reglab/statecodes huggingface dataset:
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6616 - Extraordinary Assessments; Assessment Corporations.

§  6616.  Extraordinary  assessments; assessment corporations. (a) The
members of every assessment corporation shall be contingently liable for
extraordinary assessments sufficient to remove  any  impairment  in  the
reserves required by this article.
(b) Any assessment corporation if issuing policies on but one class of
property,  may  levy an extraordinary assessment upon all its members in
proportion to the several amounts of insurance held by each.
(c) Any assessment corporation if issuing policies on  more  than  one
class  of  property,  may  levy  an extraordinary assessment at rates of
assessment determined in proportion to the amounts of insurance held  by
each  on  the basis of classifications adopted by its board of directors
to express the relative hazards of the properties insured.
(d) Any assessment corporation if collecting assessments in advance on
the initial and anniversary dates of policies may levy an  extraordinary
assessment  determined  by  applying  to  the  assessment  earned on the
members' policy or  policies  in  force  during  the  fiscal  year  next
preceding  the  levy  of  additional  assessment, the ratio of the total
additional assessment to the total assessment earned during said  period
on all policies.
(e)  No  extraordinary assessment shall be made by any such assessment
corporation until after approval by the superintendent and if made shall
be in each case, an amount equal to the members' proportionate share  of
such impairment as specified herein.
(f)  Any  assessment  corporation  which  levies annual assessments in
advance may if its by-laws provide, limit the contingent liability of  a
member  thereof  to  not less than once the amount of and in addition to
the annual assessment which would be charged for insurance for one year.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6617 - Notice of Assessment; Assessment Corporations.

§ 6617. Notice of assessment; assessment corporations. (a) It shall be
the  duty  of the secretary of every assessment corporation, whenever an
assessment shall have  been  made  by  it,  to  notify,  not  more  than
forty-five  days  thereafter,  every  person to which such assessment is
applicable.
(b) Such notice may be given personally, by an agent, or by a  written
or  printed  notice mailed, postage prepaid, to such person's last known
post office address, and shall state the purpose of the assessment,  the
sum  due from such person, and the time when and to whom payment thereof
is to be made; but such time shall not be more than ninety days from the
date of such notice.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6618 - Suits to Recover Assessments.

§  6618.  Suits  to recover assessments. (a) An assessment corporation
may maintain a civil action against any member or former member of  such
corporation   for  the  unpaid  amount  of  any  extraordinary  or  post
assessment lawfully levied against him, or against any former member  of
such  corporation for the earned portion of any advance assessment which
he has failed to pay.
(b) In any such action the corporation may  recover,  in  addition  to
such  sum  or sums, legal interest thereon and the amount of any penalty
imposed  by  such  corporation's  by-laws  for  failure  to   pay   such
assessments;  but  no  such corporation shall provide in its by-laws for
such a penalty in excess of fifty percent of such an assessment.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6619 - Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.

§   6619.   Special   reserve   or   emergency   funds;   co-operative
property/casualty insurance companies. (a) (1) Ten or more  co-operative
property/casualty  insurance  companies  may  enter into an agreement to
make deposits in special reserve or emergency funds.
(2) Any deposit with accretions thereon  made  pursuant  to  any  such
agreements  shall be kept deposited with a solvent trust company of this
state and shall remain the property of the depositing  corporations  and
shall  be  subject  to  the  provisions  of  this  chapter governing the
investments of such corporations.
(b) (1) Such special reserve or emergency funds shall  be  subject  to
examination by the superintendent in like manner as the other assets and
property  of  any  depositing corporation and shall be used only for the
purpose of enabling  any  depositing  corporation  to  comply  with  any
requirement  of this article, and then only with the consent of at least
two-thirds  of  the  membership  of  such  fund  in  proportion  to  its
ownership.
(2)  Loans  thus  authorized  from such a fund may be made pursuant to
agreements as prescribed in section one thousand three hundred seven  of
this chapter or in such other form as approved by the membership.
(c)  Any  such  depositing  corporation  may,  with the consent of the
superintendent, withdraw all or a part of its share therein, upon giving
at least thirty days notice in writing to the custodian or custodians of
such fund.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6620 - Non-Assessable Policies; Advance Premium Corporations.

