Title ISC, Insurance

§ 5508. Directors. (a) The association shall be governed by a board of twenty-one directors. The superintendent or his duly authorized representative shall serve as a non-voting director. Two directors shall be appointed by the governor. Two directors shall be appointed by the t…

§ 5509. Stabilization reserve fund. (a) The association shall maintain a stabilization reserve fund. The fund shall be used for payment to the association of any deficit, or for reimbursement to the association's members for payment of any deficit arising out of the operations o…

§ 5510. Appeals. Any applicant to the association, any person insured under this article, or their representatives, or any affected insurer, may appeal to the superintendent within thirty days after any ruling, action or decision by or on behalf of the association, with respect …

§ 5511. Annual statement. (a) The association shall annually file a statement in the office of the superintendent on or before the first day of March. The statement shall be in a form approved by and contain information prescribed by the superintendent with respect to its transa…

§ 5512. Examinations. (a) The superintendent shall make an examination into the affairs of the association at least annually. The examination shall be conducted and the report filed in the manner prescribed in article three of this chapter. (b) The expenses of the examination sh…

§ 5513. Immunity. No liability or cause of action shall exist against the association, its agents or employees, the superintendent or his authorized representatives or any licensed agent or broker for any statements made in good faith by them during any proceedings or concerning…

§ 5515. Federal program. In addition to any other powers conferred upon him by this or any other law, the superintendent is authorized to do all things necessary to enable this state, the association and members and policyholders of the association to participate fully in any fe…

§ 5516-d. Further transfer of association funds. Notwithstanding any other provision of law, the association and all officers and directors with responsibility for custody or investment of the association's assets are authorized and directed to further transfer and deposit six m…

§ 5516-f. Further transfer of moneys of the association. (a) Notwithstanding any other provision of law, the association and all officers and directors with responsibility for custody or investment of the association's assets are authorized and directed to further transfer and d…

§ 5517. Transfer of association funds; reinsurance evaluation. (a) In the event that the association has not caused the transfer of certain assets on or before May first, nineteen hundred ninety-two, pursuant to the provisions of section fifty-five hundred sixteen of this articl…

§ 5517-a. Return of association premium. (a) Notwithstanding any inconsistent provision of this chapter or any other law to the contrary, if the superintendent determines, for policies of excess coverage or equivalent excess coverage issued by the association and purchased on be…

§ 5601. Definitions. In this article: "arbitration administrator" and "hospital" have the same meaning as such terms in article seventy-five-A of the civil practice law and rules.

§ 5602. Professional liability policies; arbitration coverage. Any professional liability policy issued or delivered in the state that provides coverage for physicians, dentists, health maintenance organizations, hospitals or health care providers shall be deemed to include cove…

§ 5603. Arbitration administration fund and expenses. (a) There is established within the department an arbitration administration fund which shall be considered to be an expense of the department and shall be funded by order of the superintendent, pursuant to section two hundre…

§ 5604. Arbitration forms, brochures, and materials. The arbitration administrator shall submit to the superintendent, for review and approval, required forms of agreement and explanatory brochures and materials to be used for the arbitrations authorized by section forty-four hu…

§ 5605. Review of health maintenance organization arbitration experience. No health maintenance organization shall offer enrollees the option of electing arbitration of claims pursuant to section forty-four hundred six-a of the public health law without notifying the superintend…

§ 5901. Title and purpose. This article may be cited as the "risk retention groups and purchasing groups act." The purpose of this article is to regulate the formation and/or operation in this state of risk retention groups and purchasing groups formed pursuant to the provisions…

§ 5902. Definitions. The terms used in this article shall have the meanings set forth in this chapter, except to the extent added or modified by the following: (a) "Commissioner" means the commissioner, director or superintendent of financial services in any other state. (b) "Co…

§ 5903. Domestic risk retention groups. (a) A domestic risk retention group shall, pursuant to the provisions of this chapter, be chartered and licensed as a domestic property/casualty insurer to write only liability insurance pursuant to this article and, except as provided els…

§ 5904. Risk retention groups not chartered in this state. A risk retention group not chartered and licensed as a property/casualty insurer in this state, seeking to do business or doing business as a risk retention group in this state, shall comply with the laws of this state, …

§ 5905. Risk retention groups; notice, prohibited solicitation, coverage and ownership. (a) Notice to purchasers. (1) Every insurance policy issued by a risk retention group shall contain in ten point type on the front page and on the declaration page, the following notice: NOTI…

§ 5906. Security funds and compulsory associations. (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency security fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or…

§ 5907. Purchasing groups; exemption from certain laws. A purchasing group and its insurer shall be subject to all applicable laws of this state, except that a purchasing group and its insurer shall be exempt, in regard to liability insurance for the purchasing group and any of …

§ 5908. Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this state shall, prior to doing such business, furnish notice of such intention to the superintendent. This notice shall include the following information: …

§ 5909. Restrictions on insurance obtained by purchasing groups. (a) A purchasing group located in this state shall not purchase liability insurance from a risk retention group not chartered in a state or from an insurer not authorized in this state, unless the purchase is effec…

