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N.Y. Insurance Law § 4101 Definitions
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§ 4101. Definitions. In this article: (a) "Basic kinds of insurance"\nmeans the kinds of insurance described in the following paragraphs of\nsubsection (a) of section one thousand one hundred thirteen of this\nchapter numbered therein as set forth in parentheses below:\n fire (4…
N.Y. Insurance Law § 4102 Powers
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* § 4102. Powers. (a) A property/casualty insurance company may be\norganized and licensed to write any one or more basic kinds of\ninsurance.\n (b) A property/casualty insurance company organized and licensed to\nwrite any one or more basic kinds of insurance, may be licensed t…
N.Y. Insurance Law § 4103 Stock companies; financial requirements
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* § 4103. Stock companies; financial requirements. (a) (1) A stock\nproperty/casualty insurance company organized in the manner prescribed\nin subsection (a) of section one thousand two hundred one of this\nchapter may be licensed under subsection (e) of section one thousand one…
N.Y. Insurance Law § 4104 Deposits
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* § 4104. Deposits. (a) Before being licensed to write one or more of\nthe kinds of insurance defined respectively in the following paragraphs\nof subsection (a) of section one thousand one hundred thirteen of this\nchapter: burglary and theft (7), glass (8), boiler and machiner…
N.Y. Insurance Law § 4105 Domestic stock companies; declaration and payment of dividends
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§ 4105. Domestic stock companies; declaration and payment of\ndividends. (a) Except as provided in subsection (c) of this section no\ndomestic stock property/casualty insurance company shall declare or\ndistribute any dividend to shareholders except out of earned surplus.\nNotwi…
N.Y. Insurance Law § 4106 Stock companies; participating policies
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§ 4106. Stock companies; participating policies. A stock\nproperty/casualty insurance company authorized to do business in this\nstate may include in its charter a provision authorizing the board of\ndirectors to permit its policyholders from time to time to participate\nin the …
N.Y. Insurance Law § 4107 Domestic mutual companies; financial and other requirements
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* § 4107. Domestic mutual companies; financial and other requirements.\n(a) (1) A mutual property/casualty insurance company organized in the\nmanner prescribed in subsection (a) of section one thousand two hundred\none of this chapter may be licensed pursuant to subsection (e) …
N.Y. Insurance Law § 4108 Foreign and alien mutual companies; licensing
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§ 4108. Foreign and alien mutual companies; licensing. (a) No foreign\nor alien mutual property/casualty insurance company shall be granted a\nlicense to do business in this state unless it substantially complies\nwith all of the requirements set forth in this chapter for a dome…
N.Y. Insurance Law § 4109 Mutual companies; special contingent surplus
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§ 4109. Mutual companies; special contingent surplus. (a) A domestic\nmutual property/casualty insurance company licensed to write any of the\nkinds of insurance defined respectively in the following paragraphs of\nsubsection (a) of section one thousand one hundred thirteen of t…
N.Y. Insurance Law § 411 Life settlements fraud prevention plans
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§ 411. Life settlements fraud prevention plans. (a) Every life\nsettlement provider shall file with the superintendent a plan for the\ndetection, investigation and prevention of fraudulent life settlement\nacts in this state and those fraudulent life settlement acts affecting\nl…
N.Y. Insurance Law § 4110 Domestic mutual companies; expense limits
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§ 4110. Domestic mutual companies; expense limits. (a) No domestic\nmutual property/casualty insurance company licensed to write a kind of\ninsurance specified in paragraph seven, eight, nine, ten, eleven,\nthirteen, fourteen, fifteen, sixteen or seventeen of subsection (a) of\n…
N.Y. Insurance Law § 4111 Mutual companies; assessments
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§ 4111. Mutual companies; assessments. (a) Except as provided in\nsection four thousand one hundred thirteen of this article, every\ndomestic mutual property/casualty insurance company shall in its by-laws\nand policies prescribe the contingent mutual liability of its members\nf…
N.Y. Insurance Law § 4112 Mutual companies; protection against assessments
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§ 4112. Mutual companies; protection against assessments. No domestic\nmutual property/casualty insurance company and no officer or\nrepresentative thereof shall make any contract whether on behalf of such\ncompany or of all or any of its policyholders, whereby the company or\nt…
