Title ISC, Insurance

§ 6704. Licensing of nonprofit property/casualty insurance companies.\n(a) No person, firm, corporation or association as an underwriter or\nunderwriters, and no nonprofit property/casualty insurance company,\nshall do any insurance business in this state, unless authorized to d…

§ 6705. Relevant criteria. (a) In applying this article, the\nsuperintendent shall consider the provisions of paragraph (3) of\nsubsection (c) of section 501 of the Internal Revenue Code and\nsubsection (n) of section 501 of the Internal Revenue Code.\n (b) Notwithstanding any o…

§ 6706. Applicability of other provisions of this chapter. (a) Except\nas otherwise provided in this article, where inconsistent with this\narticle, or where the context otherwise requires, all of the provisions\nof this chapter and the rules and regulations of the superintenden…

§ 6707. Tax exemption; residual market participation exemption;\nsecurity funds. (a) Every nonprofit property/casualty insurance company\nsubject to the provisions of this article shall be exempt from any fees,\ntaxes, special ad valorem levies or assessments of any kind, includ…

§ 6708. Rules and regulations. The superintendent shall promulgate\nsuch rules and regulations as may be necessary for the implementation of\nthis article. Such regulation may be necessary in light of the nonprofit\nproperty/casualty insurance company being owned by nonprofit\no…

§ 6801. Bail bond business. (a) (1) Any person, firm or corporation in\nany court having criminal jurisdiction or in any criminal action or\nproceeding who shall for another deposit money or property as bail or\nexecute as surety any bail bond who within a period of one month pr…

§ 6802. Professional bondsmen; licensing. (a) No person, firm or\ncorporation or any officer or employee thereof shall act in this state\nas an agent or solicitor of an insurer or charitable bail organization\ndoing a bail business in soliciting, negotiating or effectuating any\…

§ 6803. Bail bond business; cities in excess of one hundred\nseventy-five thousand. (a) An insurance corporation or charitable bail\norganization engaged in the bail business in a city containing a\npopulation of more than one hundred seventy-five thousand inhabitants,\naccordin…

§ 6804. Premium or compensation. (a) The premium or compensation for\ngiving bail bond or depositing money or property as bail shall not\nexceed ten per centum of the amount of such bond or deposit in cases\nwhere such bonds or deposits do not exceed the sum of three thousand\nd…

§ 6805. Charitable bail organization. (a)(1) The superintendent may\nissue a certificate to a charitable bail organization to deposit money\nas bail for another in accordance with the provisions of this section\nonly if such entity is a non-profit organization organized pursuant…

§ 6901. Definitions. As used in this article: (a) (1) "Financial\nguaranty insurance" means a surety bond, an insurance policy or, when\nissued by an insurer or any person doing an insurance business as\ndefined in paragraph one of subsection (b) of section one thousand one\nhun…

§ 6902. Organization; financial requirements. (a) A financial guaranty\ninsurance corporation may be organized and licensed in the manner\nprescribed in section one thousand two hundred one of this chapter and a\nforeign insurer may be licensed in the manner prescribed in sectio…

§ 6903. Contingency, loss and unearned premium reserves. (a)\nContingency reserves. (1) A corporation shall establish and maintain\ncontingency reserves for the protection of insureds and claimants\nagainst the effects of excessive losses occurring during adverse\neconomic cycle…

§ 6904. Limitations. (a) Financial guaranty insurance may be\ntransacted in this state only by a corporation licensed for such purpose\npursuant to section six thousand nine hundred two of this article.\n (b) Permissible guarantees. (1) The superintendent shall not permit\nthe w…

§ 6905. Policy forms and rates. (a) Policy forms and any amendments\nthereto shall be filed with the superintendent within thirty days of\ntheir use by the insurer if not otherwise filed prior to the effective\ndate of this article. Every such policy shall provide that, in the e…

§ 6906. Reinsurance. (a) For financial guaranty insurance that takes\neffect on or after the effective date of this article, an insurer\nauthorized to transact financial guaranty insurance shall receive credit\nfor reinsurance, in accordance with the provisions of this chapter\n…

