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0 chapters · 1,072 sections in this title.
N.Y. Insurance Law § 6704 Licensing of nonprofit property/casualty insurance companies
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§ 6704. Licensing of nonprofit property/casualty insurance companies. (a) No person, firm, corporation or association as an underwriter or underwriters, and no nonprofit property/casualty insurance company, shall do any insurance business in this state, unless authorized to do s…
N.Y. Insurance Law § 6705 Relevant criteria
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§ 6705. Relevant criteria. (a) In applying this article, the superintendent shall consider the provisions of paragraph (3) of subsection (c) of section 501 of the Internal Revenue Code and subsection (n) of section 501 of the Internal Revenue Code. (b) Notwithstanding any other …
N.Y. Insurance Law § 6706 Applicability of other provisions of this chapter
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§ 6706. Applicability of other provisions of this chapter. (a) Except as otherwise provided in this article, where inconsistent with this article, or where the context otherwise requires, all of the provisions of this chapter and the rules and regulations of the superintendent, …
N.Y. Insurance Law § 6707 Tax exemption; residual market participation exemption; security funds
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§ 6707. Tax exemption; residual market participation exemption; security funds. (a) Every nonprofit property/casualty insurance company subject to the provisions of this article shall be exempt from any fees, taxes, special ad valorem levies or assessments of any kind, including…
N.Y. Insurance Law § 6708 Rules and regulations
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§ 6708. Rules and regulations. The superintendent shall promulgate such rules and regulations as may be necessary for the implementation of this article. Such regulation may be necessary in light of the nonprofit property/casualty insurance company being owned by nonprofit organ…
N.Y. Insurance Law § 6801 Bail bond business
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§ 6801. Bail bond business. (a) (1) Any person, firm or corporation in any court having criminal jurisdiction or in any criminal action or proceeding who shall for another deposit money or property as bail or execute as surety any bail bond who within a period of one month prior…
N.Y. Insurance Law § 6802 Professional bondsmen; licensing
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§ 6802. Professional bondsmen; licensing. (a) No person, firm or corporation or any officer or employee thereof shall act in this state as an agent or solicitor of an insurer or charitable bail organization doing a bail business in soliciting, negotiating or effectuating any suc…
N.Y. Insurance Law § 6803 Bail bond business; cities in excess of one hundred seventy-five thousand
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§ 6803. Bail bond business; cities in excess of one hundred seventy-five thousand. (a) An insurance corporation or charitable bail organization engaged in the bail business in a city containing a population of more than one hundred seventy-five thousand inhabitants, according to…
N.Y. Insurance Law § 6804 Premium or compensation
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§ 6804. Premium or compensation. (a) The premium or compensation for giving bail bond or depositing money or property as bail shall not exceed ten per centum of the amount of such bond or deposit in cases where such bonds or deposits do not exceed the sum of three thousand dolla…
N.Y. Insurance Law § 6805 Charitable bail organization
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§ 6805. Charitable bail organization. (a)(1) The superintendent may issue a certificate to a charitable bail organization to deposit money as bail for another in accordance with the provisions of this section only if such entity is a non-profit organization organized pursuant to…
N.Y. Insurance Law § 6901 Definitions
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§ 6901. Definitions. As used in this article: (a) (1) "Financial guaranty insurance" means a surety bond, an insurance policy or, when issued by an insurer or any person doing an insurance business as defined in paragraph one of subsection (b) of section one thousand one hundred…
N.Y. Insurance Law § 6902 Organization; financial requirements
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§ 6902. Organization; financial requirements. (a) A financial guaranty insurance corporation may be organized and licensed in the manner prescribed in section one thousand two hundred one of this chapter and a foreign insurer may be licensed in the manner prescribed in section o…
N.Y. Insurance Law § 6903 Contingency, loss and unearned premium reserves
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§ 6903. Contingency, loss and unearned premium reserves. (a) Contingency reserves. (1) A corporation shall establish and maintain contingency reserves for the protection of insureds and claimants against the effects of excessive losses occurring during adverse economic cycles. (…
N.Y. Insurance Law § 6904 Limitations
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§ 6904. Limitations. (a) Financial guaranty insurance may be transacted in this state only by a corporation licensed for such purpose pursuant to section six thousand nine hundred two of this article. (b) Permissible guarantees. (1) The superintendent shall not permit the writin…
N.Y. Insurance Law § 6905 Policy forms and rates
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§ 6905. Policy forms and rates. (a) Policy forms and any amendments thereto shall be filed with the superintendent within thirty days of their use by the insurer if not otherwise filed prior to the effective date of this article. Every such policy shall provide that, in the even…
