reglab/housing_qa huggingface dataset:
NY Ins L § 5907 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5907 - Purchasing Groups; Exemption From Certain Laws.

§  5907.  Purchasing groups; exemption from certain laws. A purchasing group and its insurer shall be subject to all applicable  laws  of  this state,  except  that a purchasing group and its insurer shall be exempt, in regard to liability insurance for the purchasing group and any of its members, from any law that would:  (a) prohibit the establishment of a purchasing group;  (b) make it unlawful for an insurer to provide  or  offer  to  provide liability  insurance  on a basis providing, to a purchasing group or its members, advantages, based on their loss  and  expense  experience,  not afforded to other persons with respect to rates, policy forms, coverages or other matters;  (c)  prohibit  a  purchasing  group  or  its  members  from purchasing liability insurance on a group basis described in subsection (b) of this section;  (d) prohibit a purchasing group from obtaining liability insurance  on a  group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;  (e) require that a purchasing group must  have  a  minimum  number  of members, common ownership or affiliation, or a certain legal form;  (f)  require  that  a  certain  percentage  of a purchasing group must obtain liability insurance on a group basis; or  (g) otherwise discriminate against a purchasing group or  any  of  its members.
NY Ins L § 5909 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5909 - Restrictions on Insurance Obtained by Purchasing Groups.

§ 5909. Restrictions on insurance obtained by purchasing groups. (a) A purchasing  group  located  in  this  state shall not purchase liability insurance from a risk retention group not chartered in a state  or  from an insurer not authorized in this state, unless the purchase is effected pursuant  to  section  two thousand one hundred eighteen of this chapter through an excess line broker licensed pursuant to section two  thousand one  hundred  five  of  this  chapter,  except where otherwise permitted pursuant to section two thousand one hundred seventeen of this chapter.  (b) The terms of any liability insurance policy issued or  issued  for delivery in this state to a purchasing group or any of its members shall not  provide,  or be construed to provide, insurance coverage prohibited generally by state statute or declared unlawful by the highest court  of the  state  whose  law  applies to such policy. If the law of this state applies to an insurance policy obtained by a purchasing group, the terms of that policy shall not provide or be construed  to  provide  insurance coverage  prohibited  generally by state statute or declared unlawful by the highest court of this state which has construed such coverage.  (c) A purchasing group  which  obtains  liability  insurance  from  an insurer  not  authorized  in  this state or a risk retention group shall inform each of the members of such group which have a risk  resident  or located  in  this  state that such risk is not protected by an insurance insolvency security fund in this state, and  that  such  risk  retention group  or  such  insurer  may  not  be subject to all insurance laws and regulations of this state.  (d) No liability insurance policy issued or  issued  for  delivery  in this  state  to a purchasing group or a member of such group with a risk resident or located within this state shall provide for a deductible  or self-insured   retention   shared  among  purchasing  group  members  or applicable to the group itself.
NY Ins L § 5910 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5910 - Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups.

§   5910.  Administrative  and  procedural  authority  regarding  risk   retention groups and purchasing groups. The superintendent is authorized   to make use of any of the powers,  established  under  this  chapter  to   enforce  the  laws  of  this  state,  not  specifically preempted by the   federal Liability Risk Retention Act of 1986. Such  powers  include  the   superintendent's   administrative   authority   to   investigate,  issue   subpoenas,  conduct  depositions  and  hearings,  issue  orders,  impose   penalties  and seek injunctive relief. With regard to any investigation,   administrative proceeding, or litigation, the superintendent may rely on   the procedural law and regulations of this state.
NY Ins L § 5911 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5911 - Insurance Agents, Insurance Brokers and Excess Line Brokers.

§  5911.  Insurance agents, insurance brokers and excess line brokers. (a) The provisions of article twenty-one of this chapter shall apply  to any  risk  retention group not chartered and licensed in this state as a property/casualty insurer but which is doing business in this state. Any such risk retention group shall for such purposes  be  deemed  to  be  a licensed foreign insurer.  (b)  If any person, firm, association, or corporation does an act with respect to a purchasing group or any member thereof, which act  if  done with  respect  to  any  other  person  or  entity would require that the person, firm, association, or corporation doing such act be licensed  as an  insurance  agent  or broker, then such person, firm, association, or corporation must be appropriately licensed pursuant to this chapter.  (c) Every person, firm, association, or corporation licensed  pursuant to  the  provisions  of  article  twenty-one  of  this chapter shall, on business placed by such licensee with a risk retention group or with  an unauthorized  insurer  on  behalf  of  a  purchasing group or any of its members, inform each prospective insured of the provisions of the notice required by subsection (a) of section five thousand nine hundred five of this article in the case of a risk retention group and subsection (c) of section five thousand nine hundred nine of this article in the case of a purchasing group.
NY Ins L § 5912 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5912 - Binding Effect of Orders Issued in United States District Court.