§ 6620. Non-assessable policies; advance premium corporations. (a) Any
advance  premium  corporation may issue insurance contracts which do not
impose any liability upon members for any assessments in addition to the
advance premium paid upon compliance with the following requirements:
(1) If authorized to issue non-assessable policies prior to the  first
day  of  January,  nineteen hundred eighty-seven, such a corporation may
issue such contracts if:
(A) It shall have and at all times maintain a surplus to policyholders
of at least one hundred thousand dollars.
(B) It shall maintain a deposit of an amount  equal  to  its  unearned
premium reserves but not less than one hundred thousand dollars nor more
than  two  hundred  fifty thousand dollars, subject to the provisions of
article thirteen of this chapter.
(2) If authorized to issue non-assessable policies subsequent  to  the
first  day of January, nineteen hundred eighty-seven, such a corporation
may issue such contracts if:
(A) It shall maintain a surplus as determined from  its  latest  filed
statement,  which  together  with  its unearned premium reserve from its
latest filed statement is at least equal to the surplus to policyholders
required  to  be  maintained  by  a  domestic  stock   property/casualty
insurance company licensed to write the same kind or kinds of insurance.
(B)  It  shall  maintain  a  deposit  of five hundred thousand dollars
subject to the provisions of article thirteen of this chapter.
(C) It shall have submitted a  copy  of  its  proposed  non-assessable
policy  or  policies  for approval of the superintendent, and shall have
obtained his approval.
(b) Every policy issued by any such corporation  shall  clearly  state
whether  or  not  the holder of the policy is subject to a liability for
assessment.
(c) Any surplus or deposit required for the purposes specified in this
section shall be inclusive of any surplus required by any other sections
of this chapter.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6621 - Unabsorbed Portions of Premium Payments.

§  6621.  Unabsorbed  portions of premium payments. (a) Subject to the
requirements of this article for the  accumulation  and  maintenance  of
minimum surplus, the surplus of any advance premium corporation shall be
eligible  for  equitable  distribution  to  its  members  as  unabsorbed
portions of premium payments;  but  no  unabsorbed  portion  of  premium
payments  shall  be  returned  or  distributed  until  authorized by the
corporation's  board  of   directors   nor   until   approved   by   the
superintendent.
(b)  In  authorizing  any such return of unabsorbed portion of premium
payments, the board of directors of such a corporation may  provide  for
an  apportionment  thereof among separate groups of members on the basis
of earned premiums equitably classified  according  to  major  kinds  of
insurance.
(c)  This  section  shall  not  prohibit  the return of the unabsorbed
portion of premium payments on an equitable basis  to  policyholders  in
other states or under reinsurance contracts.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6622 - Refunds From Surplus; Assessment Corporations.

§  6622. Refunds from surplus; assessment corporations. (a) Subject to
the requirements of this article for the accumulation and maintenance of
minimum surplus, the surplus of  any  assessment  corporation  shall  be
eligible  for equitable distribution to its members, but no distribution
shall be made until authorized by the corporation's board  of  directors
nor until approved by the superintendent.
(b)  In authorizing any such distribution the board of directors of an
assessment corporation  may  provide  for  apportionment  thereof  among
separate  groups  of  members  on  the  basis of underwriting experience
equitably classified according to major kinds of insurance.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6623 - Investments.

§   6623.   Investments.   (a)   The   funds   of  every  co-operative
property/casualty insurance company shall be invested only as  permitted
by  subsection  (c)  of  section one thousand four hundred three of this
chapter, except as otherwise provided herein.
(b) The minimum capital investments of a domestic insurer as set forth
in section one thousand four  hundred  two  of  this  chapter  shall  be
applicable to an:
(1)  Assessment  corporation  in an amount equal to the lesser of such
corporation's total liabilities or two hundred fifty thousand dollars.
(2) Advance premium corporation in an amount equal to the  greater  of
the   minimum  capital  required  by  law  or  the  minimum  surplus  to
policyholders required to be maintained by  law  for  a  domestic  stock
property/casualty  insurance  company  authorized  to  transact the same
kinds of insurance.  The foregoing requirement shall be reduced by fifty
percent for a co-operative property/casualty insurance company initially
licensed to do business in this state  prior  to  July  first,  nineteen
hundred  eighty-two.  Any  advance  premium  corporation not meeting its
applicable minimum capital  investment  requirement  on  January  first,
nineteen hundred eighty-seven shall be required to meet such requirement
before  investing  its  funds, after such date, in any other permissible
investment.
(c) Notwithstanding the limitation of investments in  certificates  of
deposit set forth in subsection (a) of section one thousand four hundred
nine   of   this  chapter,  an  assessment  corporation  may  invest  in
certificates of deposit of any one  institution  in  an  amount  not  to
exceed   the   amount   guaranteed  by  the  Federal  Deposit  Insurance
Corporation.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6624 - Voting by Members and Meetings of Boards of Directors; Co-Operative Property/casualty Insurance Companies.

§  6624.  Voting  by  members  and  meetings  of  boards of directors;
co-operative property/casualty insurance companies. (a) A member of  any
co-operative property/casualty insurance company may vote at any regular
or special meeting of the corporation in person or he may vote by proxy,
if the by-laws of the corporation so provide.
(b) (1) The board of directors of every co-operative property/casualty
insurance  company  shall  hold  regular meetings at least four times in
each calendar year.
(2) Compliance with paragraph one hereof,  except  as  to  the  annual
meeting, may be made by an executive committee of at least four members,
duly authorized to act on behalf of the board of directors.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6625 - Merger; Consolidation.

