reglab/housing_qa huggingface dataset:
NY Ins L § 6201 (2021)
2021 New York Laws ISC - Insurance Article 62 - New York Insurance Exchange 6201 - New York Insurance Exchange.

§   6201.   New  York  insurance  exchange.  (a)  Notwithstanding  the provisions of section six thousand one hundred sixteen of this  chapter, the  New  York  insurance  exchange, shall be continued, subject to such regulations as may be promulgated by the superintendent.  (b) The purposes of the exchange shall be:  (1) to provide a facility for the underwriting of:  (A) reinsurance of all kinds of insurance;  (B) direct insurance of all kinds on risks  located  entirely  outside the United States;  (C)  direct  insurance  of  all  kinds  on risks located in the United States other than in this state, provided that such risk  qualifies  for placement  pursuant  to the excess and surplus lines requirements of the jurisdiction in which the risk is located; the superintendent may permit the exchange or its syndicates, or both, to take such steps  as  may  be necessary  to  qualify  as  an  excess and surplus lines insurer in such jurisdiction;  (D) risks which shall have been submitted to and certified  as  having been  rejected by a committee representative of insurers licensed by the superintendent under article sixty-three of  this  chapter,  subject  to conditions imposed by the superintendent pursuant to regulation; and  (2)  to  manage the facility authorized by this article, in accordance with regulations promulgated by the superintendent.
NY Ins L § 6202 (2021)
2021 New York Laws ISC - Insurance Article 62 - New York Insurance Exchange 6202 - Constitution and By-Laws.

§  6202.  Constitution  and  by-laws.  (a) The exchange shall function under its constitution and by-laws which it may amend  pursuant  to  the terms thereof.  (b)  Notwithstanding the authority granted to the exchange pursuant to the provisions of the constitution and by-laws to amend, replace or  add provisions,  the constitution and by-laws shall at all times provide for but not be limited to:  (1) the election of no less than six nor more than thirteen  governors at  least one-third of whom shall not be members of the exchange and who shall be public representatives;  (2) the location of the principal offices  of  the  exchange  and  its members  to  be  within this state for the purpose of the transaction of the types of  business  described  in  subsection  (b)  of  section  six thousand two hundred one of this article;  (3) the submission by members and all applicants for membership on the exchange of such financial information required by the superintendent;  (4) the establishment by the exchange of a security fund in a form and amount approved by the superintendent;  (5) the voting power of members who are underwriting syndicates;  (6)  the voting power and other rights granted under the provisions of the not-for-profit corporation law to participate  in  the  conduct  and management  of  the  affairs  of  the  exchange  by  brokers, agents and intermediaries transacting business on the exchange, each of whom  shall be considered "members" only under the provisions of such law; and  (7)  the  rights and duties of exchange members, which may include but shall not be limited to the manner  and  form  of  conducting  business, financial  stability,  dues,  membership fees, mandatory arbitration and all other matters necessary  or  appropriate  to  conduct  any  business permitted by this article.  (c) Any amendments to the constitution and by-laws shall be subject to the approval of the superintendent.  (d)  At  least  two-thirds  of  the governors shall be citizens of the United States.  (e) For the purposes of this section, a principal office shall be  one where   officers   and  qualified  personnel  who  are  engaged  in  the administration, underwriting, claims, policyholders' service, marketing, accounting, record-keeping and all supportive services shall be located.
NY Ins L § 6203 (2021)
2021 New York Laws ISC - Insurance Article 62 - New York Insurance Exchange 6203 - Miscellaneous.