§  5912.  Binding  effect  of  orders issued in United States district   court. An order issued by  any  district  court  of  the  United  States   enjoining  a  risk retention group from soliciting or selling insurance,   or operating in any state (or in all  states  or  in  any  territory  or   possession of the United States), upon a finding that such a group is in   hazardous   financial   condition   or  financially  impaired  shall  be   enforceable in the courts of this state.
NY Ins L § 5913 (2021)
2021 New York Laws ISC - Insurance Article 59 - Risk Retention Groups and Purchasing Groups 5913 - Financial Responsibility.

§  5913.  Financial  responsibility.  Wherever pursuant to the laws of   this state or any political subdivision of this state a demonstration of   financial responsibility is required as  a  condition  for  obtaining  a   license  or  permit  to  undertake  specified  activities,  if  any such   requirement may not be satisfied by obtaining insurance coverage from an   insurer not authorized to do business in this  state,  such  requirement   may not be satisfied by purchasing insurance from a risk retention group   not chartered in this state.
NY Ins L § 6101 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6101 - Definitions.

§ 6101. Definitions. In this article:  (a)  "Advisory  committee"  means  any official body, by whatever name called, which is chosen by the subscribers of a reciprocal  insurer  and which  has,  subject  to  the  articles  of  association and subscribers agreement, ultimate power  and  responsibility  in  the  management  and control of the affairs of a reciprocal insurer.  (b)  "Attorney-in-fact"  means  a  person  designated and appointed by subscribers to a reciprocal insurer to act for and bind the  subscribers in  all  transactions  relating to or arising out of the operations of a reciprocal insurer, subject to limitations as may be lawfully provided.  (c) "Books, accounts and records" means all working  papers,  ledgers, and  other  relevant  documents  which demonstrate, disclose and support transactions of  the  reciprocal  and  each  individual  subscriber,  as distinguished  from  the  attorney-in-fact,  and  which  relate  to  the operations and activities of the reciprocal. The phrase "books, accounts and records" shall not mean or include working papers, ledgers, or other relevant  documents  which  relate  exclusively  to  the  operation  and activities of the attorney-in-fact as a separate entity.  (d)  "Financial  interest"  means  that  a  person  owns,  directly or indirectly, more than one  percent  of  the  outstanding  stock  in  the attorney-in-fact,  has  any outstanding loans from the attorney-in-fact, or earns a commission or  other  compensation  as  a  producer  for  the reciprocal.  (e)  "Material  transaction"  means  a  transaction,  other than claim payments, that involves  more  than  one-half  of  one  percent  of  the reciprocal's  admitted  assets as of the thirty-first day of December of the prior year.  (f) "Person" means  an  individual,  partnership,  firm,  association, corporation, not-for-profit corporation, joint-stock company, trust, any similar entity, or any combination of the foregoing acting in concert.  (g)  "Subscriber"  means  a  person  who  has  become  a  member  of a reciprocal through the execution of a subscriber's agreement.  (h)  "Subscriber's  agreement"  means  a  document  executed  by   the subscriber  which  designates and appoints, through a power of attorney, the  attorney-in-fact  and,  either  within  the  agreement  or  via   a management  agreement  or an appended set of bylaws, that sets forth the duties of the attorney-in-fact.
NY Ins L § 6103 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6103 - Deposits.

*  §  6103.  Deposits.  (a)  Before  being  licensed,  every  domestic reciprocal insurer shall comply with the provisions of subsection (a) of section four thousand one hundred four of this chapter  imposed  upon  a domestic  property/casualty  insurance  company  doing  the same kind or kinds of  insurance.  Notwithstanding  the  foregoing,  every  municipal reciprocal  insurer may comply with such provisions within one year from the date a license to do business was granted.  (b) Before being licensed pursuant to subsection (h)  of  section  six thousand  one  hundred  two  of  this  article  to do insurance on risks outside of the United States, its territories and possessions, or to  do reinsurance,  a  domestic  reciprocal  insurer  shall  comply  with  the provisions of subsection (b) of section four thousand one  hundred  four of  this  chapter  imposed  upon  a domestic property/casualty insurance company.  (c) Before being licensed to issue non-assessable policies pursuant to section six thousand one hundred  eight  of  this  article,  a  domestic reciprocal insurer shall comply with the provisions of subsection (c) of section  four  thousand  one  hundred  four of this chapter imposed on a domestic mutual property/casualty insurance company.  (d) The financial requirements of subsections (a) and (c) hereof shall be reduced by fifty percent for a reciprocal insurer initially  licensed to  do  business  in  this  state  prior to July first, nineteen hundred eighty-two.  (e) Before being granted any license or renewal license, every foreign reciprocal insurer shall comply with the provisions of subsection (d) of section four thousand one hundred four of  this  chapter  imposed  on  a foreign property/casualty insurance company.    * 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.
NY Ins L § 6104 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6104 - Qualifications of Subscribers.