§  6625.  Merger;  consolidation.  (a)  Two  or  more  advance premium
corporations may, in accordance with applicable  provisions  of  article
seventy-one of this chapter, merge or consolidate.
(b) Two or more assessment corporations licensed to do business either
wholly  or  substantially  in a common territory may, in accordance with
applicable provisions of article seventy-one of this chapter,  merge  or
consolidate.
(c)  (1)  If,  after investigation and examination, the superintendent
finds that the proceedings for merger or consolidation, as the case  may
be,  have  been  regularly  taken  in  conformity  with law and that the
continuing or resulting  corporation  meets  the  requirements  of  this
chapter, he may issue a license to such corporation to do business under
this chapter.
(2)  Every such continuing or new corporation shall assume and succeed
to all the obligations and liabilities of the merging  corporations  and
shall  be  liable to pay and discharge all such debts and liabilities in
the same manner as if they had been incurred or contracted by it.
2023 New York Laws › ISC - Insurance › Article 66 - Co-Operative Property/casualty Insurance Companies › 6626 - Qualification of Membership.

§  6626.  Qualification  of  membership.  (a) In addition to the legal
ability of any natural person  to  insure  in  any  advance  premium  or
assessment  corporation  property located in the territory in which such
corporation is licensed to do business and in which property he  has  an
insurable  interest, it shall also be lawful for any corporation, board,
estate, or association to insure in any  co-operative  property/casualty
insurance  company  property  located  in  the  territory  in which such
corporation is licensed to do business, and in which property it has  an
insurable interest.
(b)  Any  officer,  trustee,  board member, or legal representative of
such corporation, board, estate, or association may be recognized for or
on  its  behalf  for  the  purpose  of  membership,  but  shall  not  be
personnally  liable  upon  such  contract  or  contracts of insurance by
reason of acting in such representative capacity.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6701 - Purpose; Construction.

§  6701.  Purpose; construction. (a) The purpose of this article is to
provide  for   the   organization   and   licensing   of   a   nonprofit
property/casualty insurance company that insures nonprofit organizations
and  that  will  qualify,  and  continue  to  qualify,  as  a "qualified
charitable risk pool" as defined in subsection (n) of section 501 of the
Internal Revenue Code.
(b) This article shall be liberally construed to  effect  the  purpose
under  subsection  (a) of this section which shall constitute an aid and
guide to interpretation.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6702 - Definitions.

§  6702.  Definitions.  As  used  in this article, the following terms
shall have the following meanings:
(a) "Member" shall, in  the  case  of  a  nonprofit  property/casualty
insurance  company  organized  as  a  type  B  corporation  pursuant  to
paragraph  (b)  of  section  two  hundred  one  of  the   not-for-profit
corporation  law, have the meaning set forth in paragraph (a) of section
one hundred two of the not-for-profit corporation law or, in the case of
a nonprofit property/casualty insurance company organized  as  nonprofit
reciprocal  insurer  under  article  sixty-one of this chapter, have the
meaning set forth in subsection (g) of section six thousand one  hundred
one of this chapter.
(b)  "Nonmember  charitable  organization"  shall have the meaning set
forth in subsection (n) of section 501 of the Internal Revenue Code.
(c)  "Nonprofit  organizations"  means  organizations   described   in
paragraph  (3)  of  subsection  (c),  and  exempt  from  taxation  under
subsection (a), of section 501 of the Internal Revenue Code,  including,
if  qualified  thereunder,  type B or D organizations formed pursuant to
paragraph  (b)  of  section  two  hundred  one  of  the   not-for-profit
corporation  law,  and  organizations  described  in section two hundred
sixteen-a of the education law.
(d) "Startup capital" shall have the meaning set forth  in  subsection
(n) of section 501 of the Internal Revenue Code.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6703 - Organization of Nonprofit Property/casualty Insurance Companies.

§   6703.   Organization   of  nonprofit  property/casualty  insurance
companies.
(a)  A  corporation  may  be  organized  as  a  charitable
corporation  pursuant to paragraph (a) of section two hundred one of the
not-for-profit corporation law or  as  a  nonprofit  reciprocal  insurer
under  article sixty-one of this chapter to write the kinds of insurance
specified in subsection (a) of section one thousand one hundred thirteen
of this chapter other than (1) those types  of  insurance  specified  in
paragraphs  one, two, eighteen, twenty-two, twenty-three and twenty-five
of such  subsection,  (2)  insurance  against  legal  liability  of  the
insured, and against loss, damage or expense incident to a claim of such
liability  arising  out of death or injury of any person, due to medical
or hospital malpractice by any licensed physician or hospital,  and  (3)
insurance  subject to section three thousand four hundred twenty-five of
this chapter.
(b) A corporation organized pursuant to subsection (a) of this section
shall (1) be  organized  and  operated  exclusively  for  a  purpose  or
purposes  for which a corporation may be formed under the not-for-profit
corporation law and this chapter, not for pecuniary profit or  financial
gain, and no part of its assets, income or profit is distributable to or
enures  to  the  benefit of its members, directors or officers except to
the extent permitted under the not-for-profit corporation law  and  this
chapter, in a manner acceptable to the superintendent, and (2) insure no
organizations or corporations other than nonprofit organizations.
(c)  Notwithstanding  any  provision of the not-for-profit corporation
law, no nonprofit property/casualty insurance company licensed  pursuant
to  this  article  shall be converted into a corporation or other entity
organized for pecuniary profit or into a for-profit organization of  any
kind.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6706 - Applicability of Other Provisions of This Chapter.

