Title ISC, Insurance

§ 6303. Limitations. (a) The exemption that may be granted pursuant to\nthis article shall apply only if:\n (1) the risk, as defined in regulations of the superintendent,\nproduces a minimum annual premium in excess of one hundred thousand\ndollars or such higher amount as the s…

§ 6304. Special regulations. The superintendent, by regulation, shall\nprovide for the implementation of the provisions of this article by\nestablishing methods, procedures and reports for licensing and for\nfacilitating, monitoring and verifying compliance with this article.\n

§ 6401. Definitions. In this article, the following definitions apply\nexcept as otherwise specified:\n (a) "Title insurance corporation" means a corporation exercising any\nof the powers described in paragraph one or two of subsection (b) of\nsection six thousand four hundred t…

§ 6402. Organization; financial requirements. A title insurance\ncorporation may be organized and licensed in the manner prescribed in\nsubsection (e) of section one thousand one hundred two and section one\nthousand two hundred one of this chapter, except as hereinafter\nprescr…

§ 6403. Management and powers of title insurance corporation. (a) The\nbusiness and affairs of every title insurance corporation shall be\nmanaged under the direction of its board of directors.\n (b) Every title insurance corporation shall, subject to the exceptions\nand restric…

§ 6404. Assets; title plant; valuation. In determining the financial\ncondition of any corporation doing business under this article, the\nsuperintendent shall allow as admitted assets only such assets as are\nprescribed by section one thousand three hundred one of this chapter …

§ 6405. Reserves. (a) Every title insurance corporation organized and\ndoing an insurance business under this article shall establish,\nsegregate and maintain a reinsurance reserve during the period and for\nthe uses and purposes hereinafter provided which shall at all times and…

§ 6406. Investments; exception. (a) Every title insurance corporation\norganized and doing business under this article shall invest and keep\ninvested an amount at least equal to its required minimum capital in the\ntypes of investments specified in section one thousand four hun…

§ 6407. Restrictions on dividends. (a) No title insurance corporation\nshall declare or pay any cash or property dividend on its capital\nshares, or declare or distribute a stock dividend except out of earned\nsurplus, meaning, for the purpose of this section, surplus not\nattri…

§ 6408. Prohibition on engaging in certain business activities. (a) No\nperson, firm, association or corporation shall engage in business as a\ntitle insurance corporation except pursuant to the provisions of this\narticle. This prohibition shall not prevent the making, issuing,…

§ 6409. Filing of policy forms; rates; classification of risks;\ncommissions and rebates prohibited. (a) No title insurance policy shall\nbe issued or delivered in this state, unless it has been filed with the\nsuperintendent in accordance with article twenty-three of this chapt…

§ 6410. Merger. The merger of two or more corporations organized\npursuant to section six thousand four hundred two of this article or\norganized under the laws of this state for the purpose set forth in\nsection six thousand four hundred three of this article, unless it be a\nm…

§ 6411. Merger of parent corporation and wholly-owned subsidiary. (a)\nNotwithstanding the provisions of section six thousand four hundred ten\nof this article and article fifteen of this chapter, and any rights\nconferred therein or obligations imposed thereby, any corporation\…

§ 6501. Definitions. In this article:\n (a) "Mortgage guaranty insurance" means insurance against financial\nloss by reason of nonpayment of any sum required to be paid under the\nterms of any instrument of indebtedness secured by a lien on real\nestate.\n (b) "Mortgage insurer"…

§ 6502. Financial requirements. (a) A mortgage insurer shall not\ntransact business unless:\n (1) if a stock insurance company, it has paid-in capital of at least\none million dollars and paid-in surplus of at least one million dollars\nor, if a mutual insurance company, a minim…

§ 6503. Limitations. (a) Mortgage guaranty insurance may be transacted\nin this state only by a company licensed to do so and shall be written\nonly:\n (1) to insure loans secured by authorized real estate securities; or\n (2) to insure pools of loans secured by instruments cons…