§  6203.  Miscellaneous. (a) The New York insurance exchange shall not be subject to any state or local  taxes  or  fees  measured  by  income, premiums  or  gross receipts, except that for purposes of taxation under section one thousand five hundred ten of the tax  law,  direct  premiums written,  procured  or  received  by  a  member  or  members through the exchange on risks  located  in  this  state  shall  be  deemed  written, procured  or  received  by  the exchange and the premium tax due on said premium shall be reported and paid by the exchange.  (b) The exchange shall reimburse the superintendent for  any  expenses incurred  by  him  relating  to  the  regulation of the exchange and its members.  (c) This  chapter  and  regulations  thereunder  shall  apply  to  the exchange,  its members, and the insurance or reinsurance written through the exchange, except as may be exempted by the  superintendent  pursuant to  regulation;  provided  that  no  such  exemption  shall  be unfairly discriminatory or detrimental to the solvency of licensed insurers.  (d) The superintendent may establish  limitations  on  investments  in members of the exchange. The investment in any member by brokers, agents and  intermediaries  transacting  business  on  the  exchange,  and  the investment in any such broker, agent  or  intermediary  by  any  member, directly or indirectly, all as defined by regulation, shall in each case be  limited in the aggregate to less than twenty percent (or such lesser amount as determined by the superintendent) of the total  investment  in such member, broker, agent or intermediary.  (e)  For  purposes  of paragraph nine of subsection (a) of section one thousand three hundred one  of  this  chapter,  reinsurance  written  by members  of  the  exchange  shall  be  deemed to have been written by an insurer authorized to transact insurance in this state.  (f) The performance of the contractual obligations of the exchange  or its  members  entered  into pursuant to section six thousand two hundred one of this article shall not be covered by any of the  New  York  state security or guaranty funds.
NY Ins L § 6301 (2021)
2021 New York Laws ISC - Insurance Article 63 - Special Risks; Filing Exemption 6301 - Special Risks; Filing Exemption.

§  6301.  Special  risks;  filing  exemption.  (a) Notwithstanding any provision  of  this  chapter,  the  superintendent  shall,  pursuant  to regulations  promulgated  by  the  superintendent, permit exemption from filing requirements only with respect to rates and policy  forms,  where applicable,  for  any  of the kinds of insurance specified in subsection (b) of this section.  (b) An exemption pursuant to subsection (a) hereof shall be  permitted in  relation  to  the  kinds  of  insurance set forth in paragraphs four through  fourteen,  sixteen,  seventeen,  nineteen  through  twenty-two, twenty-seven  and twenty-nine, of subsection (a) of section one thousand one  hundred  thirteen  of  this  chapter  and  such  insurance  as  the superintendent deems to be substantially similar to one of the foregoing kinds,  except  no  exemption  may  be  permitted  for: (1) coverage for personal  lines  to  natural  persons  for  non-business  purposes;  (2) insurance  specified  in  subsection  (b)  of section two thousand three hundred five of this chapter, except medical malpractice  insurance,  or section  two  thousand  three  hundred twenty-eight of this chapter; (3) insurance required to satisfy any financial  responsibility  requirement of  this  state;  or (4) a policy written on a group basis. However, any risk pursuant to paragraph one, two or three of such subsection of  such section  of  this  chapter  or personal lines risk (except motor vehicle insurance coverage to natural persons for non-business  purposes)  shall be  exempt  pursuant  to  subsection (a) hereof if it is included by the superintendent on the list maintained by the superintendent pursuant  to subsection  (a)  of  section  six  thousand  three hundred three of this article.  (c) An exemption granted pursuant to this section shall apply only  to authorized  insurers  complying  with this chapter, except that it shall not apply to insurers subject to article sixty-six of this chapter.  The exemption  shall  not  be  an  exemption for joint underwriting or joint reinsurance transactions pursuant to section two thousand three  hundred seventeen of this chapter.  (d)  Nothing  in  this article shall exempt any insurer, or any policy issued pursuant to  this  article,  from  any  applicable  provision  or standard  in  this chapter, regulations promulgated thereunder, or other requirements of state law.  (e) In this article, "medical malpractice insurance" has  the  meaning set forth in subsection (b) of section five thousand five hundred one of this chapter.
NY Ins L § 6302 (2021)
2021 New York Laws ISC - Insurance Article 63 - Special Risks; Filing Exemption 6302 - Special License.