§ 6907. Transition provisions. A licensed insurer writing financial\nguaranty insurance prior to the effective date of this article, but\nwhich is not authorized to write financial guaranty insurance in this\nstate, shall be subject to all the provisions of this article, except\…

§ 6908. Applicability of other laws. An insurer issuing policies of\nfinancial guaranty insurance shall be subject to all of the provisions\nof this chapter applicable to property/casualty insurers to the extent\nthat such provisions are not inconsistent with the provisions of t…

§ 6909. Relationship to security fund. No insurer or agent of an\ninsurer may deliver a policy of financial guaranty insurance unless such\npolicy and any prospectus delivered on or after the effective date of\nthis article with respect to the insured obligations clearly disclos…

§ 7001. Purpose and applicability. (a) The purpose of this article is\nto facilitate the formation and operation of captive insurance companies\nwithin the state of New York.\n (b) In addition to the provisions of this article and this chapter\nspecifically referred to in this a…

§ 7002. Definitions. In this article: (a) "Affiliated companies" means\ncompanies in the same corporate system as an industrial insured by\nvirtue of common ownership, control, operation, or management. Such term\nshall also include any statutory subsidiary, affiliate, contracto…

§ 7003. License; power; filing; fees. (a) Any captive insurance\ncompany, when permitted by its articles of association or charter, shall\napply to the superintendent for a license to do a captive insurance\nbusiness under this article. A captive insurance business consists of\n…

§ 7004. Required capital and surplus as regards policyholders. (a)\nNo pure captive insurance company or group captive insurance company\nshall be issued a license unless it shall possess and thereafter\nmaintain unimpaired paid-in capital and surplus as regards policyholders\no…

§ 7005. Organization and corporate procedure. (a) A pure captive\ninsurance company may be incorporated (1) as a stock insurer with its\ncapital divided into shares and held by the stockholders; or (2) as a\nmutual insurer without capital stock, the governing body of which is\na…

§ 7006. Annual report. Every captive insurance company licensed to do\na captive insurance business in this state shall file with the\nsuperintendent:\n (a) annually on or before March first, a statement of its financial\ncondition and any amendment to the plan of operation at l…

§ 7007. Examinations. The superintendent may make an examination into\nthe affairs of any captive insurance company licensed to do a captive\ninsurance business in this state whenever it is deemed necessary for the\nprotection of the interests of the people of this state but the…

§ 7008. Suspension or revocation of license. (a) The license of a\ncaptive insurance company to do a captive insurance business in this\nstate may be suspended or revoked by the superintendent for any of the\nfollowing reasons:\n (1) insolvency or impairment of required capital …

§ 7009. Investments. (a) No captive insurance company shall be\nsubject to any restrictions on allowable investments, except as set\nforth in subsections (b) and (c) of this section.\n (b) A group captive insurance company shall not make loans to the\nindustrial insureds that co…

§ 7010. Reinsurance. (a) Any captive insurance company may assume\nreinsurance on risks ceded by any other insurer when the risks ceded\nunder the reinsurance agreement are solely those of the industrial\ninsured or members of industrial insured group owning the captive\ninsuran…

§ 7011. Exemption from compulsory associations. No captive insurance\ncompany shall be permitted to join or contribute financially to any\nplan, pool, association, or guaranty or insolvency fund in this state,\nnor shall any captive insurance company, or its insured, or its pare…

§ 7012. Franchise taxes. Captive insurance companies licensed to do\na captive insurance business shall be liable for the payment of\nfranchise taxes in accordance with section fifteen hundred two-b of the\ntax law.\n

§ 7101. Definitions. In this article:\n (a) "Merger" means the merger of two or more companies in a single\ncompany which is one of the constituent companies.\n (b) "Consolidation" means the consolidation of two or more companies\ninto a single new company.\n (c) "Constituent co…

§ 7102. Merger, consolidation and acquisition of assets; when\npermitted. (a) Upon complying with this article and subject to section\nseven thousand one hundred nine of this article, any domestic company is\nhereby authorized and empowered to:\n (1) consolidate, merge with or a…