§ 6706. Applicability of other provisions of this chapter.  (a) Except
as  otherwise  provided  in  this  article, where inconsistent with this
article, or where the context otherwise requires, all of the  provisions
of  this  chapter  and  the rules and regulations of the superintendent,
relating  to  all  insurers  and  those  relating  to  property/casualty
insurance  companies  transacting  the  same  kind or kinds of insurance
shall be applicable to a nonprofit property/casualty  insurance  company
organized  as  a  charitable  corporation as defined in paragraph (a) of
section one hundred two (Definitions) of the not-for-profit  corporation
law  and  formed pursuant to paragraph (a) of section two hundred one of
the not-for-profit corporation law and licensed pursuant  to  subsection
(b)  of  section  six thousand seven hundred four of this article. Where
any of such provisions  of  law  refer  to  a  corporation,  company  or
insurer, such references, when read in connection with and applicable to
this  article,  shall  mean such a nonprofit property/casualty insurance
company.
(b) Except as otherwise provided in this article,  where  inconsistent
with  this  article, or where the context otherwise requires, all of the
provisions of  this  chapter  and  the  rules  and  regulations  of  the
superintendent,   relating   to  all  insurers  and  those  relating  to
reciprocal insurers transacting the same  kind  or  kinds  of  insurance
shall  be  applicable to a nonprofit property/casualty insurance company
organized as a reciprocal insurer pursuant to article sixty-one of  this
chapter  and licensed pursuant to subsection (c) of section six thousand
seven hundred four of this article. Where any of such provisions of  law
refer  to  a corporation, company or insurer, such references, when read
in connection with and applicable to this article,  shall  mean  such  a
nonprofit property/casualty insurance company.
(c)  (1)  Every nonprofit property/casualty insurance company shall be
subject to liquidation, dissolution or rehabilitation  pursuant  to  the
provisions  of article seventy-four of this chapter, and such proceeding
shall be under the supervision of the  superintendent,  who  shall  have
such  powers  granted  pursuant to the provisions of such article as are
applicable to domestic insurance companies.
(2) Articles ten, eleven and twelve of the not-for-profit  corporation
law shall not apply to nonprofit property/casualty insurance companies.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6707 - Tax Exemption; Residual Market Participation Exemption; Security Funds.

§  6707.  Tax  exemption;  residual  market  participation  exemption;
security funds. (a) Every nonprofit property/casualty insurance  company
subject to the provisions of this article shall be exempt from any fees,
taxes,  special ad valorem levies or assessments of any kind, including,
but not limited to, franchise taxes, sales taxes or other taxes, upon or
with respect to any property owned by  it  or  under  its  jurisdiction,
control  or  supervision,  or  upon  the  uses  thereof, or upon or with
respect to its activities or operations in  furtherance  of  the  powers
conferred  upon  it  by  this  article,  or  upon or with respect to any
revenues or other income received  by  the  nonprofit  property/casualty
insurance   company,   except  that  every  nonprofit  property/casualty
insurance company licensed pursuant to this article shall be subject  to
the  assessment  upon domestic insurers under section two hundred six of
the financial services law,  the  assessments  upon  insurance  carriers
under sections one hundred fifty-one and two hundred twenty-eight of the
workers'   compensation  law  and  all  special  fund  assessments  upon
insurance carriers under the workers' compensation law.
(b) Every nonprofit property/casualty insurance company subject to the
provisions of this article shall be exempt  from  participation  in  the
plan  pursuant  to  article fifty-three of this chapter, the association
pursuant to article fifty-four  of  this  chapter  and  the  association
pursuant to article fifty-five of this chapter.
(c)  A nonprofit property/casualty insurance company and the contracts
it issues will be subject to the provisions of  article  seventy-six  of
this chapter and article six-A of the workers' compensation law.
2023 New York Laws › ISC - Insurance › Article 67 - Nonprofit Property/casualty Insurance Companies › 6708 - Rules and Regulations.

§  6708.  Rules  and  regulations. The superintendent shall promulgate
  such rules and regulations as may be necessary for the implementation of
  this article. Such regulation may be necessary in light of the nonprofit
  property/casualty   insurance   company   being   owned   by   nonprofit
  organizations  that  it insures, including the proprietary nature of the
  information  relating  to  the  nonprofit  property/casualty   insurance
  company's operations.
2023 New York Laws › ISC - Insurance › Article 68 - Bail Bonds › 6801 - Bail Bond Business.