§  6302.  Special  license.  (a) An authorized insurer, as a condition precedent to the obtaining of such exemption,  shall  obtain  a  special license from the superintendent.  (b)  Before  such  special  license  shall  be  issued  or renewed the prospective licensee shall file in the office of the  superintendent  an application  in  such form and supplements thereto as the superintendent prescribes. Such license shall be subject  to  annual  renewal  with  an annual fee of two thousand dollars.  (c) Such license may only be issued to:  (1)  an  authorized  insurer  that maintains at all times a surplus to policyholders of at least two hundred percent of the authorized  control level as set forth in article thirteen of this chapter, except that with respect to a policy issued pursuant to paragraph three of subsection (a) of  section  six  thousand  three  hundred  three  of  this  article, an authorized  insurer  that  maintains  at  all   times   a   surplus   to policyholders  of  at  least two hundred fifty percent of the authorized control level as set forth in article thirteen of this chapter; or  (2) a United States branch that maintains  at  all  times  a  trusteed surplus  of at least two hundred percent of the authorized control level as set forth in article thirteen  of  this  chapter,  except  that  with respect to a policy issued pursuant to paragraph three of subsection (a) of  section  six  thousand three hundred three of this article, a United States branch that maintains at all times a trusteed surplus of at least two hundred fifty percent of the authorized control level as  set  forth in article thirteen of this chapter; or  (3)  until  June  thirtieth,  two  thousand  twenty-three,  a domestic property/casualty insurance  company  that  maintains  at  all  times  a surplus  to  policyholders  of  at  least  twice  the minimum surplus to policyholders required to be maintained for the kinds of insurance  that it is authorized to write in this state, or an insurer licensed pursuant to  article  sixty-one  of  this  chapter  as  a reciprocal insurer that maintains at all times a  surplus  to  policyholders  of  at  least  the minimum surplus to policyholders required to be maintained for the kinds of insurance that it is authorized to write in this state, provided that the  domestic property/casualty insurance company or reciprocal insurer: (A) has total direct premiums  comprised  of  at  least  ninety  percent medical  malpractice  insurance;  (B) assumes reinsurance premiums in an amount that is less than five percent of total direct premiums  written; and  (C)  writes  ninety  percent  of  its total direct premiums in this state.  (d) The superintendent may revoke, suspend, or refuse  to  renew  such license  if,  after  notice and a hearing, the superintendent finds that such action will protect the best interests of the people of this state.
NY Ins L § 6304 (2021)
2021 New York Laws ISC - Insurance Article 63 - Special Risks; Filing Exemption 6304 - Special Regulations.

§  6304. Special regulations. The superintendent, by regulation, shall   provide for the implementation of the  provisions  of  this  article  by   establishing  methods,  procedures  and  reports  for  licensing and for   facilitating, monitoring and verifying compliance with this article.
NY Ins L § 6401 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6401 - Definitions.

§  6401. Definitions. In this article, the following definitions apply except as otherwise specified:  (a) "Title insurance corporation" means a corporation  exercising  any of  the  powers  described  in paragraph one or two of subsection (b) of section six thousand four hundred three of this article.  (b) "Title insurance policy" means any policy or contract insuring  or guaranteeing  the  owners  of  real property and chattels real and other persons interested therein, or having liens  thereon,  against  loss  by reason of encumbrances thereon and defective titles.
NY Ins L § 6404 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6404 - Assets; Title Plant; Valuation.

