reglab/housing_qa huggingface dataset:
NY Ins L § 6504 (2021)
2021 New York Laws ISC - Insurance Article 65 - Mortgage Guaranty Insurance Companies 6504 - Required Approvals; Prohibitions.

§  6504.  Required approvals; prohibitions. (a) Every mortgage insurer shall file with the superintendent for his approval in  accordance  with article  twenty-three  of  this  chapter  its  premium  rates,  forms of policies, certificates,  applications  and  other  forms  pertaining  to mortgage  guaranty  insurance.  The  premium  rate  charged for mortgage guaranty insurance shall not be deemed to be interest for  the  purposes of section 5-501 of the general obligations law.  (b) No mortgage insurer shall pay:  (1)  to any person who is acting as agent, representative, attorney or employee of the owner, mortgagee of the prospective owner, or  mortgagee of  the  real  property  or  any  interest  therein,  either directly or indirectly, any consideration as an inducement for or as compensation on any mortgage guaranty insurance business; or  (2) any compensation to any person for transacting  insurance  for  or with  it  based  in whole or in part upon a commission basis unless such person is licensed pursuant to this chapter.  (c) In connection with the placement or renewal of  any  insurance,  a mortgage  insurer  shall  not  permit any compensation to be paid to, or received by: any insured lender; any officer, director, or  employee  of the  insured;  any  member  of  their immediate family; any corporation, partnership, trust, or trade  association  in  which  an  insured  is  a member;  or  other  entity  in  which  an  insured  or any such officer, director, or employee or any member of  their  immediate  family  has  a financial interest; or any designee, trustee, nominee, or other agent or representative of any of the foregoing.  (d)  The  superintendent  may,  after a hearing, suspend or revoke the license of any mortgage insurer which, after  ten  days  written  notice from  the  superintendent requiring it to cease and desist, continues to pay any consideration in willful violation of this article.
NY Ins L § 6505 (2021)
2021 New York Laws ISC - Insurance Article 65 - Mortgage Guaranty Insurance Companies 6505 - Licensing of Agents.

§  6505. Licensing of agents. The standards in subsections (d) through   (k), (m) and (o) of section two  thousand  one  hundred  three  of  this   chapter  shall  apply to the licensing of agents for a mortgage insurer.   Such license may be limited to  mortgage  guaranty  insurance.  In  such   event,  the  superintendent  may,  in  his discretion, provide a special   examination for such license.
NY Ins L § 6506 (2021)
2021 New York Laws ISC - Insurance Article 65 - Mortgage Guaranty Insurance Companies 6506 - Advertising.

§  6506.  Advertising.  No  regulated  mortgage investor, any of whose   authorized real estate  securities  are  insured  by  mortgage  guaranty   insurance  pursuant  to  this article may state in any form of report or   advertising that the real estate loans  of  the  investor  are  "insured   loans"  unless the report or any form of advertising also clearly states   that the loans are insured by private insurers and  the  names  of  such   insurers  are  given.  A regulated mortgage investor also shall not make   any such statement unless such insurance is by a company  authorized  to   transact mortgage guaranty insurance business in this state.
NY Ins L § 6508 (2021)
2021 New York Laws ISC - Insurance Article 65 - Mortgage Guaranty Insurance Companies 6508 - Additional Powers of Superintendent.

§  6508.  Additional  powers of superintendent. The superintendent may   adopt  regulations  necessary  to  carry  out  this  article   including   restrictions   on   investments,   giving   full  consideration  to  the   desirability of high liquidity.
NY Ins L § 6601 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6601 - Scope of Article; Other Provisions.

§  6601.  Scope  of article; other provisions. (a) All insurers formed pursuant to chapter seven hundred thirty-nine of the  laws  of  eighteen hundred  fifty-seven,  chapter five hundred seventy-three of the laws of eighteen hundred eighty-six, or the laws of  which  the  last  mentioned chapter  was a consolidation, article nine of chapter six hundred ninety of the laws of eighteen hundred ninety-two, and  chapter  three  hundred twenty-eight  of the laws of nineteen hundred ten, the same constituting article nine of former chapter twenty-eight of the consolidated laws  as in  effect  immediately before January first, nineteen hundred forty and article XI-B of the former insurance law as in effect immediately before the effective date of this chapter, are hereby  continued  in  existence and,  together  with  all  insurers  organized  or  licensed  under this article, are made subject to the provisions of this article and  not  to any  other  provisions  of this chapter except as provided in subsection (b) hereof.  (b) Except as otherwise specifically provided  in  this  article,  the provisions  of  this  chapter insofar as they are applicable to domestic mutual property/casualty insurance companies, shall, unless the  context otherwise  requires,  apply  to co-operative property/casualty insurance companies.
NY Ins L § 6602 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6602 - Classification of Insurers; Foreign and Alien Insurers.