§ 5910. Administrative and procedural authority regarding risk retention groups and purchasing groups. The superintendent is authorized to make use of any of the powers, established under this chapter to enforce the laws of this state, not specifically preempted by the federal L…

§ 5911. Insurance agents, insurance brokers and excess line brokers. (a) The provisions of article twenty-one of this chapter shall apply to any risk retention group not chartered and licensed in this state as a property/casualty insurer but which is doing business in this state…

§ 5912. Binding effect of orders issued in United States district court. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state (or in all states or in any territory or possessio…

§ 5913. Financial responsibility. Except as provided in sections three hundred eleven and three hundred seventy of the vehicle and traffic law, wherever pursuant to the laws of this state or any political subdivision of this state a demonstration of financial responsibility is r…

§ 6101. Definitions. In this article: (a) "Advisory committee" means any official body, by whatever name called, which is chosen by the subscribers of a reciprocal insurer and which has, subject to the articles of association and subscribers agreement, ultimate power and respons…

* § 6102. Organization of domestic reciprocal insurers. (a) Twenty-five or more persons, firms and corporations, each having the qualifications of subscribers as prescribed in this article, may organize a reciprocal insurer to do any one or more of the basic kinds of insurance s…

* § 6103. Deposits. (a) Before being licensed, every domestic reciprocal insurer shall comply with the provisions of subsection (a) of section four thousand one hundred four of this chapter imposed upon a domestic property/casualty insurance company doing the same kind or kinds …

§ 6104. Qualifications of subscribers. (a) (1) No authorized reciprocal insurer shall make any new agreement for insurance containing a provision for contingent liability of subscribers with any subscriber who or which does not have assets in his, their or its own right in an am…

§ 6105. Licensing. (a) No person, firm, corporation or association as an underwriter or underwriters, and no reciprocal insurer, shall do any insurance business in this state, nor shall any person, firm, corporation or association as attorney-in-fact or other representative of a…

§ 6106. Subscriber's agreement. (a) (1) Every subscriber of an authorized reciprocal insurer shall have executed a subscriber's agreement, and every subscriber executing such a subscriber's agreement containing a provision for contingent liability of subscribers shall execute an…

§ 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…

§ 6108. Contingent liability; non-assessable policies. (a) Every contract of insurance and subscriber's agreement under or by which contracts of insurance are issued or exchanged by any authorized reciprocal insurer shall provide for a contingent several liability for assessment…

§ 6109. Subscriber's operating reserve. (a) (1) Every subscriber of an authorized reciprocal insurer in which subscribers are subject to contingent liability shall accumulate a minimum operating reserve, to be credited to such subscriber on the books and records of such reciproc…

§ 6110. Limitation of risk. Every reciprocal insurer authorized to do business in this state shall be subject to the provisions of sections one thousand one hundred fifteen and four thousand one hundred eighteen of this chapter.

§ 6111. Assets, liabilities and surplus. (a) All of the assets of any reciprocal insurer including subscribers' operating reserves shall be liable primarily for payment of all liabilities incurred under its policies or other contracts. (b) No part of the surplus funds of such re…

§ 6112. Subscribers' accounts. (a) The attorney-in-fact, in addition to the books of account of the collective transactions of all subscribers of the reciprocal insurer, shall keep and maintain a separate account for each individual subscriber setting forth the entries determini…

§ 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…

§ 6114. Application of other sections. (a) Except as otherwise provided in this article, and except where the context otherwise requires, all of the provisions of this chapter relating to all insurers and those relating to insurers transacting the same kind or kinds of insurance…

§ 6115. Merger. (a) (1) Two or more reciprocal insurers may, by a two-thirds affirmative vote of the subscribers of each insurer, merge in accordance with the provisions of article seventy-one of this chapter. (2) The powers of such new reciprocal insurer under this article shal…

§ 6116. Lloyds underwriters. (a) Any existing Lloyds underwriters heretofore organized under any law of this state and authorized to do an insurance business herein, which has exercised its powers of issuing insurance policies continuously during each of the two years immediatel…

§ 6201. New York insurance exchange. (a) Notwithstanding the\nprovisions of section six thousand one hundred sixteen of this chapter,\nthe New York insurance exchange, shall be continued, subject to such\nregulations as may be promulgated by the superintendent.\n (b) The purpose…

§ 6202. Constitution and by-laws. (a) The exchange shall function under its constitution and by-laws which it may amend pursuant to the terms thereof. (b) Notwithstanding the authority granted to the exchange pursuant to the provisions of the constitution and by-laws to amend, r…

§ 6203. Miscellaneous. (a) The New York insurance exchange shall not be subject to any state or local taxes or fees measured by income, premiums or gross receipts, except that for purposes of taxation under section one thousand five hundred ten of the tax law, direct premiums wr…

§ 6301. Special risks; filing exemption. (a) Notwithstanding any provision of this chapter, the superintendent shall, pursuant to regulations promulgated by the superintendent, permit exemption from filing requirements only with respect to rates and policy forms, where applicabl…

§ 6302. Special license. (a) An authorized insurer, as a condition precedent to the obtaining of such exemption, shall obtain a special license from the superintendent. (b) Before such special license shall be issued or renewed the prospective licensee shall file in the office o…