section one thousand one hundred fourteen of this article; or  (ii)  any  contract,  if  becoming  surety  on,  or  guaranteeing  the performance of that contract, would constitute:   a. mortgage guaranty insurance as defined in subsection (a) of section six thousand five hundred one of this chapter;   b.  financial  guaranty  insurance  as  defined  in  subsection (a) of section six thousand nine hundred one of this chapter; or   c. service contract reimbursement insurance as  defined  in  paragraph twenty-eight of this subsection;  (F)  Becoming surety on, or guaranteeing the performance of, bonds and undertakings required  or  permitted  in  all  judicial  proceedings  or otherwise  by law allowed, including surety bonds accepted by states and  municipal  authorities  in  lieu  of  deposits  as  security   for   the performance of insurance contracts;  (G)  Becoming  surety  on,  or  guaranteeing  the  performance of, any agreement for the lease or rental of non-residential  real  property  or tangible  personal property, provided that the obligation of the insurer shall not exceed a period of five years, and  the  bond  is  not  issued directly  or  indirectly  in  connection  with the sale of securities, a pooling of financial assets or a  credit  default  swap  as  defined  by article sixty-nine of this chapter;  (H) Becoming surety on, or guaranteeing the performance of, a contract of  indebtedness  or  other monetary obligation where: (i) the aggregate gross principal, interest, and other amounts of  indebtedness  or  other monetary  obligations of any obligor whose obligations are guaranteed by the insurer under all bonds issued to  that  obligor  pursuant  to  this subparagraph  by  the  insurer  does not exceed ten million dollars; and (ii) the bond is not issued directly or indirectly  in  connection  with the  sale  of  securities,  a  pooling  of financial assets, or a credit default swap as defined by article sixty-nine of this chapter; and (iii) the bond by its terms terminates upon any sale or other transfer of  the insured  obligation in connection with the sale of securities, a pooling of financial assets, or a credit default  swap  as  defined  by  article sixty-nine of this chapter;  (I)  A depository bond that insures deposits in financial institutions to the extent of the excess over  the  amount  insured  by  the  Federal Deposit Insurance Corporation; and  (J)  Becoming  surety  on, or guaranteeing the performance of, a bond, which shall not exceed a period greater than five years, that guarantees the payment of a premium, deductible, or self-insured  retention  to  an insurer issuing a workers' compensation or liability policy.   In  this chapter "fidelity" insurance shall have the meaning set forth in subparagraphs (A) and (B) of this paragraph.  (17) "Credit insurance," means:  (A) Indemnifying merchants or other persons extending  credit  against loss  or  damage  resulting  from non-payment of debts owed to them, for goods and services provided in the  normal  course  of  their  business, including  the  incidental  power  to  acquire  and  dispose of debts so insured, and to collect any  debts  owed  to  such  insurer  or  to  the insured, but no insurance may be written as credit insurance if it falls within  the  definition  of financial guaranty insurance as set forth in paragraph one of subsection (a) of section six thousand nine hundred one of this chapter;  (B) Indemnifying any person for expenses disbursed or to be  disbursed under  a  contract  in  connection  with  the  cancellation of a catered affair;  (C) Indemnifying any person for tuition and other educational expenses disbursed or to be disbursed under a contract in connection with his  or her   dismissal  or  withdrawal  from  an  educational  institution;  or indemnifying elementary or secondary schools, whether  public,  private, profit  or non-profit, providing education in consideration of a tuition charge or fee against loss or damage in the event of non-payment of  the tuition  charges  or  fees of a student or pupil dismissed, withdrawn or leaving before the end of the school year for  which  the  insurance  is written.   An   educational  institution  may  not  require  any  person responsible for the payment of a student's or pupil's tuition charge  or fee to pay for tuition refund insurance;  (D) (i)(I) Indemnifying an adoptive parent for verifiable expenses not prohibited  under  the law paid to or on behalf of the birth mother when either one or both of  the  birth  parents  of  the  child  withdraw  or  withhold   their   consent   to  adoption.  