§  6602.  Classification  of insurers; foreign and alien insurers. (a) Cooperative property/casualty insurance  companies  operating  under  or subject  to  this  article  shall be either advance premium co-operative property/casualty  insurance  companies   or   assessment   co-operative property/casualty insurance companies.  (b) (1) "Advance   premium   corporation"  means  an  advance  premium co-operative property/casualty insurance company which charges  premiums in advance on the basis of applicable provisions of article twenty-three of  this  chapter  and  which  maintains  unearned  premium  reserves as required by section one thousand three hundred five of this chapter  and loss  and loss expense reserves as required by section four thousand one hundred seventeen of this chapter.  (2) "Assessment  corporation"   means   an   assessment   co-operative property/casualty  insurance  company  which  levies  upon  its  members regular assessments, the amount of which is  determined  by  giving  due cognizance,  along  with  other relative factors, either to the incurred liabilities of such insurer, or to its estimated liabilities  likely  to become  incurred  before the next regular assessment, or both, and which maintains unearned premium reserves as required by section one  thousand three hundred five of this chapter and loss and loss expense reserves as required by section four thousand one hundred seventeen of this chapter.  (c)  No  insurer  operating under or subject to the provisions of this article shall do a part of its business on the advance premium plan  and another  part on the assessment plan; but this shall not be construed to affect  the  contingent  liability  of  members   of   advance   premium corporations  nor  to  affect  the  liability  of  members of assessment corporations for extraordinary assessments, as hereinafter provided.  (d) No foreign or alien insurer or  insurance  organization  shall  be licensed or permitted to do in this state any kind or kinds of insurance business  specified  in  this  article on the assessment plan, or on any mutual plan, other than as a mutual property/casualty insurance  company or as a reciprocal insurer as elsewhere provided in this chapter.
NY Ins L § 6606 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6606 - Reinsurance.

§  6606. Reinsurance. (a) (1) Subject to the provisions of section six thousand  six  hundred   ten   of   this   article,   any   co-operative property/casualty insurance company shall have the power, whether or not expressed  in its charter, to accept reinsurance of the kind or kinds of insurance it is licensed to do directly, and to cede reinsurance subject to applicable provisions of section one thousand three hundred eight  of this chapter.  (2)  Unless  otherwise  permitted by the superintendent, an assessment corporation may assume reinsurance only from other authorized assessment corporations but may cede reinsurance to any other licensed  insurer  if such  insurer  is authorized to reinsure such kind or kinds of insurance in this state or to an accredited reinsurer, as  defined  in  subsection (a) of section one hundred seven of this chapter.  (3)  Any  co-operative  property/casualty insurance company may assume reinsurance  on  property  located  wholly  or  partially  without   the territory  in  which  it  is  licensed  to  do a direct writing business provided, however,  that  an  assessment  corporation  may  only  assume reinsurance  on  property  located  in  the  state  of New York with the exception of  the  counties  of  New  York,  Kings,  Queens,  Bronx  and Richmond.  (b)  Every  assessment  corporation doing business as a direct writer, which assumes reinsurance, may, in levying assessments on  its  members, assess ceding insurer members as a separate group on the basis of actual or estimated experience in that classification.
NY Ins L § 6607 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6607 - Duration of Charter.

§  6607.  Duration  of  charter.  Subject to the provisions of article   seventy-four  of  this  chapter,  the  charter  of  every   co-operative   property/casualty insurance company shall be perpetual.
NY Ins L § 6608 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6608 - Extension of Territory.

§   6608.   Extension  of  territory.  (a)  The  superintendent,  upon application by any advance  premium  corporation  may  issue  a  license pursuant to section one thousand one hundred two of this chapter to such corporation  to do the business in counties additional to those in which it is then authorized or in the entire state if such corporation  is  in possession of a surplus to policyholders of one hundred thousand dollars or more, and is maintaining full unearned premium reserves in accordance with section one thousand three hundred five of this chapter.  (b)   The   superintendent,   upon   application   by  any  assessment corporation, may issue a license pursuant to section  one  thousand  one hundred  two  of  this  chapter  to  such  corporation to do business in adjoining counties additional to those in which it is then authorized or in the entire state with the exception of  the  counties  of  New  York, Kings,  Queens, Bronx and Richmond, if such corporation is in possession of a surplus to policyholders of one hundred thousand dollars  or  more, and  is  maintaining  full  unearned premium reserves in accordance with section one thousand three hundred five of this chapter.  (c) Every license  issued  by  the  superintendent  pursuant  to  this section shall include the county in which the corporation to which it is issued maintains its principal office.  (d)  Applications  made to the superintendent pursuant to this section shall be in such form as he may by regulation require.
NY Ins L § 6609 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6609 - Policy Forms.

