2023 New York Laws › ISC - Insurance › Article 61 - Reciprocal Insurers and Lloyds Underwriters › 6113 - Foreign or Alien Reciprocal Insurers.

§  6113.  Foreign or alien reciprocal insurers. (a) The superintendent
may, in his discretion, pursuant to section one thousand one hundred six
of this chapter, issue a license to a reciprocal insurer  domiciled  in,
or  organized  under  the  laws  of  another state or of any province of
Canada, to do in this state such kind or kinds of insurance business  as
a domestic reciprocal insurer may be authorized to do in this state.
(b)  Such  foreign  or  alien  reciprocal  insurer  shall  comply with
substantially the same requirements of this chapter which are applicable
to domestic reciprocal insurers organized and authorized to do the  same
kind  or  kinds  of  insurance business and in addition every such alien
reciprocal shall be subject to the provisions of this  chapter  relating
to  alien insurance companies authorized to do the same kind or kinds of
insurance business.
(c) Nothing herein contained shall  be  deemed  to  require  that  the
attorney-in-fact  of  a  foreign  or  alien  reciprocal insurer shall be
resident or domiciled in this  state,  or  shall  maintain  his  or  its
principal  office in this state, or shall be organized under the laws of
this state; but every authorized reciprocal insurer  shall  maintain  at
least one office in this state.
(d) Every foreign or alien reciprocal insurer shall maintain a minimum
surplus to policyholders in an amount at least equal to that required of
a  similar  domestic reciprocal insurer organized and licensed to do the
same kind or kinds of insurance.
(e) The superintendent shall pursuant  to  section  one  thousand  two
hundred twelve of this chapter be appointed the true and lawful attorney
for  every such foreign or alien reciprocal insurer and any service upon
him shall be equivalent to the personal service  within  this  state  of
such  process  on  each  and  every  of  the  individual  subscribers or
underwriters, by whatever name called, of such reciprocal insurer.
(f) (1) The superintendent  may  accept  the  statement  of  the  duly
authorized   attorney-in-fact,  or  of  any  officer  of  a  corporation
attorney-in-fact,  or  of  any  member  of  a   firm   attorney-in-fact,
subscribed  and  affirmed by him as true under the penalties of perjury,
that all of the subscribers have  executed  the  subscriber's  agreement
used  by  such  reciprocal  insurer, which agreement shall authorize the
attorney-in-fact to designate and appoint the superintendent as attorney
in  this  state  and  the  supervisory  insurance  officials  of   other
jurisdictions upon whom legal process may be served.
(2)  Whenever  any  change,  amendment or modification of the power of
attorney or subscriber's agreement has been submitted for  execution  to
subscribers,  in  the  manner  prescribed  by  section  six thousand one
hundred seven of this article, a certified copy thereof shall  be  filed
with  the  superintendent  and  within  thirteen months thereafter there
shall be filed with the superintendent a statement similarly  subscribed
to the effect that it has been signed by all subscribers of record.
(3)  The attorney-in-fact shall annually with the filing of the annual
statement of such foreign or alien reciprocal insurer certify  that  all
other  and  additional  subscribers  which have joined such insurer have
executed the subscriber's agreement as last amended and on file with the
superintendent.
(g) The subscriber's agreement and articles of association, if any, of
every foreign reciprocal insurer licensed to do business in  this  state
on   January   first,  nineteen  hundred  forty  shall  conform  to  the
requirements applicable to a domestic reciprocal insurer  organized  and
licensed after such date.