§ 7103. Content of merger or consolidation agreement, and of charter\nof surviving or consolidated company. (a) Any agreement for merger or\nconsolidation shall contain the proposed charter of the surviving or\nconsolidated company and such other particulars as may be necessary …

§ 7104. Company approval of merger or consolidation agreement. (a)\nWhen any domestic company shall propose to enter into an agreement of\nmerger or consolidation, the board of directors, trustees or other\ngoverning body shall, except as provided by section seven thousand one\n…

§ 7105. Approval by superintendent. (a) Upon the adoption of an\nagreement of merger or consolidation, or an agreement for the\nacquisition of assets, the proposed agreement shall be executed by the\npresident and attested by the secretary, or officers corresponding to\neither o…

§ 7106. Merger or consolidation between domestic and foreign\ncompanies; certificate of approval. (a) In case of a merger or\nconsolidation between a domestic and a foreign company, the agreement of\nmerger or consolidation shall be executed by the proper officers of said\nforei…

§ 7107. Expedited approval; mutual property/casualty insurance\ncompanies. If in the judgment of the superintendent the interests of the\npolicyholders require it, a domestic mutual property/casualty insurance\ncompany may, after obtaining the tentative approval of the\nsuperint…

§ 7108. Filing of agreement of merger or consolidation. A duplicate or\ncertified copy of the agreement of merger or consolidation with the\napproval of the superintendent endorsed thereon shall be filed in the\noffice of the clerk of the county where the principal office of eac…

§ 7109. Limitation on enlargement of powers. This article shall not\nenlarge the charter powers of any company except in conformity with the\nprovisions of the proposed charter of the surviving or consolidated\ncompany as provided in section seven thousand one hundred three of t…

§ 7110. Fees; certification; prohibitions; penalty. (a) Whenever an\nagreement of consolidation or merger or for the acquisition of assets,\nor a plan for acquisition of minority interests in a subsidiary insurer\nas provided in section seven thousand one hundred eighteen of thi…

§ 7111. Proof of proceedings of meeting and action of company. A\ncertified copy of the proceedings of any meeting made by the secretary\nthereof or of the action of any company made by the secretary of such\ncompany, subscribed and affirmed by him as true under the penalties of…

§ 7112. Vesting of property in surviving or consolidated company;\nassumption of liabilities. Upon the merger or consolidation of any\ncompanies in the manner herein provided, all the rights, franchises and\ninterests of the constituent companies, in and to every species of\npro…

§ 7113. Transfer of deposits to surviving or consolidated company. If\nany constituent company in a merger or consolidation under the\nprovisions of this article shall have on deposit with the superintendent\nsecurities held for the benefit and protection of all of its\npolicyho…

§ 7114. Pending actions. No action or proceeding, pending at the time\nof the merger or consolidation to which either of the constituent\ncompanies may be a party, shall be abated or discontinued by reason of\nsuch merger or consolidation, but the same may be prosecuted to final…

§ 7115. Shareholders' liability. The shareholders of a stock company\nmerging or consolidating shall continue subject to all the liabilities,\nclaims and demands existing against them as such at or before such\nmerger or consolidation.\n

§ 7116. Liability of members of assessment company to continue. In\ncase of a merger or consolidation of assessment companies the liability\nof members thereof to assessments shall continue and be transferred to\nthe surviving or consolidated company.\n

§ 7117. Return of shares of constituent company. A surviving or\nconsolidated company may require the return of the original certificates\nof stock held by each shareholder in each constituent company, and issue\nin lieu thereof new certificates for such number of its own shares…

§ 7118. Plan for acquisition of minority interests in a subsidiary\ninsurer. (a) Definitions. In this section:\n (1) "Parent" means a corporation directly or indirectly owning at\nleast ninety-five percent of the aggregate issued and outstanding shares\nof all classes of voting …

§ 7119. Appraisal of shares of dissenting shareholder on merger or\nconsolidation of domestic company or on acquisition of minority\ninterests in a subsidiary insurer. (a) A shareholder of a domestic\ncompany, by complying with section six hundred twenty-three of the\nbusiness c…