§ 6801. Bail bond business. (a) (1) Any person, firm or corporation in
any  court  having  criminal  jurisdiction  or in any criminal action or
proceeding who shall for another deposit money or property  as  bail  or
execute  as  surety any bail bond who within a period of one month prior
thereto shall have made such a deposit or given such bail in  more  than
two  cases not arising out of the same transaction shall be deemed to be
doing a bail business and doing an  insurance  business  as  defined  in
article eleven of this chapter.
(2)  Except  for a corporation authorized to write fidelity and surety
insurance and to do a  bail  business  pursuant  to  the  provisions  of
article  eleven  of  this  chapter  and otherwise in compliance with all
other requirements of this chapter to do such business or  a  charitable
bail  organization  holding  a  certificate issued by the superintendent
pursuant to section six thousand eight hundred five of this article  and
otherwise  in  compliance with all other requirement of this chapter, no
person, firm or corporation shall engage in  a  bail  business  in  this
state.
(b)  (1)  No  person,  firm  or  corporation shall in this state do an
insurance business or a bail business as defined in  subsection  (a)  of
this  section  unless  authorized  by  a  license issued and in force as
provided under article eleven of this chapter.
(2) The superintendent may  authorize  a  property/casualty  insurance
company which is authorized to write fidelity and surety insurance to do
a  bail  business in accordance with the provisions of article eleven of
this chapter, but no individual shall be licensed to do such business.
2023 New York Laws › ISC - Insurance › Article 68 - Bail Bonds › 6803 - Bail Bond Business; Cities in Excess of One Hundred Seventy-Five Thousand.

§   6803.  Bail  bond  business;  cities  in  excess  of  one  hundred
seventy-five thousand. (a) An insurance corporation or  charitable  bail
organization  engaged  in  the  bail  business  in  a  city containing a
population of more than one hundred seventy-five  thousand  inhabitants,
according  to  the  last  preceding federal census or state enumeration,
shall file with the district attorney of each county contained  in  such
city or in which such a city is contained, the clerks of the supreme and
county  courts  and  the  clerk of the criminal court of the city of New
York, certified statements of the names of  all  persons  authorized  to
execute  bail  bonds  or  effectuating  such deposit on its behalf or to
solicit such  business  as  agent,  together  with  a  certificate  duly
executed  by  the  superintendent,  certifying with respect to each such
person, that  such  person  has  been  licensed  by  the  superintendent
pursuant to section six thousand eight hundred two of this article.
(b)  The  court  or  other  public officer concerned in the matter may
examine under oath any insurer or charitable bail organization  doing  a
bail  business  or  a  depositor of security for bail, or the officer or
agent of any such insurer, charitable  bail  organization  or  depositor
proposing  to  execute  a  bail bond, or to make such deposit, as to the
indemnity,  if  any,  deposited  or  otherwise  provided   directly   or
indirectly  against loss by reason of the deposit or bail bond and as to
the fee charged, if any, for the giving of such bond. The court or other
public officer concerned in the matter may refuse to accept such bond or
deposit if  satisfied  that  any  portion  of  such  security  has  been
feloniously obtained by the defendant, or that the provisions of this or
any  other  section  of  law  have  been violated, or that the person or
persons indemnifying such insurer  or  depositor  shall  have  within  a
period  of one month prior thereto given indemnification or security for
like purpose in more  than  two  cases  not  arising  out  of  the  same
transaction   and   that  such  person  is  not  duly  licensed  by  the
superintendent in accordance with the provisions of this chapter.
2023 New York Laws › ISC - Insurance › Article 68 - Bail Bonds › 6804 - Premium or Compensation.

§  6804. Premium or compensation.  (a) The premium or compensation for
giving bail bond or depositing money  or  property  as  bail  shall  not
exceed  ten  per  centum  of the amount of such bond or deposit in cases
where such bonds or deposits do not exceed the  sum  of  three  thousand
dollars.  Where  such bonds or deposits exceed the sum of three thousand
dollars, the premium shall not exceed ten per centum of the first  three
thousand  dollars  and  eight per centum of the excess amount over three
thousand dollars up to ten thousand dollars and six per  centum  of  the
excess  amount  over  ten thousand dollars. In cases where the amount of
the bond or deposit is less than two hundred dollars a  minimum  premium
of ten dollars may be charged.
(b) No person or corporation shall:
(1)   charge   or   receive,   directly  or  indirectly,  any  greater
compensation for making a deposit for bail or giving  bail,  or  act  in
such business as aforesaid without obtaining a license, or
(2)  accept  any  fee  or  compensation for obtaining a license or for
obtaining a bondsman or bail bond. Such person or corporation  shall  be
guilty  of  a misdemeanor and in addition shall in any action brought to
recover any such overcharge be liable for treble damages.
(c) Any member of the bar having any financial interest by which he is
to profit from the giving of bail shall be guilty of a misdemeanor.
2023 New York Laws › ISC - Insurance › Article 69 - Financial Guaranty Insurance Corporations › 6905 - Policy Forms and Rates.

