2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6610 - Limitation of Risk.

§  6610.  Limitation  of  risk. (a) Subject to the other provisions of
this section, the maximum amount of insurance less reinsurance in  other
authorized insurers or in accredited reinsurers as defined in subsection
(a) of section one hundred seven of this chapter which may be assumed by
a  co-operative property/casualty insurance company on a single risk for
every kind of insurance it is authorized to write shall not  exceed,  in
accordance  with  section  one  thousand  one  hundred  fifteen  of this
chapter, ten percent of its surplus to policyholders  as  shown  in  its
last sworn statement filed with the superintendent.
(b)  The  maximum  amount  of  insurance  less  reinsurance  in  other
authorized insurers or in accredited reinsurers as defined in subsection
(a) of section one hundred seven of this chapter which may be assumed by
an advance premium corporation on property not  protected  by  automatic
sprinklers,  situated  within the boundaries of one city block or on one
group of buildings composed of attached or adjacent buildings which have
less than sixty feet of clear space at all points between such buildings
and other buildings, shall not exceed ten  percent  of  its  surplus  to
policyholders  as  shown  in  its  last  sworn  statement filed with the
superintendent.
(c)  The  maximum  amount  of  insurance  less  reinsurance  in  other
authorized insurers or in accredited reinsurers as defined in subsection
(a) of section one hundred seven of this chapter which may be assumed by
an  assessment  corporation  on a single risk for the kinds of insurance
listed below shall not exceed three percent of its surplus as  shown  in
its  last  sworn  statement  filed  with  the superintendent or fourteen
thousand dollars, whichever is greater.
Kinds of insurance specified in the following numbered  paragraphs  of
subsection  (a)  of  section  one  thousand one hundred thirteen of this
chapter:
(4) fire insurance;
(5) miscellaneous  property  insurance  (excluding  insurance  against
windstorm, tornado, cyclone, flood, earthquake or volcanic eruption);
(6) water damage insurance;
(7) burglary and theft insurance;
(8) glass insurance;
(9) boiler and machinery insurance;
(12) collision insurance;
(20) marine and inland marine insurance (inland marine insurance only;
except  insurance  within  paragraph  twenty against windstorm, tornado,
cyclone, flood, earthquake or volcanic eruption).
The term "risk" means property which is situate less than  sixty  feet
from  other  property  except  property  consisting  of  or located in a
building of fire resistive construction or fully protected by  automatic
sprinklers.
(d)  The  maximum amount of insurance (including the obligation to pay
outside loss adjustment expense) less reinsurance  in  other  authorized
insurers  or  accredited  reinsurers  as  defined  in  subsection (a) of
section one hundred seven of this chapter which may  be  assumed  by  an
assessment  corporation  on  a  single  risk  for the kinds of insurance
listed below shall not exceed two percent of its surplus as shown in its
last sworn statement filed with the superintendent.
Kinds of insurance specified in the following numbered  paragraphs  of
subsection  (a)  of  section  one  thousand one hundred thirteen of this
chapter:
(13) personal injury liability insurance;
(14) property damage liability insurance;
(15) workers'  compensation   and   employers'   liability   insurance
(excluding  workers'  compensation insurance, but not excluding workers'

compensation insurance required  by  subsection  (j)  of  section  three
thousand four hundred twenty of this chapter);
(19)  motor  vehicle and aircraft physical damage insurance (excluding
aircraft physical damage insurance).
(e)  The  maximum  amount  of  insurance  less  reinsurance  in  other
authorized insurers or in accredited reinsurers as defined in subsection
(a) of section one hundred seven of this chapter which may be assumed by
an  assessment  corporation  on  a  single  risk  for  insurance against
windstorm, tornado, cyclone,  flood,  earthquake  or  volcanic  eruption
shall  not  exceed two percent of its surplus as shown in its last sworn
statement filed with the  superintendent,  provided  however,  that  the
aggregate  amount  incurred,  after  deducting  such  reinsurance,  with
respect to losses due to a single occurrence of such insured peril which
exceeds ten percent of the company's surplus as shown in its last  sworn
statement  filed  with  the  superintendent  shall be reinsured in other
authorized insurers or in accredited reinsurers as defined in subsection
(a) of section one hundred seven  of  this  chapter.  The  term  "single
occurrence"  means  all  losses  occasioned  by the perils of windstorm,
tornado, cyclone, flood, earthquake or volcanic  eruption  arising  from
the   same   continuous   atmospheric   disturbance  or  other  physical
disturbance occurring within a seventy-two hour period.