§  6404.  Assets; title plant; valuation. In determining the financial condition of any corporation doing  business  under  this  article,  the superintendent  shall  allow  as admitted assets only such assets as are prescribed by section one thousand three hundred one of this chapter and as are not excluded by section one thousand three hundred  two  of  this chapter, except as follows:  (a)  The  superintendent  may  allow  as  an  admitted  asset  of such corporation its title plant or plants  covering  real  property  located within or without the state of New York, at its fair value as determined by  him;  provided,  however,  that  with  respect to any title plant or plants  acquired   after   December   thirty-first,   nineteen   hundred fifty-four,  such value shall be reduced by not less than ten percent of the amount thereof on December thirty-first of the third year  following the acquisition of such title plant or plants, and be further reduced by ten  percent of said original amount on the thirty-first day of December of each succeeding calendar year, and provided further that in no  event shall  the  aggregate  amount  allowed  for  any  title  plant or plants acquired  after  December  thirty-first,  nineteen  hundred  sixty-nine, exceed five percent of the total admitted assets of such corporation.  (b)  The  superintendent  shall  allow as admitted assets premiums and fees for title examination and insurance and for abstracts and searches, not more than ninety days past due. Such  premiums  and  fees  shall  be deemed  to be due when the services for which such premiums and fees are chargeable shall have  been  performed,  except  that  with  respect  to abstracts  and  searches,  not later than the closing of the transaction for which the services were rendered, and with respect  to  examinations on a closed title basis premiums and fees shall be deemed due when title is closed.
NY Ins L § 6407 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6407 - Restrictions on Dividends.

§  6407. Restrictions on dividends. (a) No title insurance corporation shall declare or pay any  cash  or  property  dividend  on  its  capital shares,  or  declare or distribute a stock dividend except out of earned surplus,  meaning,  for  the  purpose  of  this  section,  surplus   not attributable  to  contributions  made  to surplus within five years next preceding or to  appreciation  in  value  of  investments  not  sold  or otherwise disposed of.  (b)  No  such  corporation  shall  declare or pay any cash or property dividend  to  shareholders  which,  together  with  all  such  dividends declared  or paid by it during the next preceding twelve months, exceeds ten percent  of  its  then  outstanding  capital  shares  unless,  after deducting  such  dividends,  it  has a surplus to policyholders at least equal to fifty percent of its reinsurance reserve or a surplus at  least equal  to  fifty percent of the minimum capital required of such insurer to transact the business of title insurance, whichever shall be greater. For the purpose of this section,  "surplus"  means  the  amount  of  the insurer's  admitted  assets  in  excess  of  (i) all of its liabilities, including its reinsurance reserve,  and  (ii)  its  outstanding  capital shares.  (c) No such corporation shall declare or distribute any stock dividend which  shall  reduce surplus to an amount less than fifty percent of its then outstanding capital shares.
NY Ins L § 6408 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6408 - Prohibition on Engaging in Certain Business Activities.

§ 6408. Prohibition on engaging in certain business activities. (a) No person,  firm,  association or corporation shall engage in business as a title insurance corporation except pursuant to the  provisions  of  this article.  This  prohibition  shall  not  prevent the making, issuing, or furnishing of any abstract, search, examination, survey  or  certificate of  title  without  guarantee or insurance thereof, nor the doing of any business specified in paragraphs three, four, five and six of subsection (b) of section six thousand four hundred three of this article.  (b) Except as in this article provided, no  corporation  organized  or doing  business  under  this  article  shall  engage  in the business of selling  certificates  or  participations  in  obligations  secured   by mortgages.  (c)  Except  as  provided  in this article or in article sixty-five of this chapter, no person, firm, association or corporation shall, in this state, engage, or make any public proposal to engage, in the business of guaranteeing mortgages of real or personal property, or of  selling  any guaranteed mortgage or interest therein.  (d)  Notwithstanding  any other provisions of this article, no person, firm, association or  corporation  organized  or  qualified  under  this article  shall  in  this  state  hereafter  engage,  or  make any public proposal to engage, in the business of selling any mortgage, certificate of  participation  or  interest  in  any  mortgage  or   mortgages,   or certificate secured by the deposit of any cash, mortgage or mortgages or other securities, coupled with any agreement to repurchase.
NY Ins L § 6410 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6410 - Merger.