§   6104.   Qualifications  of  subscribers.  (a)  (1)  No  authorized reciprocal insurer shall make any new agreement for insurance containing a provision for contingent liability of subscribers with any  subscriber who  or  which does not have assets in his, their or its own right in an amount not less than fifty thousand dollars in excess of liabilities  as shown  by  a  commercial  agency report as hereinafter provided, or by a sworn statement on file with  the  attorney-in-fact,  verified  by  such subscriber or by an officer of a corporation subscriber.  (2)  (A)  Before  renewing  a contract of insurance with a subscriber, containing a provision for contingent liability of subscribers,  similar proof   of   financial  responsibility  shall  be  required  unless  the subscriber has accumulated  and  maintains  the  subscriber's  operating reserve  required  by  section  six  thousand  one  hundred nine of this article.  (B) The report of an established commercial agency having one  hundred thousand or more subscribers shall be deemed presumptive evidence of the financial condition of a subscriber.  (b)  (1)  All  corporations  and  the  directors or any representative thereof and all persons, firms or corporations holding property in trust may insure the  same  in  reciprocal  insurers  and  by  so  doing  such directors,   representatives   or   trustees,  in  their  representative capacity, may assume the liabilities and be entitled to the rights of  a subscriber of such reciprocal insurer.  (2)   Such   directors,  representatives  or  trustees  shall  not  be personally liable as individuals upon  such  contract  of  insurance  or subscriber's agreement.
NY Ins L § 6110 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6110 - Limitation of Risk.

§  6110. Limitation of risk. Every reciprocal insurer authorized to do   business in this state shall be subject to the  provisions  of  sections   one  thousand one hundred fifteen and four thousand one hundred eighteen   of this chapter.
NY Ins L § 6111 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6111 - Assets, Liabilities and Surplus.

§  6111. Assets, liabilities and surplus. (a) All of the assets of any reciprocal insurer including subscribers' operating  reserves  shall  be liable  primarily  for  payment  of  all  liabilities incurred under its policies or other contracts.  (b) No part of the surplus funds of such reciprocal insurer  shall  be subject  to  the  claims  of  general creditors of any of the individual subscribers of such insurer until all  policies  under  which  any  such subscriber  is obligated have been terminated and in no event beyond the amount of such subscriber's operating reserve.  (c) The contingent liability of subscribers for additional premiums or assessments shall not be included as an asset in the financial statement of a reciprocal insurer.  (d) Subscribers' operating reserves for which notice of withdrawal has been given shall be reported as liabilities until paid.  (e) In any statement  or  report  of  the  financial  condition  of  a reciprocal  insurer  filed  in this state, the surplus to policyholders, after providing for the unearned premium  reserves,  loss  reserves  and other  liabilities,  as  required  by this chapter, shall be reported as follows:  (1) special contingent surplus;  (2) subscribers' operating reserves, if required;  (3) all other surplus, if any.  (f) Unless the reciprocal is subject  to  the  provisions  of  article fifteen  of  this  chapter  or  substantially similar legislation in its state of domicile,  all  material  transactions  between  or  among  the reciprocal,  its  subscribers, the attorney-in-fact and any affiliate of the attorney-in-fact shall not be entered into, unless  they  have  been filed with the superintendent at least thirty days prior thereto and the superintendent  has  not  disapproved  them; provided, however, that any such transaction involving five percent  or  more  of  the  reciprocal's admitted assets shall be subject to prior approval of the superintendent and all transactions shall meet the following standards:  (1) The terms shall be fair and equitable;  (2) Charges or fees for services performed shall be reasonable; and  (3)  Expenses incurred and payments received shall be allocated to the reciprocal on an equitable basis in conformity with statutory  insurance accounting practices consistently applied.
NY Ins L § 6112 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6112 - Subscribers' Accounts.

