reglab/housing_qa huggingface dataset:
NY Ins L § 6616 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6616 - Extraordinary Assessments; Assessment Corporations.

§  6616.  Extraordinary  assessments; assessment corporations. (a) The members of every assessment corporation shall be contingently liable for extraordinary assessments sufficient to remove  any  impairment  in  the reserves required by this article.  (b) Any assessment corporation if issuing policies on but one class of property,  may  levy an extraordinary assessment upon all its members in proportion to the several amounts of insurance held by each.  (c) Any assessment corporation if issuing policies on  more  than  one class  of  property,  may  levy  an extraordinary assessment at rates of assessment determined in proportion to the amounts of insurance held  by each  on  the basis of classifications adopted by its board of directors to express the relative hazards of the properties insured.  (d) Any assessment corporation if collecting assessments in advance on the initial and anniversary dates of policies may levy an  extraordinary assessment  determined  by  applying  to  the  assessment  earned on the members' policy or  policies  in  force  during  the  fiscal  year  next preceding  the  levy  of  additional  assessment, the ratio of the total additional assessment to the total assessment earned during said  period on all policies.  (e)  No  extraordinary assessment shall be made by any such assessment corporation until after approval by the superintendent and if made shall be in each case, an amount equal to the members' proportionate share  of such impairment as specified herein.  (f)  Any  assessment  corporation  which  levies annual assessments in advance may if its by-laws provide, limit the contingent liability of  a member  thereof  to  not less than once the amount of and in addition to the annual assessment which would be charged for insurance for one year.
NY Ins L § 6617 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6617 - Notice of Assessment; Assessment Corporations.

§ 6617. Notice of assessment; assessment corporations. (a) It shall be the  duty  of the secretary of every assessment corporation, whenever an assessment shall have  been  made  by  it,  to  notify,  not  more  than forty-five  days  thereafter,  every  person to which such assessment is applicable.  (b) Such notice may be given personally, by an agent, or by a  written or  printed  notice mailed, postage prepaid, to such person's last known post office address, and shall state the purpose of the assessment,  the sum  due from such person, and the time when and to whom payment thereof is to be made; but such time shall not be more than ninety days from the date of such notice.
NY Ins L § 6618 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6618 - Suits to Recover Assessments.

§  6618.  Suits  to recover assessments. (a) An assessment corporation may maintain a civil action against any member or former member of  such corporation   for  the  unpaid  amount  of  any  extraordinary  or  post assessment lawfully levied against him, or against any former member  of such  corporation for the earned portion of any advance assessment which he has failed to pay.  (b) In any such action the corporation may  recover,  in  addition  to such  sum  or sums, legal interest thereon and the amount of any penalty imposed  by  such  corporation's  by-laws  for  failure  to   pay   such assessments;  but  no  such corporation shall provide in its by-laws for such a penalty in excess of fifty percent of such an assessment.
NY Ins L § 6619 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6619 - Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.

§   6619.   Special   reserve   or   emergency   funds;   co-operative property/casualty insurance companies. (a) (1) Ten or more  co-operative property/casualty  insurance  companies  may  enter into an agreement to make deposits in special reserve or emergency funds.  (2) Any deposit with accretions thereon  made  pursuant  to  any  such agreements  shall be kept deposited with a solvent trust company of this state and shall remain the property of the depositing  corporations  and shall  be  subject  to  the  provisions  of  this  chapter governing the investments of such corporations.  (b) (1) Such special reserve or emergency funds shall  be  subject  to examination by the superintendent in like manner as the other assets and property  of  any  depositing corporation and shall be used only for the purpose of enabling  any  depositing  corporation  to  comply  with  any requirement  of this article, and then only with the consent of at least two-thirds  of  the  membership  of  such  fund  in  proportion  to  its ownership.  (2)  Loans  thus  authorized  from such a fund may be made pursuant to agreements as prescribed in section one thousand three hundred seven  of this chapter or in such other form as approved by the membership.  (c)  Any  such  depositing  corporation  may,  with the consent of the superintendent, withdraw all or a part of its share therein, upon giving at least thirty days notice in writing to the custodian or custodians of such fund.
NY Ins L § 6620 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6620 - Non-Assessable Policies; Advance Premium Corporations.