§ 6504. Required approvals; prohibitions. (a) Every mortgage insurer\nshall file with the superintendent for his approval in accordance with\narticle twenty-three of this chapter its premium rates, forms of\npolicies, certificates, applications and other forms pertaining to\nmor…

§ 6505. Licensing of agents. The standards in subsections (d) through\n(k), (m) and (o) of section two thousand one hundred three of this\nchapter shall apply to the licensing of agents for a mortgage insurer.\nSuch license may be limited to mortgage guaranty insurance. In such\…

§ 6506. Advertising. No regulated mortgage investor, any of whose\nauthorized real estate securities are insured by mortgage guaranty\ninsurance pursuant to this article may state in any form of report or\nadvertising that the real estate loans of the investor are "insured\nloan…

§ 6507. Reinsurance. (a) A mortgage insurer may, by contract, reinsure\nany insurance it transacts and receive credit for such reinsurance as an\nasset or as a reduction from liabilities, including its contingency\nreserve liability, in its financial statements where such reinsu…

§ 6508. Additional powers of superintendent. The superintendent may\nadopt regulations necessary to carry out this article including\nrestrictions on investments, giving full consideration to the\ndesirability of high liquidity.\n

§ 6601. Scope of article; other provisions. (a) All insurers formed\npursuant to chapter seven hundred thirty-nine of the laws of eighteen\nhundred fifty-seven, chapter five hundred seventy-three of the laws of\neighteen hundred eighty-six, or the laws of which the last mentione…

§ 6602. Classification of insurers; foreign and alien insurers. (a)\nCooperative property/casualty insurance companies operating under or\nsubject to this article shall be either advance premium co-operative\nproperty/casualty insurance companies or assessment co-operative\nprop…

§ 6603. Incorporation of co-operative property/casualty insurance\ncompanies. (a) A corporation may be organized and licensed as an advance\npremium corporation or as an assessment corporation in the manner\nprescribed in this section and subject to any other applicable\nrequire…

§ 6604. Organization of advance premium corporations. (a) An advance\npremium corporation may be organized and licensed in the manner\nprescribed in section six thousand six hundred three of this article and\nmay do, in addition to the kind of insurance specified in paragraph fo…

§ 6605. Organization of assessment corporations. (a) An assessment\ncorporation may be organized and licensed in the manner prescribed in\nsection six thousand six hundred three of this article and may do, in\naddition to the kind of insurance specified in paragraph four of\nsub…

§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six\nthousand six hundred ten of this article, any co-operative\nproperty/casualty insurance company shall have the power, whether or not\nexpressed in its charter, to accept reinsurance of the kind or kinds of\ni…

§ 6607. Duration of charter. Subject to the provisions of article\nseventy-four of this chapter, the charter of every co-operative\nproperty/casualty insurance company shall be perpetual.\n

§ 6608. Extension of territory. (a) The superintendent, upon\napplication by any advance premium corporation may issue a license\npursuant to section one thousand one hundred two of this chapter to such\ncorporation to do the business in counties additional to those in which\nit…

§ 6609. Policy forms. (a) (1) Every form of policy issued by any\nco-operative property/casualty insurance company shall indicate in words\nprominently displayed at the top of the first page, and in type of which\nthe face shall not be smaller than twelve point, that such policy…

§ 6610. Limitation of risk. (a) Subject to the other provisions of\nthis section, the maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be as…

§ 6611. Records. (a) (1) Every co-operative property/casualty\ninsurance company shall keep and maintain books of account and records\nin such manner as will show fully and truly the condition, affairs and\nbusiness of such corporation and facilitate the preparation and\nverific…

§ 6612. Rebating and discrimination; accounts and statistics;\nassessment corporations. Notwithstanding anything to the contrary in\nthis chapter, the provisions of sections two thousand three hundred\ntwenty-four and two thousand three hundred twenty-five of this chapter\nare a…

§ 6613. Limitation of expenses; co-operative property/casualty\ninsurance companies. (a) The expenses of management of any co-operative\nproperty/casualty insurance company shall not exceed in any one calendar\nyear forty-two and one-half percent of its net premiums written for …