§  6112.  Subscribers' accounts. (a) The attorney-in-fact, in addition to  the  books  of  account  of  the  collective  transactions  of   all subscribers  of  the  reciprocal  insurer,  shall  keep  and  maintain a separate account  for  each  individual  subscriber  setting  forth  the entries determining the operating reserve, if any, of such subscriber.  (b)  Each  subscriber's  account  shall  be credited with the premiums earned by him as an underwriter on the policies issued by  the  insurer, and  charged  with  his  proper  share of all losses incurred under such policies as well as with the expenses incurred by the insurer.  (c) Earnings and interest income from investments of all  subscribers' operating  reserves  shall be apportioned and credited to subscribers on the basis of their accumulated operating reserves and all other interest and investment income may be apportioned and credited to the subscribers on the basis of their premiums earned as underwriters.  (d) The subscriber's agreement of an authorized reciprocal insurer may with the permission  of  the  superintendent  contain  provisions  which modify  the  credits,  charges  and  apportionments  to the subscribers' account, as required by subsections (b) and (c) of this section.
NY Ins L § 6114 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6114 - Application of Other Sections.

§  6114.  Application  of  other  sections.  (a)  Except  as otherwise provided in  this  article,  and  except  where  the  context  otherwise requires, all of the provisions of this chapter relating to all insurers and  those  relating  to  insurers transacting the same kind or kinds of insurance which reciprocal insurers are permitted to transact, shall  be applicable  to  reciprocal  insurers  authorized  to do business in this state.  (b) Where any of such sections refer  to  a  corporation,  company  or insurer,  the  same, when read in connection with and applicable to this article, shall mean a reciprocal insurer.
NY Ins L § 6115 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6115 - Merger.

§  6115.  Merger.  (a)  (1)  Two or more reciprocal insurers may, by a two-thirds affirmative vote of the subscribers of each insurer, merge in accordance with the provisions of article seventy-one of this chapter.  (2) The powers of such new reciprocal insurer under this article shall not be greater than those possessed hereunder by the merging insurers.  (3) The operating reserve accumulations of the respective  subscribers shall  be transferred and credited to such subscribers as members of the new reciprocal insurer and all other reserves, guaranty funds and  other undistributed funds shall be transferred to the corresponding reserve or guaranty fund accounts of the new insurer.  (b) (1) If after examination, the superintendent finds that the merger of  any  such  insurers  is  in  conformity  with  law, and that the new reciprocal insurer meets with the requirements of this chapter,  he  may issue  a  license to such insurer to do business under the provisions of this  chapter.  Thereupon,  the  remaining  assets  shall  be  forthwith transferred  to  it, and the predecessor reciprocal insurers shall cease to  have  authority  to  do  business  as  such  and  shall  be   deemed extinguished.  (2)  Every  such  new reciprocal insurer formed by merger shall assume and succeed to all of the obligations and liabilities of the  respective merging  reciprocal  insurers  and  shall  be  held  liable  to  pay and discharge all such debts and liabilities in the same manner as  if  they had  been  incurred  or  contracted  by  it, but the subscribers of such predecessor reciprocal  insurers  shall  continue  subject  to  all  the liabilities,  claims  and  demands  which shall then exist, or which may thereafter accrue against them,  or  any  of  them,  by  reason  of  any obligations  incurred  by  them  or  on their behalf as such subscribers before the date of merger.  (3) Upon the merger of any reciprocal insurer, dissenting  subscribers shall  be  entitled  to  the conditional withdrawal of their accumulated operating reserves on deposit with the predecessor  insurer  as  of  the date  of merger but a sufficient amount thereof shall be retained by the new reciprocal insurer  as  a  deposit  until  all  of  the  obligations incurred on their behalf have been extinguished.  (4)  When  all  of  such  obligations  have  been  paid, discharged or terminated, and the superintendent after an examination  shall  have  so certified,  the  said  subscribers'  deposits  or  the  balances thereof remaining to their credit shall be returned and released, whereupon  the powers   of  the  attorney-in-fact  relating  thereto  shall  cease  and terminate.
NY Ins L § 6116 (2021)
2021 New York Laws ISC - Insurance Article 61 - Reciprocal Insurers and Lloyds Underwriters 6116 - Lloyds Underwriters.

§  6116.  Lloyds  underwriters.  (a)  Any existing Lloyds underwriters heretofore organized under any law of this state and authorized to do an insurance business herein, which has exercised  its  powers  of  issuing insurance policies continuously during each of the two years immediately prior  to  January  first, nineteen hundred forty, may, by maintaining a minimum surplus at least equal to the amount maintained prior to January first, nineteen hundred forty, continue to do an insurance  business  in this state of the kind or kinds which it was authorized to do on January first,  nineteen hundred forty, and shall be entitled to exercise all of the powers granted by its existing charter or articles of association.  (b) Except as  the  context  otherwise  requires,  every  such  Lloyds underwriters  shall  be subject to all of the provisions of this chapter which are applicable to reciprocal insurers.  (c) No Lloyds underwriters shall hereafter be organized in this  state and  no  foreign or alien Lloyds underwriters shall be licensed to do an insurance business in this state.  (d) This section shall not alter or abridge any rights of the New York insurance exchange as set forth in article sixty-two of this chapter.