N.Y. Insurance Law § 4113 Mutual companies; non-assessable policies
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* § 4113. Mutual companies; non-assessable policies. (a) Every mutual\nproperty/casualty insurance company licensed to do business in this\nstate, if its charter or by-laws permit or are amended to permit the\nissuance of policies without contingent mutual liability of the\npoli…
N.Y. Insurance Law § 4114 Mutual companies; dividends
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§ 4114. Mutual companies; dividends. The board of directors of a\nmutual property/casualty insurance company may from time to time fix and\ndetermine an amount to be declared and paid as a dividend or as a return\nof unused or unabsorbed premiums or premium deposits on policies,…
N.Y. Insurance Law § 4115 Certain mutual companies existing prior to January first, nineteen hundred forty
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§ 4115. Certain mutual companies existing prior to January first,\nnineteen hundred forty. (a) Notwithstanding the provisions of sections\nfour thousand one hundred eleven, four thousand one hundred thirteen and\nfour thousand one hundred fourteen of this article, any domestic m…
N.Y. Insurance Law § 4116 Domestic mutual companies; voting rights of members
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§ 4116. Domestic mutual companies; voting rights of members. The\ncharter or by-laws of any domestic mutual property/casualty insurance\ncompany may, with the approval of the superintendent pursuant to section\none thousand two hundred nine of this chapter, provide for the\ndist…
N.Y. Insurance Law § 4117 Loss and loss expense reserves
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§ 4117. Loss and loss expense reserves. (a) In determining the\nfinancial condition of any property/casualty insurance company for the\npurpose of applying the provisions of this chapter, and in any financial\nstatement or report of any such company, there shall be included in t…
N.Y. Insurance Law § 4118 Limitation of risks; fidelity and surety; fire; hospital mutuals
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§ 4118. Limitation of risks; fidelity and surety; fire; hospital\nmutuals. (a) (1) In applying the limitation of section one thousand one\nhundred fifteen of this chapter to fidelity and surety risks the net\namount of exposure on any one fidelity or surety risk shall, except as…
N.Y. Insurance Law § 4119 Foreign and alien companies; license qualification
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§ 4119. Foreign and alien companies; license qualification. No foreign\nor alien property/casualty insurance company shall be licensed to do\nbusiness in this state unless it shall have continuously transacted an\ninsurance business in the state or country of its incorporation f…
N.Y. Insurance Law § 4121 Security may be required from banking officers and employees
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§ 4121. Security may be required from banking officers and employees.\n(a) The board of directors or trustees of each bank, trust company,\nsavings bank or savings and loan associations in this state, may require\nfrom each officer and employee thereof an individual fidelity bon…
N.Y. Insurance Law § 4202 Capital and surplus requirements of life insurance companies
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§ 4202. Capital and surplus requirements of life insurance companies.\n(a) (1) A stock company may be organized as prescribed in section one\nthousand two hundred one and subsection (e) of section one thousand one\nhundred two of this chapter and licensed to do the business of l…
N.Y. Insurance Law § 4203 Transfer of shares of domestic life insurance company
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§ 4203. Transfer of shares of domestic life insurance company. (a) No\nshareholder of a domestic life insurance company shall vote his shares\nuntil the earlier of (i) ten days after written notice of acquisition\nthereof has been filed with the superintendent, or (ii) one year …
N.Y. Insurance Law § 4204 Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies
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§ 4204. Financial requirements for the organization of stock accident\nand health insurance companies and stock legal services insurance\ncompanies. (a) (1) A stock company may be organized in the manner\nprescribed in section one thousand two hundred one and subsection (e) of\n…
N.Y. Insurance Law § 4205 Life, accident and health, and legal services insurance companies; engaging in other business
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§ 4205. Life, accident and health, and legal services insurance\ncompanies; engaging in other business. No life insurance company\nlicensed to do a life insurance business in this state shall do any\nbusiness other than the kinds of business specified in paragraphs one,\ntwo, th…
N.Y. Insurance Law § 4206 Deposits by life, accident and health, and legal services insurance companies