N.Y. Insurance Law § 6906 Reinsurance
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§ 6906. Reinsurance. (a) For financial guaranty insurance that takes effect on or after the effective date of this article, an insurer authorized to transact financial guaranty insurance shall receive credit for reinsurance, in accordance with the provisions of this chapter appl…
N.Y. Insurance Law § 6907 Transition provisions
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§ 6907. Transition provisions. A licensed insurer writing financial guaranty insurance prior to the effective date of this article, but which is not authorized to write financial guaranty insurance in this state, shall be subject to all the provisions of this article, except sec…
N.Y. Insurance Law § 6908 Applicability of other laws
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§ 6908. Applicability of other laws. An insurer issuing policies of financial guaranty insurance shall be subject to all of the provisions of this chapter applicable to property/casualty insurers to the extent that such provisions are not inconsistent with the provisions of this…
N.Y. Insurance Law § 6909 Relationship to security fund
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§ 6909. Relationship to security fund. No insurer or agent of an insurer may deliver a policy of financial guaranty insurance unless such policy and any prospectus delivered on or after the effective date of this article with respect to the insured obligations clearly discloses …
N.Y. Insurance Law § 7001 Purpose and applicability
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§ 7001. Purpose and applicability. (a) The purpose of this article is to facilitate the formation and operation of captive insurance companies within the state of New York. (b) In addition to the provisions of this article and this chapter specifically referred to in this articl…
N.Y. Insurance Law § 7002 Definitions
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§ 7002. Definitions. In this article: (a) "Affiliated companies" means companies in the same corporate system as an industrial insured by virtue of common ownership, control, operation, or management. Such term shall also include any statutory subsidiary, affiliate, contractor, …
N.Y. Insurance Law § 7003 License; power; filing; fees
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§ 7003. License; power; filing; fees. (a) Any captive insurance company, when permitted by its articles of association or charter, shall apply to the superintendent for a license to do a captive insurance business under this article. A captive insurance business consists of the …
N.Y. Insurance Law § 7004 Required capital and surplus as regards policyholders
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§ 7004. Required capital and surplus as regards policyholders. (a) No pure captive insurance company or group captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus as regards policyholders of: (…
N.Y. Insurance Law § 7005 Organization and corporate procedure
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§ 7005. Organization and corporate procedure. (a) A pure captive insurance company may be incorporated (1) as a stock insurer with its capital divided into shares and held by the stockholders; or (2) as a mutual insurer without capital stock, the governing body of which is appoi…
N.Y. Insurance Law § 7006 Annual report
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§ 7006. Annual report. Every captive insurance company licensed to do a captive insurance business in this state shall file with the superintendent: (a) annually on or before March first, a statement of its financial condition and any amendment to the plan of operation at last y…
N.Y. Insurance Law § 7007 Examinations
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§ 7007. Examinations. The superintendent may make an examination into the affairs of any captive insurance company licensed to do a captive insurance business in this state whenever it is deemed necessary for the protection of the interests of the people of this state but the su…
N.Y. Insurance Law § 7008 Suspension or revocation of license
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§ 7008. Suspension or revocation of license. (a) The license of a captive insurance company to do a captive insurance business in this state may be suspended or revoked by the superintendent for any of the following reasons: (1) insolvency or impairment of required capital or su…
N.Y. Insurance Law § 7009 Investments
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§ 7009. Investments. (a) No captive insurance company shall be subject to any restrictions on allowable investments, except as set forth in subsections (b) and (c) of this section. (b) A group captive insurance company shall not make loans to the industrial insureds that compris…
N.Y. Insurance Law § 7010 Reinsurance
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§ 7010. Reinsurance. (a) Any captive insurance company may assume reinsurance on risks ceded by any other insurer when the risks ceded under the reinsurance agreement are solely those of the industrial insured or members of industrial insured group owning the captive insurance c…
N.Y. Insurance Law § 7011 Exemption from compulsory associations
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§ 7011. Exemption from compulsory associations. No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, nor shall any captive insurance company, or its insured, or its parent …
N.Y. Insurance Law § 7012 Franchise taxes
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§ 7012. Franchise taxes. Captive insurance companies licensed to do a captive insurance business shall be liable for the payment of franchise taxes in accordance with section fifteen hundred two-b of the tax law.