§ 6620. Non-assessable policies; advance premium corporations. (a) Any advance  premium  corporation may issue insurance contracts which do not impose any liability upon members for any assessments in addition to the advance premium paid upon compliance with the following requirements:  (1) If authorized to issue non-assessable policies prior to the  first day  of  January,  nineteen hundred eighty-seven, such a corporation may issue such contracts if:  (A) It shall have and at all times maintain a surplus to policyholders of at least one hundred thousand dollars.  (B) It shall maintain a deposit of an amount  equal  to  its  unearned premium reserves but not less than one hundred thousand dollars nor more than  two  hundred  fifty thousand dollars, subject to the provisions of article thirteen of this chapter.  (2) If authorized to issue non-assessable policies subsequent  to  the first  day of January, nineteen hundred eighty-seven, such a corporation may issue such contracts if:  (A) It shall maintain a surplus as determined from  its  latest  filed statement,  which  together  with  its unearned premium reserve from its latest filed statement is at least equal to the surplus to policyholders required  to  be  maintained  by  a  domestic  stock   property/casualty insurance company licensed to write the same kind or kinds of insurance.  (B)  It  shall  maintain  a  deposit  of five hundred thousand dollars subject to the provisions of article thirteen of this chapter.  (C) It shall have submitted a  copy  of  its  proposed  non-assessable policy  or  policies  for approval of the superintendent, and shall have obtained his approval.  (b) Every policy issued by any such corporation  shall  clearly  state whether  or  not  the holder of the policy is subject to a liability for assessment.  (c) Any surplus or deposit required for the purposes specified in this section shall be inclusive of any surplus required by any other sections of this chapter.
NY Ins L § 6621 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6621 - Unabsorbed Portions of Premium Payments.

§  6621.  Unabsorbed  portions of premium payments. (a) Subject to the requirements of this article for the  accumulation  and  maintenance  of minimum surplus, the surplus of any advance premium corporation shall be eligible  for  equitable  distribution  to  its  members  as  unabsorbed portions of premium payments;  but  no  unabsorbed  portion  of  premium payments  shall  be  returned  or  distributed  until  authorized by the corporation's  board  of   directors   nor   until   approved   by   the superintendent.  (b)  In  authorizing  any such return of unabsorbed portion of premium payments, the board of directors of such a corporation may  provide  for an  apportionment  thereof among separate groups of members on the basis of earned premiums equitably classified  according  to  major  kinds  of insurance.  (c)  This  section  shall  not  prohibit  the return of the unabsorbed portion of premium payments on an equitable basis  to  policyholders  in other states or under reinsurance contracts.
NY Ins L § 6622 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6622 - Refunds From Surplus; Assessment Corporations.

§  6622. Refunds from surplus; assessment corporations. (a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of  any  assessment  corporation  shall  be eligible  for equitable distribution to its members, but no distribution shall be made until authorized by the corporation's board  of  directors nor until approved by the superintendent.  (b)  In authorizing any such distribution the board of directors of an assessment corporation  may  provide  for  apportionment  thereof  among separate  groups  of  members  on  the  basis of underwriting experience equitably classified according to major kinds of insurance.
NY Ins L § 6623 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6623 - Investments.

§   6623.   Investments.   (a)   The   funds   of  every  co-operative property/casualty insurance company shall be invested only as  permitted by  subsection  (c)  of  section one thousand four hundred three of this chapter, except as otherwise provided herein.  (b) The minimum capital investments of a domestic insurer as set forth in section one thousand four  hundred  two  of  this  chapter  shall  be applicable to an:  (1)  Assessment  corporation  in an amount equal to the lesser of such corporation's total liabilities or two hundred fifty thousand dollars.  (2) Advance premium corporation in an amount equal to the  greater  of the   minimum  capital  required  by  law  or  the  minimum  surplus  to policyholders required to be maintained by  law  for  a  domestic  stock property/casualty  insurance  company  authorized  to  transact the same kinds of insurance.  The foregoing requirement shall be reduced by fifty percent for a co-operative property/casualty insurance company initially licensed to do business in this state  prior  to  July  first,  nineteen hundred  eighty-two.  Any  advance  premium  corporation not meeting its applicable minimum capital  investment  requirement  on  January  first, nineteen hundred eighty-seven shall be required to meet such requirement before  investing  its  funds, after such date, in any other permissible investment.  (c) Notwithstanding the limitation of investments in  certificates  of deposit set forth in subsection (a) of section one thousand four hundred nine   of   this  chapter,  an  assessment  corporation  may  invest  in certificates of deposit of any one  institution  in  an  amount  not  to exceed   the   amount   guaranteed  by  the  Federal  Deposit  Insurance Corporation.
NY Ins L § 6624 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6624 - Voting by Members and Meetings of Boards of Directors; Co-Operative Property/casualty Insurance Companies.

§  6624.  Voting  by  members  and  meetings  of  boards of directors; co-operative property/casualty insurance companies. (a) A member of  any co-operative property/casualty insurance company may vote at any regular or special meeting of the corporation in person or he may vote by proxy, if the by-laws of the corporation so provide.  (b) (1) The board of directors of every co-operative property/casualty insurance  company  shall  hold  regular meetings at least four times in each calendar year.  (2) Compliance with paragraph one hereof,  except  as  to  the  annual meeting, may be made by an executive committee of at least four members, duly authorized to act on behalf of the board of directors.
NY Ins L § 6625 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6625 - Merger; Consolidation.

