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0 chapters · 1,072 sections in this title.
N.Y. Insurance Law § 6303 Limitations
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§ 6303. Limitations. (a) The exemption that may be granted pursuant to this article shall apply only if: (1) the risk, as defined in regulations of the superintendent, produces a minimum annual premium in excess of one hundred thousand dollars or such higher amount as the superi…
N.Y. Insurance Law § 6304 Special regulations
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§ 6304. Special regulations. The superintendent, by regulation, shall provide for the implementation of the provisions of this article by establishing methods, procedures and reports for licensing and for facilitating, monitoring and verifying compliance with this article.
N.Y. Insurance Law § 6401 Definitions
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§ 6401. Definitions. In this article, the following definitions apply except as otherwise specified: (a) "Title insurance corporation" means a corporation exercising any of the powers described in paragraph one or two of subsection (b) of section six thousand four hundred three …
N.Y. Insurance Law § 6402 Organization; financial requirements
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§ 6402. Organization; financial requirements. A title insurance corporation may be organized and licensed in the manner prescribed in subsection (e) of section one thousand one hundred two and section one thousand two hundred one of this chapter, except as hereinafter prescribed…
N.Y. Insurance Law § 6403 Management and powers of title insurance corporation
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§ 6403. Management and powers of title insurance corporation. (a) The business and affairs of every title insurance corporation shall be managed under the direction of its board of directors. (b) Every title insurance corporation shall, subject to the exceptions and restrictions…
N.Y. Insurance Law § 6404 Assets; title plant; valuation
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§ 6404. Assets; title plant; valuation. In determining the financial condition of any corporation doing business under this article, the superintendent shall allow as admitted assets only such assets as are prescribed by section one thousand three hundred one of this chapter and…
N.Y. Insurance Law § 6405 Reserves
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§ 6405. Reserves. (a) Every title insurance corporation organized and doing an insurance business under this article shall establish, segregate and maintain a reinsurance reserve during the period and for the uses and purposes hereinafter provided which shall at all times and fo…
N.Y. Insurance Law § 6406 Investments; exception
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§ 6406. Investments; exception. (a) Every title insurance corporation organized and doing business under this article shall invest and keep invested an amount at least equal to its required minimum capital in the types of investments specified in section one thousand four hundre…
N.Y. Insurance Law § 6407 Restrictions on dividends
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§ 6407. Restrictions on dividends. (a) No title insurance corporation shall declare or pay any cash or property dividend on its capital shares, or declare or distribute a stock dividend except out of earned surplus, meaning, for the purpose of this section, surplus not attributa…
N.Y. Insurance Law § 6408 Prohibition on engaging in certain business activities
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§ 6408. Prohibition on engaging in certain business activities. (a) No person, firm, association or corporation shall engage in business as a title insurance corporation except pursuant to the provisions of this article. This prohibition shall not prevent the making, issuing, or…
N.Y. Insurance Law § 6409 Filing of policy forms; rates; classification of risks; commissions and rebates prohibited
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§ 6409. Filing of policy forms; rates; classification of risks; commissions and rebates prohibited. (a) No title insurance policy shall be issued or delivered in this state, unless it has been filed with the superintendent in accordance with article twenty-three of this chapter.…
N.Y. Insurance Law § 6410 Merger
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§ 6410. Merger. The merger of two or more corporations organized pursuant to section six thousand four hundred two of this article or organized under the laws of this state for the purpose set forth in section six thousand four hundred three of this article, unless it be a merge…
N.Y. Insurance Law § 6411 Merger of parent corporation and wholly-owned subsidiary
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§ 6411. Merger of parent corporation and wholly-owned subsidiary. (a) Notwithstanding the provisions of section six thousand four hundred ten of this article and article fifteen of this chapter, and any rights conferred therein or obligations imposed thereby, any corporation org…
N.Y. Insurance Law § 6501 Definitions
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§ 6501. Definitions. In this article: (a) "Mortgage guaranty insurance" means insurance against financial loss by reason of nonpayment of any sum required to be paid under the terms of any instrument of indebtedness secured by a lien on real estate. (b) "Mortgage insurer" means …
N.Y. Insurance Law § 6502 Financial requirements
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§ 6502. Financial requirements. (a) A mortgage insurer shall not transact business unless: (1) if a stock insurance company, it has paid-in capital of at least one million dollars and paid-in surplus of at least one million dollars or, if a mutual insurance company, a minimum in…
N.Y. Insurance Law § 6503 Limitations
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§ 6503. Limitations. (a) Mortgage guaranty insurance may be transacted in this state only by a company licensed to do so and shall be written only: (1) to insure loans secured by authorized real estate securities; or (2) to insure pools of loans secured by instruments constituti…
N.Y. Insurance Law § 6504 Required approvals; prohibitions
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§ 6504. Required approvals; prohibitions. (a) Every mortgage insurer shall file with the superintendent for his approval in accordance with article twenty-three of this chapter its premium rates, forms of policies, certificates, applications and other forms pertaining to mortgag…
N.Y. Insurance Law § 6505 Licensing of agents
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§ 6505. Licensing of agents. The standards in subsections (d) through (k), (m) and (o) of section two thousand one hundred three of this chapter shall apply to the licensing of agents for a mortgage insurer. Such license may be limited to mortgage guaranty insurance. In such eve…
N.Y. Insurance Law § 6506 Advertising
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§ 6506. Advertising. No regulated mortgage investor, any of whose authorized real estate securities are insured by mortgage guaranty insurance pursuant to this article may state in any form of report or advertising that the real estate loans of the investor are "insured loans" u…
N.Y. Insurance Law § 6507 Reinsurance
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§ 6507. Reinsurance. (a) A mortgage insurer may, by contract, reinsure any insurance it transacts and receive credit for such reinsurance as an asset or as a reduction from liabilities, including its contingency reserve liability, in its financial statements where such reinsuran…
N.Y. Insurance Law § 6508 Additional powers of superintendent
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§ 6508. Additional powers of superintendent. The superintendent may adopt regulations necessary to carry out this article including restrictions on investments, giving full consideration to the desirability of high liquidity.