N.Y. Insurance Law § 7101 Definitions
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§ 7101. Definitions. In this article: (a) "Merger" means the merger of two or more companies in a single company which is one of the constituent companies. (b) "Consolidation" means the consolidation of two or more companies into a single new company. (c) "Constituent company" m…
N.Y. Insurance Law § 7102 Merger, consolidation and acquisition of assets; when permitted
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§ 7102. Merger, consolidation and acquisition of assets; when permitted. (a) Upon complying with this article and subject to section seven thousand one hundred nine of this article, any domestic company is hereby authorized and empowered to: (1) consolidate, merge with or acquir…
N.Y. Insurance Law § 7103 Content of merger or consolidation agreement, and of charter of surviving or consolidated company
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§ 7103. Content of merger or consolidation agreement, and of charter of surviving or consolidated company. (a) Any agreement for merger or consolidation shall contain the proposed charter of the surviving or consolidated company and such other particulars as may be necessary to …
N.Y. Insurance Law § 7104 Company approval of merger or consolidation agreement
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§ 7104. Company approval of merger or consolidation agreement. (a) When any domestic company shall propose to enter into an agreement of merger or consolidation, the board of directors, trustees or other governing body shall, except as provided by section seven thousand one hund…
N.Y. Insurance Law § 7105 Approval by superintendent
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§ 7105. Approval by superintendent. (a) Upon the adoption of an agreement of merger or consolidation, or an agreement for the acquisition of assets, the proposed agreement shall be executed by the president and attested by the secretary, or officers corresponding to either of th…
N.Y. Insurance Law § 7106 Merger or consolidation between domestic and foreign companies; certificate of approval
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§ 7106. Merger or consolidation between domestic and foreign companies; certificate of approval. (a) In case of a merger or consolidation between a domestic and a foreign company, the agreement of merger or consolidation shall be executed by the proper officers of said foreign c…
N.Y. Insurance Law § 7107 Expedited approval; mutual property/casualty insurance companies
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§ 7107. Expedited approval; mutual property/casualty insurance companies. If in the judgment of the superintendent the interests of the policyholders require it, a domestic mutual property/casualty insurance company may, after obtaining the tentative approval of the superintende…
N.Y. Insurance Law § 7108 Filing of agreement of merger or consolidation
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§ 7108. Filing of agreement of merger or consolidation. A duplicate or certified copy of the agreement of merger or consolidation with the approval of the superintendent endorsed thereon shall be filed in the office of the clerk of the county where the principal office of each d…
N.Y. Insurance Law § 7109 Limitation on enlargement of powers
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§ 7109. Limitation on enlargement of powers. This article shall not enlarge the charter powers of any company except in conformity with the provisions of the proposed charter of the surviving or consolidated company as provided in section seven thousand one hundred three of this…
N.Y. Insurance Law § 7110 Fees; certification; prohibitions; penalty
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§ 7110. Fees; certification; prohibitions; penalty. (a) Whenever an agreement of consolidation or merger or for the acquisition of assets, or a plan for acquisition of minority interests in a subsidiary insurer as provided in section seven thousand one hundred eighteen of this a…
N.Y. Insurance Law § 7111 Proof of proceedings of meeting and action of company
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§ 7111. Proof of proceedings of meeting and action of company. A certified copy of the proceedings of any meeting made by the secretary thereof or of the action of any company made by the secretary of such company, subscribed and affirmed by him as true under the penalties of pe…
N.Y. Insurance Law § 7112 Vesting of property in surviving or consolidated company; assumption of liabilities
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§ 7112. Vesting of property in surviving or consolidated company; assumption of liabilities. Upon the merger or consolidation of any companies in the manner herein provided, all the rights, franchises and interests of the constituent companies, in and to every species of propert…
N.Y. Insurance Law § 7113 Transfer of deposits to surviving or consolidated company
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§ 7113. Transfer of deposits to surviving or consolidated company. If any constituent company in a merger or consolidation under the provisions of this article shall have on deposit with the superintendent securities held for the benefit and protection of all of its policyholder…
N.Y. Insurance Law § 7114 Pending actions
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§ 7114. Pending actions. No action or proceeding, pending at the time of the merger or consolidation to which either of the constituent companies may be a party, shall be abated or discontinued by reason of such merger or consolidation, but the same may be prosecuted to final ju…
N.Y. Insurance Law § 7115 Shareholders' liability
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§ 7115. Shareholders' liability. The shareholders of a stock company merging or consolidating shall continue subject to all the liabilities, claims and demands existing against them as such at or before such merger or consolidation.
N.Y. Insurance Law § 7116 Liability of members of assessment company to continue
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§ 7116. Liability of members of assessment company to continue. In case of a merger or consolidation of assessment companies the liability of members thereof to assessments shall continue and be transferred to the surviving or consolidated company.
N.Y. Insurance Law § 7117 Return of shares of constituent company
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§ 7117. Return of shares of constituent company. A surviving or consolidated company may require the return of the original certificates of stock held by each shareholder in each constituent company, and issue in lieu thereof new certificates for such number of its own shares as…
N.Y. Insurance Law § 7118 Plan for acquisition of minority interests in a subsidiary insurer
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§ 7118. Plan for acquisition of minority interests in a subsidiary insurer. (a) Definitions. In this section: (1) "Parent" means a corporation directly or indirectly owning at least ninety-five percent of the aggregate issued and outstanding shares of all classes of voting share…
N.Y. Insurance Law § 7119 Appraisal of shares of dissenting shareholder on merger or consolidation of domestic company or on acquisition of minority interests in a...
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§ 7119. Appraisal of shares of dissenting shareholder on merger or consolidation of domestic company or on acquisition of minority interests in a subsidiary insurer. (a) A shareholder of a domestic company, by complying with section six hundred twenty-three of the business corpo…