§  6625.  Merger;  consolidation.  (a)  Two  or  more  advance premium corporations may, in accordance with applicable  provisions  of  article seventy-one of this chapter, merge or consolidate.  (b) Two or more assessment corporations licensed to do business either wholly  or  substantially  in a common territory may, in accordance with applicable provisions of article seventy-one of this chapter,  merge  or consolidate.  (c)  (1)  If,  after investigation and examination, the superintendent finds that the proceedings for merger or consolidation, as the case  may be,  have  been  regularly  taken  in  conformity  with law and that the continuing or resulting  corporation  meets  the  requirements  of  this chapter, he may issue a license to such corporation to do business under this chapter.  (2)  Every such continuing or new corporation shall assume and succeed to all the obligations and liabilities of the merging  corporations  and shall  be  liable to pay and discharge all such debts and liabilities in the same manner as if they had been incurred or contracted by it.
NY Ins L § 6626 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6626 - Qualification of Membership.

§  6626.  Qualification  of  membership.  (a) In addition to the legal ability of any natural person  to  insure  in  any  advance  premium  or assessment  corporation  property located in the territory in which such corporation is licensed to do business and in which property he  has  an insurable  interest, it shall also be lawful for any corporation, board, estate, or association to insure in any  co-operative  property/casualty insurance  company  property  located  in  the  territory  in which such corporation is licensed to do business, and in which property it has  an insurable interest.  (b)  Any  officer,  trustee,  board member, or legal representative of such corporation, board, estate, or association may be recognized for or on  its  behalf  for  the  purpose  of  membership,  but  shall  not  be personnally  liable  upon  such  contract  or  contracts of insurance by reason of acting in such representative capacity.
NY Ins L § 6701 (2021)
2021 New York Laws ISC - Insurance Article 67 - Nonprofit Property/casualty Insurance Companies 6701 - Purpose; Construction.

§  6701.  Purpose; construction. (a) The purpose of this article is to provide  for   the   organization   and   licensing   of   a   nonprofit property/casualty insurance company that insures nonprofit organizations and  that  will  qualify,  and  continue  to  qualify,  as  a "qualified charitable risk pool" as defined in subsection (n) of section 501 of the Internal Revenue Code.  (b) This article shall be liberally construed to  effect  the  purpose under  subsection  (a) of this section which shall constitute an aid and guide to interpretation.
NY Ins L § 6702 (2021)
2021 New York Laws ISC - Insurance Article 67 - Nonprofit Property/casualty Insurance Companies 6702 - Definitions.

§  6702.  Definitions.  As  used  in this article, the following terms shall have the following meanings:  (a) "Member" shall, in  the  case  of  a  nonprofit  property/casualty insurance  company  organized  as  a  type  B  corporation  pursuant  to paragraph  (b)  of  section  two  hundred  one  of  the   not-for-profit corporation  law, have the meaning set forth in paragraph (a) of section one hundred two of the not-for-profit corporation law or, in the case of a nonprofit property/casualty insurance company organized  as  nonprofit reciprocal  insurer  under  article  sixty-one of this chapter, have the meaning set forth in subsection (g) of section six thousand one  hundred one of this chapter.  (b)  "Nonmember  charitable  organization"  shall have the meaning set forth in subsection (n) of section 501 of the Internal Revenue Code.  (c)  "Nonprofit  organizations"  means  organizations   described   in paragraph  (3)  of  subsection  (c),  and  exempt  from  taxation  under subsection (a), of section 501 of the Internal Revenue Code,  including, if  qualified  thereunder,  type B or D organizations formed pursuant to paragraph  (b)  of  section  two  hundred  one  of  the   not-for-profit corporation  law,  and  organizations  described  in section two hundred sixteen-a of the education law.  (d) "Startup capital" shall have the meaning set forth  in  subsection (n) of section 501 of the Internal Revenue Code.
NY Ins L § 6703 (2021)
2021 New York Laws ISC - Insurance Article 67 - Nonprofit Property/casualty Insurance Companies 6703 - Organization of Nonprofit Property/casualty Insurance Companies.

