2023 New York Laws › ISC - Insurance › Article 61 - Reciprocal Insurers and Lloyds Underwriters › 6107 - Changes and Amendments.

§  6107.  Changes  and amendments. (a) (1) No reciprocal insurer shall
change its name  or  amend  its  subscriber's  agreement  without  first
obtaining the written approval of the superintendent.
(2)  No  such  insurer  shall  establish branch offices under other or
different names or titles.
(b) The superintendent shall approve any change or substitution in the
attorney-in-fact of any such insurer and there shall  be  filed  in  the
office  of  the  new  attorney-in-fact  new  subscriber's  agreements or
amendments to the existing subscriber's agreements  containing  the  new
powers  of  attorney  signed  by  every  subscriber  of  such reciprocal
insurer.  Notwithstanding  the  foregoing,  a  foreign  reciprocal  that
primarily  provides coverage to former and current military officers and
their  families  shall  notify  the  superintendent  of  any  change  or
substitution  in  the  attorney-in-fact  of  such  insurer  and  the new
attorney-in-fact shall apply  for  licensure  pursuant  to  section  six
thousand  one  hundred  five  of this article within thirty days of such
change or substitution.
(c) After any reciprocal insurer is authorized to do business in  this
state,  it  may  be  joined by other and additional subscribers who have
been accepted  and  are  qualified  and  have  executed  a  subscriber's
agreement and power of attorney identical with the instruments in effect
at that time and which all other subscribers have executed.
(d)  (1)  No  such  change  and  no  amendment  or modification in the
provisions of the subscriber's  agreement  shall  be  submitted  to  the
subscribers for execution unless approved by the advisory committee at a
meeting duly called for such purpose.
(2)  Every  such  change, amendment or modification shall be submitted
for execution to all existing subscribers  contemporaneously  and  shall
take effect, as to all subscribers executing the same, at the expiration
of one year from the date of such submission.
(3)  Any  subscriber failing to execute any new subscriber's agreement
or any amendment to an existing subscriber's agreement within  one  year
after  its  submission  to  such  subscriber  shall  be  deemed  to have
withdrawn from membership in such reciprocal.
(4) Notwithstanding paragraphs one, two and three hereof, in the  case
of  any  reciprocal  insurer  which  shall  have issued its policies, or
binders, with the subscriber's agreement and statement  printed  thereon
pursuant  to paragraph two of subsection (a) of section six thousand one
hundred six of this article, or a reciprocal insurer having a  corporate
attorney-in-fact  wholly  owned  by  the  subscribers at such reciprocal
insurer who provides with such submission a  copy  of  the  subscriber's
agreement  in force, the failure of any subscriber at such reciprocal to
object in writing thereto within sixty  days  after  the  date  of  such
submission shall constitute such subscriber's acceptance of such change,
amendment  or  modification  as  fully  and to the same extent as though
acceptance of such change, amendment or modification had been signed and
acknowledged  by  that  subscriber  and  such   change,   amendment   or
modification shall take effect, as to all subscribers at such reciprocal
who  have  not  objected  thereto in writing, at the expiration of sixty
days from the date of submission. Any subscriber at such reciprocal  who
objects  in writing, within sixty days from the date of such submission,
to such change, amendment  or  modification  shall  be  deemed  to  have
withdrawn from membership in such reciprocal.