N.Y. Insurance Law § 6601 Scope of article; other provisions
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§ 6601. Scope of article; other provisions. (a) All insurers formed pursuant to chapter seven hundred thirty-nine of the laws of eighteen hundred fifty-seven, chapter five hundred seventy-three of the laws of eighteen hundred eighty-six, or the laws of which the last mentioned c…
N.Y. Insurance Law § 6602 Classification of insurers; foreign and alien insurers
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§ 6602. Classification of insurers; foreign and alien insurers. (a) Cooperative property/casualty insurance companies operating under or subject to this article shall be either advance premium co-operative property/casualty insurance companies or assessment co-operative property…
N.Y. Insurance Law § 6603 Incorporation of co-operative property/casualty insurance companies
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§ 6603. Incorporation of co-operative property/casualty insurance companies. (a) A corporation may be organized and licensed as an advance premium corporation or as an assessment corporation in the manner prescribed in this section and subject to any other applicable requirement…
N.Y. Insurance Law § 6604 Organization of advance premium corporations
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§ 6604. Organization of advance premium corporations. (a) An advance premium corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four …
N.Y. Insurance Law § 6605 Organization of assessment corporations
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§ 6605. Organization of assessment corporations. (a) An assessment corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsect…
N.Y. Insurance Law § 6606 Reinsurance
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§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six thousand six hundred ten of this article, any co-operative property/casualty insurance company shall have the power, whether or not expressed in its charter, to accept reinsurance of the kind or kinds of insur…
N.Y. Insurance Law § 6607 Duration of charter
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§ 6607. Duration of charter. Subject to the provisions of article seventy-four of this chapter, the charter of every co-operative property/casualty insurance company shall be perpetual.
N.Y. Insurance Law § 6608 Extension of territory
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§ 6608. Extension of territory. (a) The superintendent, upon application by any advance premium corporation may issue a license pursuant to section one thousand one hundred two of this chapter to such corporation to do the business in counties additional to those in which it is …
N.Y. Insurance Law § 6609 Policy forms
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§ 6609. Policy forms. (a) (1) Every form of policy issued by any co-operative property/casualty insurance company shall indicate in words prominently displayed at the top of the first page, and in type of which the face shall not be smaller than twelve point, that such policy is…
N.Y. Insurance Law § 6610 Limitation of risk
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§ 6610. Limitation of risk. (a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assum…
N.Y. Insurance Law § 6611 Records
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§ 6611. Records. (a) (1) Every co-operative property/casualty insurance company shall keep and maintain books of account and records in such manner as will show fully and truly the condition, affairs and business of such corporation and facilitate the preparation and verificatio…
N.Y. Insurance Law § 6612 Rebating and discrimination; accounts and statistics; assessment corporations
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§ 6612. Rebating and discrimination; accounts and statistics; assessment corporations. Notwithstanding anything to the contrary in this chapter, the provisions of sections two thousand three hundred twenty-four and two thousand three hundred twenty-five of this chapter are appli…
N.Y. Insurance Law § 6613 Limitation of expenses; co-operative property/casualty insurance companies
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§ 6613. Limitation of expenses; co-operative property/casualty insurance companies. (a) The expenses of management of any co-operative property/casualty insurance company shall not exceed in any one calendar year forty-two and one-half percent of its net premiums written for suc…
N.Y. Insurance Law § 6614 Contingent liability of members; advance premium corporations
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§ 6614. Contingent liability of members; advance premium corporations. (a) Any advance premium corporation may limit the contingent liability of a member thereof to not less than once the amount of, and in addition to, the premium which would be charged for insurance for one yea…
N.Y. Insurance Law § 6615 Annual assessments; borrowed money
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§ 6615. Annual assessments; borrowed money. (a) (1) Every assessment corporation may, if so directed by its board of directors levy an assessment upon all of its members. Such assessment shall be sufficient to provide for the payment of losses, expenses, and other obligations, i…
N.Y. Insurance Law § 6616 Extraordinary assessments; assessment corporations
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§ 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 …
N.Y. Insurance Law § 6617 Notice of assessment; assessment corporations
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§ 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 appl…
N.Y. Insurance Law § 6618 Suits to recover assessments
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§ 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…
N.Y. Insurance Law § 6619 Special reserve or emergency funds; co-operative property/casualty insurance companies
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§ 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 accreti…
N.Y. Insurance Law § 6620 Non-assessable policies; advance premium corporations
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§ 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 requirem…
N.Y. Insurance Law § 6621 Unabsorbed portions of premium payments
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§ 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 port…
N.Y. Insurance Law § 6622 Refunds from surplus; assessment corporations
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§ 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 distribut…
N.Y. Insurance Law § 6623 Investments
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§ 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…
N.Y. Insurance Law § 6624 Voting by members and meetings of boards of directors; co-operative property/casualty insurance companies
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§ 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…
N.Y. Insurance Law § 6625 Merger; consolidation
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§ 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 …
N.Y. Insurance Law § 6626 Qualification of membership
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§ 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 insur…
N.Y. Insurance Law § 6701 Purpose; construction
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§ 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…
N.Y. Insurance Law § 6702 Definitions
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§ 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 n…
N.Y. Insurance Law § 6703 Organization of nonprofit property/casualty insurance companies
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§ 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 s…