Such  expenses  may  include maternity-connected medical or hospital expenses of  the  birth  mother, necessary  living  expenses  of  the  birth  mother preceding and during confinement,  travel  expenses  of  the  birth mother to arrange for the adoption of the child, legal fees of the birth  mother,  and  any  other expenses that an adoptive parent may lawfully pay to or on behalf of the birth mother; or (II) Indemnifying an intended parent for financial loss incurred as a result of the failure by the person acting as surrogate to perform  under  the  surrogacy  contract  due  to  death, bodily injury, sickness,  disappearance  of  the  person  acting  as  surrogate,   late miscarriage,  or  stillbirth.  Such financial loss shall include medical and  hospital  expenses,   insurance   co-payments,   deductibles,   and coinsurance, necessary living expenses of the person acting as surrogate during  the  term  of the surrogacy contract, travel expenses to arrange for the surrogacy, legal fees of the person acting as surrogate, and any other expenses that an intended parent may lawfully pay to or on  behalf of  the  person  acting  as surrogate; and (ii) For the purposes of this subparagraph "adoptive parent" means the parent or  his  or  her  spouse seeking  to adopt a child, "birth mother" means the biological mother of the child, "birth parent" means  the  biological  mother  or  biological father  of  the  child, and the terms "donor", "intended parent", person acting as surrogate", and "surrogacy agreement" shall have  the  meaning set forth in section 581-102 of the family court act; or  (E)  Indemnifying  professional  sports  participants  (including  any person who participates or expects to participate as  a  player,  coach, manager,  trainer,  physician or other person directly associated with a player or a team) under contract or the teams with which the contract is made, entertainers under contract to perform or the entities with  which the  contract  is  made,  or  business  executives  under  an employment contract or  the  entities  with  which  the  contract  is  made,  where contracts between such persons and teams or entities cannot be fulfilled due  to  a  sports  participant's, entertainer's or business executive's death, personal injury by accident, sickness, ailment or  bodily  injury that  causes disability, where such indemnification is for the amount of financial loss that is sustained by the insured party or parties due  to the inability to fulfill the terms of the contract.  (F)  Indemnifying any person for expenses disbursed or to be disbursed for a ticket to an event, including any fees, when the person cannot use the ticket and the event does not fully reimburse  the  person  for  the expenses or provide a ticket of equal value or a rain check.  (18)  "Title  insurance,"  means insuring owners of, and other persons lawfully interested in, real property and chattels real against loss  by reason of defective titles and encumbrances and insuring the correctness of searches for all instruments, liens or charges affecting the title to such  property,  including  power  to  procure  and  furnish information relative thereto, and such other incidental powers as  are  specifically granted in this chapter.  (19)  "Motor  vehicle  and  aircraft physical damage insurance," means insurance against loss of or damage to motor vehicles  or  aircraft  and their  equipment  resulting  from any cause; and insurance reimbursing a driver  for  costs  including   replacement   car   rental,   commercial transportation  and accommodations resulting from an automobile accident or mechanical breakdown occurring fifty miles or more from the  driver's principal place of residence or garaging.  (20) "Marine and inland marine insurance," means insurance against any and all kinds of loss of or damage to:  (A)  Vessels,  hulls, craft, aircraft, cars, automobiles, trailers and vehicles of every kind, and all goods, freights,  cargoes,  merchandise,  effects,  disbursements,  profits,  moneys,  bullion,  precious  stones, securities, choses  in  action,  evidences  of  debt,  valuable  papers, bottomry  and respondentia interests and all other kinds of property and interests  therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit,  or  transportation, including war risks, on or under any seas or other waters, on land or in the  air, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting the same or during any delays,  storage,  transshipment,  or   reshipment   incident   thereto, including  marine  builder's  risks  and  all  personal property floater risks;  (B) Person or property in connection with or appertaining  to  marine, inland  marine, transit or transportation insurance, including liability for loss of or damage to either, arising out of or  in  connection  with the  construction,  repair, operation, maintenance or use of the subject matter of such insurance (but not including  life  insurance  or  surety bonds  nor  insurance  against  loss  by  reason of bodily injury to the person arising out of ownership, maintenance or use of automobiles);  (C) Precious stones, jewels, jewelry, gold, silver and other  precious metals,  whether  used in business or trade or otherwise and whether the same be in course of transportation or otherwise; and  (D) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their improvements and  betterments, furniture and furnishings, fixed contents and supplies held in storage), including  auxiliary  facilities and equipment attendant thereto; piers, wharves, docks and slips; other aids to navigation  and  transportation, including dry docks and marine railways.   In  this chapter "inland marine" insurance shall not include insurance of vessels, crafts, their cargoes,  marine  builders'  risks,  or  other similar  risks,  commonly  insured  only  under  ocean  marine insurance policies.  (21) "Marine protection  and  indemnity  insurance,"  means  insurance against,  or against legal liability of the insured for, loss, damage or expense arising out  of,  or  incident  to,  the  ownership,  operation, chartering,  maintenance,  use,  repair  or  construction of any vessel, craft or instrumentality in use in ocean or inland waterways,  including liability  of  the  insured for personal injury, illness or death or for loss of or damage to the property of another person.  (22) "Residual value insurance" means insurance issued  in  connection with  a  lease or contract which sets forth a specific termination value at the end of the term of the lease or contract for the property covered by such lease or contract, and which insures against  loss  of  economic value  of  tangible  personal  property or real property or improvements thereto except loss due to physical damage to  property,  excluding  any lease or contract that falls within the definition of financial guaranty insurance as set forth in paragraph one of subsection (a) of section six thousand nine hundred one of this chapter.  (23)  "Mortgage  guaranty  insurance,"  means  the  kind  of insurance specified in section six thousand five hundred one of this chapter.  (24) "Credit unemployment insurance" means insurance on  a  debtor  in connection  with a specified loan or other credit transaction within the state to provide payments to a creditor in the event of unemployment  of the  debtor for the installments or other periodic payments becoming due while a debtor is unemployed.  (25) "Financial guaranty  insurance,"  means  the  kind  of  insurance defined  in paragraph one of subsection (a) of section six thousand nine hundred one of this chapter.  (26) "Gap insurance" means insurance covering the gap amount which  is payable  upon  the total loss of personal property, which is the subject of a lease or loan or other credit transaction occasioned by  its  theft or physical damage. The kinds of gap insurance are:  (A)  "Motor  vehicle  lessor/creditor gap insurance" which insures the lessor, creditor, or the lessor's or creditor's assignee, under a  motor vehicle  lease or loan or other credit transaction pursuant to which the lessor, creditor, or, in the absence  of  a  waiver  by  the  lessor  or creditor, the assignee has waived the obligation of the lessee or debtor for the gap amount;  (B)  "Motor  vehicle  lessee/debtor  gap  insurance" which insures the lessee or debtor under a motor vehicle lease or  loan  or  other  credit transaction  pursuant  to which the lessor, creditor, or the lessor's or creditor's assignee has not waived  the  obligation  of  the  lessee  or debtor for the gap amount;  (C)  "Non-motor  vehicle  lessor/creditor gap insurance" which insures the lessor, creditor, or the lessor's or creditor's  assignee,  under  a lease  or  loan  or  other credit transaction covering personal property other than a motor vehicle pursuant to which the lessor,  creditor,  or, in  the absence of a waiver by the lessor or creditor, the assignee, has waived the obligation of the lessee or debtor for the gap amount; and  (D) "Non-motor vehicle lessee/debtor gap insurance" which insures  the lessee  or  debtor  under  a  lease  or loan or other credit transaction covering personal property other than a motor vehicle pursuant to  which the  lessor,  creditor,  or  the lessor's or creditor's assignee has not waived the obligation of the lessee or debtor for the gap amount.  (27)  "Prize  indemnification  insurance,"  means  insurance   against financial  loss  by  reason  of  payment of any sum or item awarded to a participant in any lawful contest or sports related event.  (28) "Service contract reimbursement insurance" means insurance issued to a provider pursuant to article seventy-nine of this  chapter  whereby the  insurer  agrees,  for  the  benefit of service contract holders, to discharge the obligations and liabilities of  such  provider  under  the terms  of  the  service contracts issued by such provider, including the return of unearned provider fees upon any termination or cancellation of service  contracts,  in  the  event  of  non-performance  of  any   such obligations  or  liabilities  by  such provider. Such insurance may also include insurance issued to a provider to  indemnify  the  provider  for losses  sustained  by  reason  of  the  performance  of  such provider's obligations  under  service  contracts  issued   pursuant   to   article seventy-nine of this chapter.  (29)  "Legal  services  insurance"  means  insurance  providing  legal services or reimbursement of the cost of legal services.  (30) "Involuntary unemployment insurance" means insurance against  the loss of income due to the involuntary loss of full-time employment which is the result of an individual or mass layoff or employer termination, a temporary  suspension or permanent cessation of employment or a business failure.  (31) "Salary protection insurance" means insurance  against  financial loss  caused  by  the  cessation of earned income due to disability from sickness, ailment or bodily injury, in an amount up to: (A) that portion of an individual's annual earned income which is in excess of the amount of in force disability insurance as defined in paragraph three  of  this subsection  in  an  amount  not  to  exceed  seventy-five percent of the individual's annual earned income in total based upon the sum of the  in force  disability  insurance  and  salary  protection insurance when the benefits are payable to the individual or the individual's  beneficiary; or  (B) where such underlying disability insurance cannot be obtained by  an individual from an authorized insurer, in an  amount  not  to  exceed seventy-five  percent  of the individual's annual earned income when the benefits are payable to the individual or the individual's  beneficiary. Any  insurer  licensed  to  write  disability  insurance  as  defined in paragraph three of this subsection  may  also  write  salary  protection insurance as defined in this paragraph.  (32) "Donor medical expense insurance" means insurance indemnifying an intended  parent  for  medical  or  hospital  expenses that the intended parent is contractually obligated to pay under a  donor  agreement  when the expenses result from medical complications that occur as a result of the  donation  of  gametes.  For the purpose of this paragraph, "donor", "gametes" and "intended parent" shall have  the  meaning  set  forth  in section 581-102 of the family court act.  (33)  "Excess  business disability insurance," means insurance against financial loss experienced by a corporate entity or a partnership  where an  individual  integral  to  the successful operation of such corporate entity or partnership becomes  disabled  due  to  sickness,  ailment  or bodily  injury.  Such  insurance  may be obtained in excess of a primary business-related disability policy, or in the absence of such  a  policy if  coverage  cannot  be  obtained  from  an  authorized insurer. Excess business disability insurance coverage may include, but is  not  limited to,  reimbursement  for  all overhead costs and expenses and all capital outlays of a corporate entity or partnership which such corporate entity or partnership incurs in the ordinary  course  of  business  during  the period  of disability; and buy/sell arrangements in an amount sufficient to purchase the disabled individual's interest share  in  the  corporate entity or partnership.  (34)  "Substantially  similar kind of insurance," means such insurance which  in  the  opinion  of  the  superintendent  is  determined  to  be substantially  similar  to  one  of the foregoing kinds of insurance and thereupon for the purposes  of  this  chapter  shall  be  deemed  to  be included in that kind of insurance.  (b) Nothing herein contained shall require any insurer to insure every kind of risk which it is authorized to insure.