§   6703.   Organization   of  nonprofit  property/casualty  insurance companies.  (a)  A  corporation  may  be  organized  as  a  charitable corporation  pursuant to paragraph (a) of section two hundred one of the not-for-profit corporation law or  as  a  nonprofit  reciprocal  insurer under  article sixty-one of this chapter to write the kinds of insurance specified in subsection (a) of section one thousand one hundred thirteen of this chapter other than (1) those types  of  insurance  specified  in paragraphs  one, two, eighteen, twenty-two, twenty-three and twenty-five of such  subsection,  (2)  insurance  against  legal  liability  of  the insured, and against loss, damage or expense incident to a claim of such liability  arising  out of death or injury of any person, due to medical or hospital malpractice by any licensed physician or hospital,  and  (3) insurance  subject to section three thousand four hundred twenty-five of this chapter.  (b) A corporation organized pursuant to subsection (a) of this section shall (1) be  organized  and  operated  exclusively  for  a  purpose  or purposes  for which a corporation may be formed under the not-for-profit corporation law and this chapter, not for pecuniary profit or  financial gain, and no part of its assets, income or profit is distributable to or enures  to  the  benefit of its members, directors or officers except to the extent permitted under the not-for-profit corporation law  and  this chapter, in a manner acceptable to the superintendent, and (2) insure no organizations or corporations other than nonprofit organizations.  (c)  Notwithstanding  any  provision of the not-for-profit corporation law, no nonprofit property/casualty insurance company licensed  pursuant to  this  article  shall be converted into a corporation or other entity organized for pecuniary profit or into a for-profit organization of  any kind.
NY Ins L § 6706 (2021)
2021 New York Laws ISC - Insurance Article 67 - Nonprofit Property/casualty Insurance Companies 6706 - Applicability of Other Provisions of This Chapter.

§ 6706. Applicability of other provisions of this chapter.  (a) Except as  otherwise  provided  in  this  article, where inconsistent with this article, or where the context otherwise requires, all of the  provisions of  this  chapter  and  the rules and regulations of the superintendent, relating  to  all  insurers  and  those  relating  to  property/casualty insurance  companies  transacting  the  same  kind or kinds of insurance shall be applicable to a nonprofit property/casualty  insurance  company organized  as  a  charitable  corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit  corporation law  and  formed pursuant to paragraph (a) of section two hundred one of the not-for-profit corporation law and licensed pursuant  to  subsection (b)  of  section  six thousand seven hundred four of this article. Where any of such provisions  of  law  refer  to  a  corporation,  company  or insurer, such references, when read in connection with and applicable to this  article,  shall  mean such a nonprofit property/casualty insurance company.  (b) Except as otherwise provided in this article,  where  inconsistent with  this  article, or where the context otherwise requires, all of the provisions of  this  chapter  and  the  rules  and  regulations  of  the superintendent,   relating   to  all  insurers  and  those  relating  to reciprocal insurers transacting the same  kind  or  kinds  of  insurance shall  be  applicable to a nonprofit property/casualty insurance company organized as a reciprocal insurer pursuant to article sixty-one of  this chapter  and licensed pursuant to subsection (c) of section six thousand seven hundred four of this article. Where any of such provisions of  law refer  to  a corporation, company or insurer, such references, when read in connection with and applicable to this article,  shall  mean  such  a nonprofit property/casualty insurance company.  (c)  (1)  Every nonprofit property/casualty insurance company shall be subject to liquidation, dissolution or rehabilitation  pursuant  to  the provisions  of article seventy-four of this chapter, and such proceeding shall be under the supervision of the  superintendent,  who  shall  have such  powers  granted  pursuant to the provisions of such article as are applicable to domestic insurance companies.  (2) Articles ten, eleven and twelve of the not-for-profit  corporation law shall not apply to nonprofit property/casualty insurance companies.
NY Ins L § 6707 (2021)
2021 New York Laws ISC - Insurance Article 67 - Nonprofit Property/casualty Insurance Companies 6707 - Tax Exemption; Residual Market Participation Exemption; Security Funds.

§  6707.  Tax  exemption;  residual  market  participation  exemption; security funds. (a) Every nonprofit property/casualty insurance  company subject to the provisions of this article shall be exempt from any fees, taxes,  special ad valorem levies or assessments of any kind, including, but not limited to, franchise taxes, sales taxes or other taxes, upon or with respect to any property owned by  it  or  under  its  jurisdiction, control  or  supervision,  or  upon  the  uses  thereof, or upon or with respect to its activities or operations in  furtherance  of  the  powers conferred  upon  it  by  this  article,  or  upon or with respect to any revenues or other income received  by  the  nonprofit  property/casualty insurance   company,   except  that  every  nonprofit  property/casualty insurance company licensed pursuant to this article shall be subject  to the  assessment  upon  domestic  insurers  under  section  three hundred thirty-two of this chapter,  the  assessments  upon  insurance  carriers under sections one hundred fifty-one and two hundred twenty-eight of the workers'   compensation  law  and  all  special  fund  assessments  upon insurance carriers under the workers' compensation law.  (b) Every nonprofit property/casualty insurance company subject to the provisions of this article shall be exempt  from  participation  in  the plan  pursuant  to  article fifty-three of this chapter, the association pursuant to article fifty-four  of  this  chapter  and  the  association pursuant to article fifty-five of this chapter.  (c)  A nonprofit property/casualty insurance company and the contracts it issues will be subject to the provisions of  article  seventy-six  of this chapter and article six-A of the workers' compensation law.