§  6905.  Policy  forms and rates. (a) Policy forms and any amendments
thereto shall be filed with the superintendent  within  thirty  days  of
their  use  by the insurer if not otherwise filed prior to the effective
date of this article. Every such policy shall provide that, in the event
of a payment default by or insolvency of the obligor, there shall be  no
acceleration of the payment required to be made under such policy unless
such  acceleration  is  at  the sole option of the corporation; provided
that (1) policies may insure amounts payable under a credit default swap
or interest rate,  currency  or  other  swap  upon  a  credit  event  or
termination event if the expected amount payable on an accelerated basis
in  respect  of any individual obligation referenced by a credit default
swap or in the aggregate under an interest rate, currency or other  swap
does  not  exceed the single risk limits prescribed in paragraph five of
subsection (d) of section six thousand nine hundred four of this article
and (2) policies insuring credit default swaps referencing an obligation
shall be treated as if the insurer had directly insured  the  referenced
obligation  for  all  other  purposes  of  this article, except that the
currency of amounts owed under the credit default swap, rather than  the
currency of the obligations referenced by the credit default swap, shall
apply   for   purposes  of  determining  whether  the  obligation  is  a
permissible guaranty under subsection (b) of section six  thousand  nine
hundred  four  of this article. The superintendent may prescribe minimum
policy provisions determined by the superintendent to  be  necessary  or
appropriate   to   protect   policyholders,   claimants,   obligees   or
indemnitees.
(b) Rates shall not be excessive, inadequate, unfairly discriminatory,
destructive of competition, detrimental to the solvency of the  insurer,
or  otherwise unreasonable. In determining whether rates comply with the
foregoing standards, the superintendent shall include all income  earned
by  such  insurer.  Criteria  and  guidelines  utilized  by  insurers in
establishing rating categories and ranges of rates to be utilized  shall
be  filed  with the superintendent for information prior to their use by
the insurer if not otherwise filed prior to the effective date  of  this
article.
(c)  All  such filings shall be available for public inspection at the
department of financial services.
2023 New York Laws › ISC - Insurance › Article 69 - Financial Guaranty Insurance Corporations › 6908 - Applicability of Other Laws.

§  6908.  Applicability  of other laws. An insurer issuing policies of
  financial guaranty insurance shall be subject to all of  the  provisions
  of  this  chapter applicable to property/casualty insurers to the extent
  that such provisions are not inconsistent with the  provisions  of  this
  article.
2023 New York Laws › ISC - Insurance › Article 69 - Financial Guaranty Insurance Corporations › 6909 - Relationship to Security Fund.

§  6909.  Relationship  to  security  fund.  No insurer or agent of an
  insurer may deliver a policy of financial guaranty insurance unless such
  policy and any prospectus delivered on or after the  effective  date  of
  this  article  with respect to the insured obligations clearly discloses
  that the policy  is  not  covered  by  the  property/casualty  insurance
  security fund specified in article seventy-six of this chapter.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7001 - Purpose and Applicability.

§  7001. Purpose and applicability. (a) The purpose of this article is
to facilitate the formation and operation of captive insurance companies
within the state of New York.
(b) In addition to the provisions of this  article  and  this  chapter
specifically  referred  to  in this article, the following provisions of
this chapter shall apply to captive insurance companies:
(1) article one of this chapter, pertaining to general provisions;
(2) sections three hundred  one,  three  hundred  six,  three  hundred
eight, three hundred ten, three hundred eleven, three hundred twelve and
three  hundred twenty-nine of this chapter and sections two hundred six,
three hundred three, three  hundred  four,  three  hundred  five,  three
hundred  six,  three  hundred  eight,  and  three  hundred  nine  of the
financial  services  law,  pertaining  to  certain  administrative   and
procedural provisions; and
(3)    article   seventy-four   of   this   chapter,   pertaining   to
rehabilitation, liquidation, conservation and dissolution of insurers.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7004 - Required Capital and Surplus as Regards Policyholders.