§  6609.  Policy  forms.  (a)  (1)  Every form of policy issued by any co-operative property/casualty insurance company shall indicate in words prominently displayed at the top of the first page, and in type of which the face shall not be smaller than twelve point,  that  such  policy  is issued on the co-operative plan.  (2)  Each  form  of  policy  issued  by  such a corporation shall also include on the page following that  concluding  the  policy  proper  and under  appropriate  caption all provisions of the corporation's by-laws, whether required or permitted, relative to meetings of members, election of  directors,  rights  and  obligations   of   members,   extraordinary assessments, and contingent liability.  (b)  No  policy  form  shall be delivered or issued for delivery by an assessment corporation unless it  has  been  filed  by  said  assessment corporation with the superintendent and he has approved it.  (c) The standard fire insurance policy, insofar as required for use by domestic  mutual  property/casualty insurance companies by section three thousand four hundred four of this chapter, shall also be  required  for use by all co-operative property/casualty insurance companies, with such modifications  therein  as  shall  be  permitted  by  regulation  of the superintendent.  (d) Two or more advance premium corporations or two or more assessment corporations may issue a combination policy, as provided for in  section three   thousand   four   hundred   four  of  this  chapter,  with  such modifications  permitted  by  regulation  of  the  superintendent,  upon property located in territory wherein all the participating corporations named in such policy are licensed to do business.
NY Ins L § 6611 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6611 - Records.

§   6611.   Records.  (a)  (1)  Every  co-operative  property/casualty insurance company shall keep and maintain books of account  and  records in  such  manner as will show fully and truly the condition, affairs and business  of  such  corporation  and  facilitate  the  preparation   and verification of its annual statements.  (2) Such records shall be available for inspection by any policyholder of the corporation during ordinary business hours.  (3)   The  secretary  shall  maintain  a  minute  book  recording  the proceedings of all meetings of the corporation, its board  of  directors and the principal committees thereof.  (4)  (A)  The  books  of account shall include a cash book and general ledger together with the necessary supplemental and  subsidiary  records including  a  loss  register showing all losses of which the corporation has had notice and the disposition or settlement thereof and a record of its investments.  (B) All cash and checks collected including  policy  and  survey  fees shall be reported as income.  (C) All checks issued shall be signed either by two officers or by one officer  upon  the written order of another officer, except as otherwise provided by resolution of the corporation's board of directors or in its by-laws for handling of miscellaneous expenses.  (D) Checkbook stubs, bank statements and  cancelled  checks  shall  be kept on file for at least seven years.  (b)  The records of a co-operative property/casualty insurance company shall also include a policy register in  such  form  as  will  show  all policies  issued  in  consecutive numerical order in one or more series, and a register of gross premiums or assessments in force and reinsurance premiums in force summarized by terms and expirations and  supported  by monthly  or  quarterly tabulations of the premiums written and cancelled during such periods.  (c) The records of an assessment corporation  shall  also  include  an assessment  register  which  may  be  combined with the policy register, showing the rates and amount charged and dates  of  collections,  and  a loan or note record showing all such transactions.
NY Ins L § 6612 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6612 - Rebating and Discrimination; Accounts and Statistics; Assessment Corporations.

§   6612.   Rebating  and  discrimination;  accounts  and  statistics;   assessment corporations. Notwithstanding anything  to  the  contrary  in   this  chapter,  the  provisions  of  sections two thousand three hundred   twenty-four and two thousand three hundred twenty-five of  this  chapter   are applicable to assessment corporations.
NY Ins L § 6613 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6613 - Limitation of Expenses; Co-Operative Property/casualty Insurance Companies.