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§ 4206. Deposits by life, accident and health, and legal services\ninsurance companies. Before being licensed to do business, every\ndomestic life insurance company, every domestic accident and health\ninsurance company and every domestic legal services insurance company\nshall …
N.Y. Insurance Law § 4207 Dividends to shareholders of life, and accident and health insurance companies
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§ 4207. Dividends to shareholders of life, and accident and health\ninsurance companies. (a)(1) For purposes of this subsection, "earned\nsurplus" means an amount equal to an insurer's positive unassigned\nfunds, excluding eighty-five percent of the change in net unrealized\ncap…
N.Y. Insurance Law § 4208 Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies
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§ 4208. Financial and additional requirements for the organization of\nmutual life, accident and health, and legal services insurance\ncompanies. (a) (1) A mutual insurance company may be incorporated and\nlicensed exclusively to do one or more of the kinds of insurance\nbusines…
N.Y. Insurance Law § 4209 Mutual life insurance companies, mutual accident and health insurance companies; assessments
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§ 4209. Mutual life insurance companies, mutual accident and health\ninsurance companies; assessments. (a) (1) No domestic mutual life\ninsurance company shall issue any policy of life or accident and health\ninsurance or any annuity contract providing for the payment of any\nas…
N.Y. Insurance Law § 4210 Election of directors of domestic mutual life insurance companies
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§ 4210. Election of directors of domestic mutual life insurance\ncompanies. (a) (1) The directors of every domestic mutual life insurance\ncompany shall be elected in the manner and subject to the regulations\nprescribed in this section.\n (2) Every such company shall, in accord…
N.Y. Insurance Law § 4211 Election of directors of domestic stock life insurance companies
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§ 4211. Election of directors of domestic stock life insurance\ncompanies. (a) No election of directors of a domestic stock life\ninsurance company shall be valid unless a copy of the notice of election\nshall have been filed in the office of the superintendent at least ten\nday…
N.Y. Insurance Law § 4212 Stock life insurance companies; voting power of policyholders
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§ 4212. Stock life insurance companies; voting power of policyholders.\n(a) (1) Any domestic stock life insurance company may, by amendment to\nits charter, confer upon its policyholders, or upon such of its\npolicyholders as shall have a specified amount of insurance on their\n…
N.Y. Insurance Law § 4213 Industrial life insurance
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§ 4213. Industrial life insurance. (a) In this chapter "industrial\nlife insurance" means that form of life insurance, either:\n (1) under which the premiums are payable weekly, or\n (2) under which the premiums are payable monthly or oftener, but less\noften than weekly, if the…
N.Y. Insurance Law § 4214 Industrial accident and industrial health insurance
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§ 4214. Industrial accident and industrial health insurance. (a) In\nthis chapter:\n (1) "Industrial accident insurance" means that form of accident\ninsurance wherein the premium is payable in the manner prescribed in\nsubsection (a) of section four thousand two hundred thirtee…
N.Y. Insurance Law § 4215 Contracts with industrial life insurance agents; prohibitions
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§ 4215. Contracts with industrial life insurance agents; prohibitions.\n(a) No life insurance company licensed to do business in this state\nshall make any contract with any agent, superintendent or other\nrepresentative employed in this state which provides:\n (1) That the comp…
N.Y. Insurance Law § 4216 Group life insurance; premium requirements; notice of conversion; filing of compensation
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§ 4216. Group life insurance; premium requirements; notice of\nconversion; filing of compensation. (a) (1) In this chapter:\n (A) "Group life insurance" means that form of life insurance covering\nany one of the groups specified in subsection (b) hereof, which is\nwritten under …
N.Y. Insurance Law § 4217 Valuation of insurance policies and contracts
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§ 4217. Valuation of insurance policies and contracts. (a) (1) The\nsuperintendent shall annually value, or cause to be valued, the reserve\nliabilities (hereinafter called reserves) for all outstanding insurance\npolicies and contracts of every life insurance company doing busi…
N.Y. Insurance Law § 4218 When actual premium is less than net premium; minimum reserve
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§ 4218. When actual premium is less than net premium; minimum reserve.\n(a) (1) When the actual premium or consideration charged for life\ninsurance under any life insurance policy, issued by any life insurance\ncompany doing business in this state, is less than the modified net…