§  7004.   Required capital and surplus as regards policyholders.  (a)
No pure captive insurance company or  group  captive  insurance  company
shall  be  issued  a  license  unless  it  shall  possess and thereafter
maintain unimpaired paid-in capital and surplus as regards policyholders
of:
(1) in the case of a pure captive insurance company incorporated as  a
stock insurer, not less than two hundred fifty thousand dollars of total
surplus  as regards policyholders, of which one hundred thousand dollars
shall represent paid-in capital;
(2) in the case of a pure captive insurance company incorporated as  a
mutual  insurer,  not  less  than  two hundred fifty thousand dollars of
total surplus as regards to policyholders;
(3) in the case of a group captive insurance company incorporated as a
stock insurer, not less than five  hundred  thousand  dollars  of  total
surplus  as regards policyholders, of which two hundred thousand dollars
shall represent paid-in capital; and
(4)  in the case of a group captive insurance company incorporated  as
a  mutual  insurer, not less than five hundred thousand dollars of total
surplus as regards policyholders.
(b) The minimum capital  and  surplus  to  policyholders  required  in
subsection (a) of this section shall be in the form of:
(1) cash;
(2)  minimum  capital  or  surplus to policyholders investments of the
type specified in paragraphs one and two of subsection  (b)  of  section
one thousand four hundred two of this chapter;  or
(3)  an  irrevocable  letter  of  credit,  in  a  form approved by the
superintendent,  naming  the  superintendent  as  beneficiary  for   the
security  of the captive insurance company's policyholders and issued by
a bank acceptable to the superintendent.
(c)  The superintendent may prescribe additional capital  and  surplus
to  policyholders  based  upon  the type, volume and nature of insurance
business  transacted.     Any  additional   capital   and   surplus   to
policyholders  so  required  shall  be  in  the  form  as  set  forth in
subsection (b) of this section.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7006 - Annual Report.

§  7006. Annual report. Every captive insurance company licensed to do
a  captive  insurance  business  in  this  state  shall  file  with  the
superintendent:
(a)  annually  on  or before March first, a statement of its financial
condition and any amendment to the plan of operation at  last  year-end,
verified  by  the  oath  of  at least two of its executive officers. The
statement shall be in the form prescribed by the superintendent; and
(b) annually on or before  July  first,  a  report  of  its  financial
condition  at  last year-end with an opinion of an independent certified
public accountant; and
(c) annually on or before July first, evidence in a form prescribed by
the superintendent,  that  the  industrial  insured  or  member  of  the
industrial  insured group owning the captive insurance company continues
to meet the financial standards set forth in subsection (e)  of  section
seven thousand two of this article.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7007 - Examinations.

§  7007. Examinations. The superintendent may make an examination into
  the affairs of any captive insurance company licensed to  do  a  captive
  insurance business in this state whenever it is deemed necessary for the
  protection  of  the  interests  of  the  people  of  this  state but the
  superintendent shall conduct at least one examination every five  years.
  Such  examinations  shall be conducted in accordance with the provisions
  of sections three hundred  ten,  three  hundred  eleven,  three  hundred
  twelve  of this chapter and subsection (f) of section two hundred six of
  the financial services law.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7008 - Suspension or Revocation of License.

§  7008.   Suspension or revocation of license.  (a)  The license of a
captive insurance company to do a captive  insurance  business  in  this
state  may  be suspended or revoked by the superintendent for any of the
following reasons:
(1) insolvency  or  impairment  of  required  capital  or  surplus  to
policyholders;
(2)  refusal  or  failure  to  submit an annual report, as required by
section seven thousand six of this  article,  or  any  other  report  or
statement required by law or by lawful order of the superintendent;
(3)  failure  to  comply  with  the  provisions  of its own charter or
bylaws;
(4) failure to submit to examination or any legal obligation  relative
thereto, as required by section seven thousand seven of this article;
(5)  refusal  or failure to pay the cost of examination as required by
section seven thousand seven of this article;
(6) refusal or failure to pay the taxes as required by  section  seven
thousand twelve of this article and section fifteen hundred two-b of the
tax law;
(7) removal of home office or records from this state;
(8)  use  of  practices  that,  although  not  otherwise  specifically
prohibited by law, nevertheless render its operation detrimental or  its
condition unsound with respect to the public or to its policyholders; or
(9) failure to otherwise comply with laws of this state.
(b)  If  the superintendent finds, upon examination, hearing, or other
investigation, that any captive insurance company has committed  any  of
the  acts specified in subsection (a) of this section, the license to do
a captive business may be  suspended  or  revoked.    In  addition,  the
license  to  do  a captive business may be suspended or revoked if it is
deemed to be in the best interests of the public and  the  policyholders
of  such  captive insurance company, notwithstanding any other provision
of this article.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7009 - Investments.

§  7009.    Investments.
(a)  No captive insurance company shall be
subject to any restrictions on  allowable  investments,  except  as  set
forth in subsections (b) and (c) of this section.
(b)  A  group  captive  insurance  company shall not make loans to the
industrial insureds that comprise its industrial insured group.  A  pure
captive  insurance  company  may  make  loans  to  its parent company or
affiliates with the prior approval of the  superintendent.    Such  loan
must  be  evidenced  by a note in a form approved by the superintendent.
Loans of minimum capital and surplus funds  required  by  section  seven
thousand four of this article are prohibited.
(c)  The  superintendent  may  prohibit  or  limit any investment that
threatens the solvency or liquidity of any captive insurance company.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7010 - Reinsurance.