§   6613.   Limitation  of  expenses;  co-operative  property/casualty insurance companies. (a) The expenses of management of any  co-operative property/casualty insurance company shall not exceed in any one calendar year forty-two and one-half percent of its net premiums written for such year. The term "net premiums written" means direct premiums written plus reinsurance  assumed  less return premiums and reinsurance ceded. In the event expenses incurred in making a new system upgrade  result  in  this subsection's  management expenses limit being exceeded, then the insurer shall inform the superintendent sixty days in  advance  of  the  expense limit  being  exceeded.  Subject  to approval by the superintendent, the limit shall be temporarily raised to the amount necessary  to  encompass the  aforestated new system upgrade, provided that in no event shall the limit be raised more than five percentage points and  shall  not  be  in effect  for  more than three years, and provided further that an insurer may  submit  to  the  superintendent,  for  the  superintendent's  prior approval,  a written request to temporarily raise the limit for up to an additional three years, for a total  of  no  more  than  six  years.  An insurer shall submit such written request to the superintendent at least sixty  days  but  not  more  than  one  hundred  twenty  days before the expiration of the initial period during which the limit was raised.  The insurer shall not increase premiums solely as a result of the management expenses  cap  limit  being exceeded. For purposes of this subsection, a new system upgrade is defined as  the  acquisition  of  electronic  data processing   apparatus   and   related  equipment  constituting  a  data processing, record  keeping  or  accounting  system  and  operating  and non-operating software.  (b)  Management  expenses  shall  include  all  the  expenses  of such company, except expenses incurred in the investigation,  adjustment  and settlement  of  claims, taxes, fees, expenses of examination, and taxes, repairs, and expenses on real estate.  (c) This section shall not apply to any assessment  corporation  which is limited to the business permitted under subsection (a) of section six thousand   six   hundred   five   of   this  article.  Furthermore,  the superintendent may grant an annual exemption from  compliance  with  the provisions  of  subsection  (a)  of  this  section  to  any co-operative property/casualty  insurance  company  which,  in  the  next   preceding calendar  year,  had  net  premiums  written  of less than three million dollars. A written application for such an exemption must  be  submitted by  the  first  day  of  June  in  the  year  for which the exemption is requested and shall contain such information as is deemed  necessary  by the superintendent.
NY Ins L § 6614 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6614 - Contingent Liability of Members; Advance Premium Corporations.

§ 6614. Contingent liability of members; advance premium corporations. (a)  Any  advance premium corporation may limit the contingent liability of a member thereof to not less than once the amount of, and in addition to, the premium which would be charged for insurance for one year or the advance premium stated in the policy, whichever is the lesser.  (b) The contingent  liability  of  a  member  of  an  advance  premium corporation  shall  be  subject  to  enforcement  and  collection by the corporation for the purpose of removing any impairment in  the  reserves required  by this article. Such contingent liability shall apply only to such  impairments  which  occur  during  the  member's   tenure   as   a policyholder.  (c)  No  assessment  premised upon the contingent liability of members shall be made by any  such  corporation  until  after  approval  by  the superintendent  and  shall,  subject  in  all  cases  to  the limitation contained in the contracts thereby affected, as to the maximum amount of such contingent liability, be in  each  case  an  amount  equal  to  the member's proportionate share of such impairment.
NY Ins L § 6615 (2021)
2021 New York Laws ISC - Insurance Article 66 - Co-Operative Property/casualty Insurance Companies 6615 - Annual Assessments; Borrowed Money.

§  6615.  Annual assessments; borrowed money. (a) (1) Every assessment corporation may, if so directed  by  its  board  of  directors  levy  an assessment  upon all of its members. Such assessment shall be sufficient to provide for the payment of losses, expenses, and  other  obligations, incurred,  or likely to be incurred during the fiscal year for which the assessment is levied.  (2) If issuing policies on but one class of property, such  assessment shall  be in proportion to the several amounts of insurance held by each member.  (3) If issuing policies on more than one class of property,  rates  of assessment  shall  be  in proportion to the several amounts of insurance held by each member and on the basis of classifications adopted  by  its board  of  directors  to  express the relative hazards of the properties insured.  (b) (1) Every such corporation may borrow money, except by means of  a mortgage, to pay incurred losses and expenses; but in the calculation of its  next  assessment following the time, or times, at which such a loan or loans were effected, due provision shall be made for the  liquidation of such loan or loans.  (2)  An  assessment  corporation may borrow money for a period of more than one year with the written approval of the superintendent and  under such conditions as he may prescribe.  (c)  (1) Every such corporation may levy annual assessments in advance sufficient to discharge its estimated losses, expenses, and other  valid obligations  for  which  it  may reasonably be expected to become liable during the period prior to the end of its fiscal year.  (2) At any time after the institution of such assessments, new members may be admitted to any such corporation upon paying such fees and  other sums as may be provided for by the corporation's by-laws and upon paying their proportionate shares of the last preceding assessment.  (d)  On  and  after  the  effective  date  of any change from the post assessment basis to the advance assessment basis  as  permitted  herein, every  assessment corporation may collect advance assessments, as herein provided, from each person applying for or renewing a policy or policies and only those persons who were  admitted  as  new  members  during  the period prior to such effective date and subsequent to the levying of the final  post  assessment  shall  be  assessed on a pro rata basis for the losses, expenses, and  other  valid  obligations  incurred  during  such period.