NY Ins L § 4104 (2021)
2021 New York Laws ISC - Insurance Article 41 - Property/casualty Insurance Companies 4104 - Deposits.

*  § 4104. Deposits. (a) Before being licensed to write one or more of the kinds of insurance defined respectively in the following  paragraphs of  subsection  (a) of section one thousand one hundred thirteen of this chapter: burglary and theft (7), glass (8), boiler  and  machinery  (9), elevator  (10),  animal  (11),  personal injury liability (13), property damage liability (14), workers' compensation  and  employers'  liability (15),   fidelity   and   surety   (16),   or  credit  (17),  a  domestic property/casualty insurance company shall have made a deposit  with  the superintendent  of  eligible  securities  in  an amount of at least five hundred thousand dollars or the amount required as  paid-in  capital  or minimum surplus for the kind or kinds of insurance which such company is to  be licensed to write, whichever is the lesser, but in no event shall the amount of the deposit be less than four hundred thousand dollars for any stock company writing any two kinds of insurance designated in  this subsection.  (b)  Before  being licensed pursuant to subsection (c) of section four thousand one hundred two of this article to reinsure risks or  to  write insurance  on  risks  outside  of the United States, its territories and possessions, a domestic property/casualty insurance company  shall  have made  a  deposit  with  the  superintendent of eligible securities in an amount of  at  least  three  million  dollars.  Such  deposit  shall  be inclusive of any deposit required by subsection (a) or (c) hereof.  (c)  Before being authorized to issue non-assessable policies pursuant to section four  thousand  one  hundred  thirteen  of  this  article,  a domestic  mutual  property/casualty  insurance company shall have made a deposit with the superintendent of eligible securities in an  amount  of at  least five hundred thousand dollars. Such deposit shall be inclusive of any deposit required by subsection (a) or (b) hereof.  (d) Before being granted any license or renewal license, every foreign property/casualty insurance company shall have made a deposit  with  the superintendent  of  eligible  securities  in an amount not less than the amount required  for  a  similar  domestic  property/casualty  insurance company.    The  superintendent  shall  accept in lieu of such deposit a certificate of the proper state officer of the state  under  whose  laws such  company  is organized showing that such company has deposited with the proper  officer  of  such  state,  in  trust  for  the  benefit  and protection  of,  or for the security of, all of its policyholders, or of all of its policyholders and creditors, securities valued at  an  amount not  less  than  the amount hereinbefore specified. Such certificate and deposit shall be governed by the provisions  of  sections  one  thousand three  hundred  eighteen and one thousand three hundred nineteen of this chapter.  (e) The dollar amounts of the deposits specified  in  subsections  (a) and   (c)   hereof   shall   be   reduced   by  fifty  percent  for  any property/casualty insurance company initially licensed to do business in this state prior to July first, nineteen hundred eighty-two.   * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:   Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of the former Insurance Law that are not possible to juxtapose at this time due to the highly technical nature of such changes and will need  future corrective  legislation  to  implement  such  provisions  into  the  new Insurance Law as enacted by such Chapter 367 of the Laws of 1984.