N.Y. Insurance Law § 4219 Limitation on accumulation of surplus of life insurance companies
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§ 4219. Limitation on accumulation of surplus of life insurance\ncompanies. (a) (1) Any domestic mutual life insurance company may\nmaintain a surplus, above all of its reserves and liabilities required\nor specifically permitted by this chapter, not exceeding the greatest of\n(…
N.Y. Insurance Law § 4220 Life insurance and annuities; nonforfeiture benefits under defaulted contracts
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§ 4220. Life insurance and annuities; nonforfeiture benefits under\ndefaulted contracts. (a) (1) This section shall apply only to those\npolicies and contracts issued prior to the operative date specified in\nsection four thousand two hundred twenty-one of this article.\n (2) Ex…
N.Y. Insurance Law § 4221 Standard nonforfeiture law
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§ 4221. Standard nonforfeiture law. (a) In the case of policies issued\non or after the operative date of this section as defined in subsection\n(p) hereof, no policy of life insurance, except as stated in subsection\n(o) hereof, shall be delivered or issued for delivery in this…
N.Y. Insurance Law § 4222 Policy loans
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§ 4222. Policy loans. The policy loan value referred to in paragraph\neight of subsection (a) of section three thousand two hundred three of\nthis chapter shall be the cash surrender value at the end of the current\npolicy year calculated in accordance with the provisions of:\n …
N.Y. Insurance Law § 4223 Standard nonforfeiture law for annuities
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§ 4223. Standard nonforfeiture law for annuities. (a) (1) In the case\nof contracts issued on or after the operative date of this section, no\ncontract of annuity, except as provided in subsection (b) of this\nsection, shall be delivered or issued for delivery in this state unle…
N.Y. Insurance Law § 4224 Life, accident and health insurance; discrimination and rebating; prohibited inducements and interdependent sales
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§ 4224. Life, accident and health insurance; discrimination and\nrebating; prohibited inducements and interdependent sales. (a) No life\ninsurance company doing business in this state and no savings and\ninsurance bank shall:\n (1) make or permit any unfair discrimination betwee…
N.Y. Insurance Law § 4225 Domestic life insurance companies; discrimination as to brokers
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§ 4225. Domestic life insurance companies; discrimination as to\nbrokers. No officer, trustee or director of a domestic life insurance\ncompany shall direct or require a borrower from the life insurance\ncompany on mortgage to negotiate any policy of insurance on the\nmortgaged …
N.Y. Insurance Law § 4226 Misrepresentations, misleading statements and incomplete comparisons by insurers
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§ 4226. Misrepresentations, misleading statements and incomplete\ncomparisons by insurers. (a) No insurer authorized to do in this state\nthe business of life, or accident and health insurance, or to make\nannuity contracts shall:\n (1) issue or circulate, or cause or permit to …
N.Y. Insurance Law § 4228 Life insurance and annuity business; limitations of expenses
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§ 4228. Life insurance and annuity business; limitations of expenses.\n(a) The provisions of this section shall apply to all domestic life\ninsurance companies and to all foreign and alien life insurance\ncompanies doing business in this state, but not the alien branches of\nsuc…
N.Y. Insurance Law § 4230 Salaries and pensions to officers and employees
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§ 4230. Salaries and pensions to officers and employees. (a) No\ndomestic life insurance company shall pay any salary, compensation or\nemolument in any amount to any officer, deemed by a committee or\ncommittees of the board to be a principal officer pursuant to subsection\n(b)…
N.Y. Insurance Law § 4231 Policyholder's participation in surplus of life insurance companies
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§ 4231. Policyholder's participation in surplus of life insurance\ncompanies. (a) (1) Except as herein otherwise provided, every domestic\nlife insurance company shall ascertain and distribute annually, and not\notherwise, the proportion of any surplus accruing upon every\nparti…
N.Y. Insurance Law § 4232 Amounts credited on certain contracts or life insurance policies
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§ 4232. Amounts credited on certain contracts or life insurance\npolicies. (a) (1) If any contract subject to section four thousand two\nhundred twenty-three of this article, provides for additional amounts to\nbe credited to the contract during any period in accordance with the…