§  7010.  Reinsurance.  (a)  Any  captive insurance company may assume
reinsurance on risks ceded by any other insurer  when  the  risks  ceded
under  the  reinsurance  agreement  are  solely  those of the industrial
insured or members  of  industrial  insured  group  owning  the  captive
insurance company.
(b)  With  the  approval  of the superintendent, any captive insurance
company may assume risks of any other insurer, provided the  reinsurance
premiums  assumed  do  not  exceed fifty percent of the assuming captive
insurance company's gross premiums written in any calendar year.
(c) Any captive insurance company may  take  credit  for  reserves  on
risks  or  portions  of  risks  ceded  to  reinsurers complying with the
provisions of paragraph nine of subsection (a) of section  one  thousand
three  hundred  one and section one thousand three hundred eight of this
chapter. Prior approval of the  superintendent  shall  be  required  for
ceding or taking credit for reserves on risks or portions of risks ceded
to reinsurers not complying with these sections.
2023 New York Laws › ISC - Insurance › Article 70 - Captive Insurance Companies › 7011 - Exemption From Compulsory Associations.

§ 7011.  Exemption from compulsory associations.  No captive insurance
  company  shall  be  permitted  to  join or contribute financially to any
  plan, pool, association, or guaranty or insolvency fund in  this  state,
  nor  shall  any captive insurance company, or its insured, or its parent
  or  any  affiliated  company,  or  any  member   organization   of   its
  association,  receive any benefit from any such plan, pool, association,
  or guaranty or insolvency fund for claims arising out of the  operations
  of such captive insurance company.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7101 - Definitions.

§ 7101. Definitions. In this article:
(a) "Merger"  means  the  merger  of two or more companies in a single
company which is one of the constituent companies.
(b) "Consolidation" means the consolidation of two or  more  companies
into a single new company.
(c) "Constituent   company"   means   an   existing  company  that  is
participating in the merger or consolidation  with  one  or  more  other
companies.
(d) "Surviving  company"  means the constituent company into which one
or more other constituent companies are merged.
(e) "Consolidated company" means the new company  into  which  two  or
more constituent companies are consolidated.
(f) "Company" means an insurance company.
(g) "Acquisition  of  assets"  and  "acquire the assets of", means the
acquisition through the purchase or otherwise of  all  or  substantially
all  of the assets of a domestic company or of any company by a domestic
company.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7102 - Merger, Consolidation and Acquisition of Assets; When Permitted.

§   7102.  Merger,  consolidation  and  acquisition  of  assets;  when
permitted. (a) Upon complying with this article and subject  to  section
seven thousand one hundred nine of this article, any domestic company is
hereby authorized and empowered to:
(1)  consolidate,  merge  with  or  acquire  the  assets  of any other
domestic company, and
(2) consolidate or merge with any foreign company which is  authorized
to  do  an insurance business in this state or acquire the assets of any
foreign company if such merger, consolidation or acquisition  of  assets
is  authorized by the laws of the state in which such foreign company is
organized.
(b) A stock company  may  merge  or  consolidate  with  another  stock
company or a reciprocal insurer, but shall not merge or consolidate with
a  mutual  company;  provided, however, a domestic mutual life insurance
company may merge with a wholly-owned subsidiary  stock  life  insurance
company   of   the  said  domestic  mutual  life  insurance  company  in
circumstances in which the said domestic mutual life  insurance  company
shall  be  the  surviving company. A reciprocal insurer may merge with a
stock company.
(c)  A  proposed  consolidation  shall  not  be  approved  unless  the
consolidated   company   has   the   capital,  surplus,  or  surplus  to
policyholders which a similar company would be required to  maintain  if
initially  licensed  to write the same kinds of insurance on the date of
the consolidation.
2023 New York Laws › ISC - Insurance › Article 71 - Merger, Consolidation, Redomestication, Acquisition of Assets and Acquisition of Certain Shares of Insurers › 7103 - Content of Merger or Consolidation Agreement, and of Charter of Surviving or Consolidated Company.

§  7103.  Content of merger or consolidation agreement, and of charter
of surviving or consolidated company. (a) Any agreement  for  merger  or
consolidation  shall  contain  the  proposed charter of the surviving or
consolidated company and such other particulars as may be  necessary  to
explain  and  make manifest the objects and purposes of the surviving or
consolidated company and the manner in which it is to be conducted. Such
company may be given  the  name  of  one  or  more  of  the  constituent
companies,  which  name  shall,  however,  comply with subsection (g) of
section one thousand one hundred two of this chapter.  The  approval  of
such  agreement  by  the  superintendent shall constitute an approval of
such proposed charter.
(b)  The  proposed  charter  shall  conform  to  all  requirements  of
paragraph five of subsection (a) of section one thousand two hundred one
of this chapter.
(c) If the surviving or consolidated company shall be a stock company,
its  charter  shall provide that its capital shall be no larger than the
sum of the capital of the constituent companies.