2023 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.