§  6410.  Merger.  The  merger  of  two or more corporations organized pursuant to section six thousand four hundred two  of  this  article  or organized  under  the  laws  of  this state for the purpose set forth in section six thousand four hundred three of this article, unless it be  a merger  governed  by  section  six  thousand four hundred eleven of this article, shall be governed by those provisions of article seventy-one of this chapter which relate to the merger of two or  more  domestic  stock insurance  corporations  and  which are not inconsistent with any of the provisions of this article, except that:  (a) the proposed charter of the surviving company  shall  provide  for not less than thirteen nor more than thirty directors;  (b)  in  addition  to delivery in person or by mail, the notice of the shareholders meeting provided for in subsection  (a)  of  section  seven thousand  one  hundred  four  of  this chapter shall be published for at least two successive weeks in one of  the  newspapers  in  each  of  the counties  of  this  state  in  which either of the constituent companies shall have its principal place of business;  (c) in lieu of the provisions of section seven  thousand  one  hundred nineteen of this chapter, if any shareholder not voting in favor of such agreement  of  merger  shall,  at  such  meeting  or  within twenty days thereafter, object to such merger and demand payment for his shares,  he may,  at  any  time  within  sixty  days after such merger, apply to the supreme court at any special term thereof, held in the district in which the county is situated, in which the surviving company has its principal place of business, upon at least eight days' notice to said company  for the  appointment  of  three persons to appraise the value of his shares, and the court shall appoint such appraisers and designate the  time  and place  of  their  first meeting, with such directions in regard to their proceedings as shall be deemed proper.  The court may fill any vacancies in the board of appraisers occurring by refusal or neglect to hold  such office.  The  appraisers shall meet at the time and place designated and after being duly sworn, shall honestly and  faithfully  discharge  their duties  and  estimate  and certify the value of such shares, and deliver one copy to such company and another to such shareholder,  if  demanded; the charges and expenses of the appraisers shall be paid by the company. When  the company shall have paid the appraised value of such shares, as directed  by  the  court,  said  shares  shall  be  canceled  and   such shareholder  shall  cease to have any interest in such shares and in the company property, and such shares may be held and  disposed  of  by  the company for its own benefit; and  (d)  the  sum  of the capital stock of the surviving company shall not exceed the limit permitted to either constituent company at the time  of merger.
NY Ins L § 6411 (2021)
2021 New York Laws ISC - Insurance Article 64 - Title Insurance Corporations 6411 - Merger of Parent Corporation and Wholly-Owned Subsidiary.

§  6411. Merger of parent corporation and wholly-owned subsidiary. (a) Notwithstanding the provisions of section six thousand four hundred  ten of  this  article  and  article  fifteen of this chapter, and any rights conferred  therein  or  obligations  imposed  thereby,  any  corporation organized  under  section six thousand four hundred two of this article, or organized under the laws of this state for the purposes set forth  in section  six thousand four hundred three of this article, owning all the shares of any title insurance corporation may file in the office of  the superintendent a certificate of such ownership in its name and under its corporate  seal,  signed  by  its  president or a vice president and its secretary or treasurer and setting forth a duly certified  copy  of  the resolution  of  its  board of directors to merge such other corporation, and to assume all of its obligations,  and  the  date  of  the  adoption thereof.  A  duplicate  or  certified  copy of such certificate with the approval required by subsection (b) hereof endorsed thereon  or  annexed thereto  shall be filed in the office of the clerk of the county wherein the principal office of the parent  corporation  is  located.  Upon  the filing  of  such  certificate,  all  of  the  estate,  property, rights, privileges and franchises of such other corporation shall vest in and be held and enjoyed by the parent corporation as  fully  and  entirely  and without change or diminution as the same were before held and enjoyed by such  other  corporation,  and  be  managed and controlled by the parent corporation, and, in its  name,  but  subject  to  all  liabilities  and obligations  of  such  other corporation and the rights of all creditors thereof which the parent corporation shall be deemed to have assumed and become liable for in the same manner as if it had itself  incurred  such liabilities  and obligations.   The parent corporation shall not thereby acquire power to engage in  any  business  or  to  exercise  any  right, privilege  or  franchise of a kind which it could not lawfully engage in or exercise under the provisions of the law by or pursuant to which such parent corporation is organized.  (b) Such merger shall  not  become  effective  unless  and  until  the superintendent  shall  give his approval thereto. Such approval shall be endorsed upon or annexed to the certificate of merger before filing  and the certificate filed as required by subsection (a) hereof.