§ 6614. Contingent liability of members; advance premium corporations.\n(a) Any advance premium corporation may limit the contingent liability\nof a member thereof to not less than once the amount of, and in addition\nto, the premium which would be charged for insurance for one …

§ 6615. Annual assessments; borrowed money. (a) (1) Every assessment\ncorporation may, if so directed by its board of directors levy an\nassessment upon all of its members. Such assessment shall be sufficient\nto provide for the payment of losses, expenses, and other obligations…

§ 6616. Extraordinary assessments; assessment corporations. (a) The\nmembers of every assessment corporation shall be contingently liable for\nextraordinary assessments sufficient to remove any impairment in the\nreserves required by this article.\n (b) Any assessment corporatio…

§ 6617. Notice of assessment; assessment corporations. (a) It shall be\nthe duty of the secretary of every assessment corporation, whenever an\nassessment shall have been made by it, to notify, not more than\nforty-five days thereafter, every person to which such assessment is\n…

§ 6618. Suits to recover assessments. (a) An assessment corporation\nmay maintain a civil action against any member or former member of such\ncorporation for the unpaid amount of any extraordinary or post\nassessment lawfully levied against him, or against any former member of\n…

§ 6619. Special reserve or emergency funds; co-operative\nproperty/casualty insurance companies. (a) (1) Ten or more co-operative\nproperty/casualty insurance companies may enter into an agreement to\nmake deposits in special reserve or emergency funds.\n (2) Any deposit with ac…

§ 6620. Non-assessable policies; advance premium corporations. (a) Any\nadvance premium corporation may issue insurance contracts which do not\nimpose any liability upon members for any assessments in addition to the\nadvance premium paid upon compliance with the following requi…

§ 6621. Unabsorbed portions of premium payments. (a) Subject to the\nrequirements of this article for the accumulation and maintenance of\nminimum surplus, the surplus of any advance premium corporation shall be\neligible for equitable distribution to its members as unabsorbed\n…

§ 6622. Refunds from surplus; assessment corporations. (a) Subject to\nthe requirements of this article for the accumulation and maintenance of\nminimum surplus, the surplus of any assessment corporation shall be\neligible for equitable distribution to its members, but no distri…

§ 6623. Investments. (a) The funds of every co-operative\nproperty/casualty insurance company shall be invested only as permitted\nby subsection (c) of section one thousand four hundred three of this\nchapter, except as otherwise provided herein.\n (b) The minimum capital invest…

§ 6624. Voting by members and meetings of boards of directors;\nco-operative property/casualty insurance companies. (a) A member of any\nco-operative property/casualty insurance company may vote at any regular\nor special meeting of the corporation in person or he may vote by pr…

§ 6625. Merger; consolidation. (a) Two or more advance premium\ncorporations may, in accordance with applicable provisions of article\nseventy-one of this chapter, merge or consolidate.\n (b) Two or more assessment corporations licensed to do business either\nwholly or substanti…

§ 6626. Qualification of membership. (a) In addition to the legal\nability of any natural person to insure in any advance premium or\nassessment corporation property located in the territory in which such\ncorporation is licensed to do business and in which property he has an\ni…

§ 6701. Purpose; construction. (a) The purpose of this article is to\nprovide for the organization and licensing of a nonprofit\nproperty/casualty insurance company that insures nonprofit organizations\nand that will qualify, and continue to qualify, as a "qualified\ncharitable …

§ 6702. Definitions. As used in this article, the following terms\nshall have the following meanings:\n (a) "Member" shall, in the case of a nonprofit property/casualty\ninsurance company organized as a type B corporation pursuant to\nparagraph (b) of section two hundred one of …

§ 6703. Organization of nonprofit property/casualty insurance\ncompanies. (a) A corporation may be organized as a charitable\ncorporation pursuant to paragraph (a) of section two hundred one of the\nnot-for-profit corporation law or as a nonprofit reciprocal insurer\nunder artic…