Title ISC, Insurance

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

§ 5509. Stabilization reserve fund. (a) The association shall\nmaintain a stabilization reserve fund. The fund shall be used for\npayment to the association of any deficit, or for reimbursement to the\nassociation's members for payment of any deficit arising out of the\noperatio…

§ 5510. Appeals. Any applicant to the association, any person insured\nunder this article, or their representatives, or any affected insurer,\nmay appeal to the superintendent within thirty days after any ruling,\naction or decision by or on behalf of the association, with respe…

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

§ 5512. Examinations. (a) The superintendent shall make an examination\ninto the affairs of the association at least annually. The examination\nshall be conducted and the report filed in the manner prescribed in\narticle three of this chapter.\n (b) The expenses of the examinati…

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

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

§ 5516-d. Further transfer of association funds. Notwithstanding any\nother provision of law, the association and all officers and directors\nwith responsibility for custody or investment of the association's\nassets are authorized and directed to further transfer and deposit si…

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

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

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

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

§ 5602. Professional liability policies; arbitration coverage. Any\nprofessional liability policy issued or delivered in the state that\nprovides coverage for physicians, dentists, health maintenance\norganizations, hospitals or health care providers shall be deemed to\ninclude …

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

§ 5604. Arbitration forms, brochures, and materials. The arbitration\nadministrator shall submit to the superintendent, for review and\napproval, required forms of agreement and explanatory brochures and\nmaterials to be used for the arbitrations authorized by section\nforty-fou…

§ 5605. Review of health maintenance organization arbitration\nexperience. No health maintenance organization shall offer enrollees the\noption of electing arbitration of claims pursuant to section forty-four\nhundred six-a of the public health law without notifying the\nsuperin…

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

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

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

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

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

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

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

§ 5908. Notice and registration requirements of purchasing groups. (a)\nA purchasing group which intends to do business in this state shall,\nprior to doing such business, furnish notice of such intention to the\nsuperintendent. This notice shall include the following informatio…

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

§ 5910. Administrative and procedural authority regarding risk\nretention groups and purchasing groups. The superintendent is authorized\nto make use of any of the powers, established under this chapter to\nenforce the laws of this state, not specifically preempted by the\nfeder…

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

§ 5912. Binding effect of orders issued in United States district\ncourt. An order issued by any district court of the United States\nenjoining a risk retention group from soliciting or selling insurance,\nor operating in any state (or in all states or in any territory or\nposse…

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

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

* § 6102. Organization of domestic reciprocal insurers. (a)\nTwenty-five or more persons, firms and corporations, each having the\nqualifications of subscribers as prescribed in this article, may\norganize a reciprocal insurer to do any one or more of the basic kinds\nof insuran…

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

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

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

§ 6106. Subscriber's agreement. (a) (1) Every subscriber of an\nauthorized reciprocal insurer shall have executed a subscriber's\nagreement, and every subscriber executing such a subscriber's agreement\ncontaining a provision for contingent liability of subscribers shall\nexecut…

§ 6107. Changes and amendments. (a) (1) No reciprocal insurer shall\nchange its name or amend its subscriber's agreement without first\nobtaining the written approval of the superintendent.\n (2) No such insurer shall establish branch offices under other or\ndifferent names or t…

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

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

§ 6110. Limitation of risk. Every reciprocal insurer authorized to do\nbusiness in this state shall be subject to the provisions of sections\none thousand one hundred fifteen and four thousand one hundred eighteen\nof this chapter.\n

§ 6111. Assets, liabilities and surplus. (a) All of the assets of any\nreciprocal insurer including subscribers' operating reserves shall be\nliable primarily for payment of all liabilities incurred under its\npolicies or other contracts.\n (b) No part of the surplus funds of su…

§ 6112. Subscribers' accounts. (a) The attorney-in-fact, in addition\nto the books of account of the collective transactions of all\nsubscribers of the reciprocal insurer, shall keep and maintain a\nseparate account for each individual subscriber setting forth the\nentries deter…

§ 6113. Foreign or alien reciprocal insurers. (a) The superintendent\nmay, in his discretion, pursuant to section one thousand one hundred six\nof this chapter, issue a license to a reciprocal insurer domiciled in,\nor organized under the laws of another state or of any province…

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

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

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

§ 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\nunder its constitution and by-laws which it may amend pursuant to the\nterms thereof.\n (b) Notwithstanding the authority granted to the exchange pursuant to\nthe provisions of the constitution and by-laws to ame…

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

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

§ 6302. Special license. (a) An authorized insurer, as a condition\nprecedent to the obtaining of such exemption, shall obtain a special\nlicense from the superintendent.\n (b) Before such special license shall be issued or renewed the\nprospective licensee shall file in the off…