Title ISC, Insurance

§ 101. Short title. This chapter shall be known and may be cited as\nthe "insurance law".\n

§ 102. Declaration. The legislature hereby declares that the purpose\nof this chapter is to recodify, without substantive change, the\ninsurance law in effect immediately prior to the effective date of this\nchapter.\n

§ 103. Explanation of order of provisions. In this recodification of\nthe insurance law, the provisions have been divided in descending order\nof application, with illustrations, as follows:\nArticle 1\n Section 101\n Subsection (a)\n Paragraph (1)\n Subparagraph (A)\n Item (i)\…

§ 104. Continuation of existing offices, licenses, approvals and\nproceedings.\n (a) All persons who, at the effective date of this chapter, held any\noffice in the department shall continue to hold such office under and\nsubject to this chapter.\n (b) Every license of an insure…

§ 106. Construction of references. (a) In this chapter, unless\notherwise stated or required by the context:\n (1) All references to a part, title, article or section number or\nletter refer to the part, title, article or section so numbered or\nlettered in this chapter, and all…

§ 107. Definitions of terms of general use in this chapter. (a) In\nthis chapter, unless the context otherwise requires:\n (1) "Accident and health insurance company", means any corporation\nhaving power to do the kinds of insurance business specified in item (i)\nof paragraph t…

§ 108. Applicability of business corporation law to insurers. (a) The\nbusiness corporation law applies to every corporation heretofore or\nhereafter formed under:\n (1) this chapter, except corporations subject to section one thousand\none hundred ten or article forty-three, fo…

§ 109. Penalties; civil actions. (a) Every violation of any provision\nof this chapter shall, unless the same constitutes a felony, be a\nmisdemeanor.\n (b) Every penalty imposed by this section shall be in addition to any\npenalty or forfeiture otherwise provided by law.\n (c) …

§ 110. Cooperation with other regulatory agencies. (a) In order to\nassist in the performance of the superintendent's duties under this\nchapter, the superintendent:\n (1) may share documents, materials or other information, including\nconfidential, privileged, and trade secret …

§ 1101. Definitions; doing an insurance business. (a) In this article:\n(1) "Insurance contract" means any agreement or other transaction\nwhereby one party, the "insurer", is obligated to confer benefit of\npecuniary value upon another party, the "insured" or "beneficiary",\nde…

§ 1102. Insurer's license required; issuance. (a) No person, firm,\nassociation, corporation or joint-stock company shall do an insurance\nbusiness in this state unless authorized by a license in force pursuant\nto the provisions of this chapter, or exempted by the provisions of…

§ 1103. Duration of licenses. (a) Every license issued to a domestic\ninsurer shall be for an indefinite term and shall expire with the\nexpiration or termination of its corporate existence.\n (b) Every license, including every renewal license, issued to a\nforeign or alien insu…

§ 1104. Revocation or suspension of license; restriction of license\nauthority or limitation on premiums written. (a) The superintendent may\nrevoke any license issued to any foreign or alien insurer to do an\ninsurance business in this state if, after notice to and hearing, he\…

§ 1105. Voluntarily ceasing to maintain license. When an authorized\ninsurer proposes to cease to maintain its existing licensing status in\nthis state, the insurer shall at least forty-five days prior to such\nproposed action submit to the superintendent a plan to protect the\n…

§ 1106. Additional requirements for foreign or alien insurer's\nlicense. (a) Before issuing a license to do business, except by way of a\nrenewal license, to any foreign or alien insurer the superintendent in\naddition to the requirement set forth in subsection (b) hereof:\n (1)…

§ 1107. Licenses for unincorporated insurers. (a) No individual shall\nbe or remain licensed to write fidelity and surety insurance who, in any\ncourt of this state having criminal jurisdiction or in any criminal\naction or proceeding, deposits money or property as bail for anot…

§ 1108. Insurers exempt from licensing and other requirements. The\nfollowing insurers, their officers, agents, representatives and\nemployees shall be exempt from licensing and other requirements imposed\nby the provisions of this chapter (except article seventy-four hereof)\nt…

§ 1109. Limited exemption for health maintenance organizations. (a) An\norganization complying with the provisions of article forty-four of the\npublic health law may operate without being licensed under this chapter\nand without being subject to any provisions of this chapter, …

§ 111. Investigation by the superintendent with respect to\nprescription drugs. (a) Whenever it shall appear to the superintendent,\neither upon complaint or otherwise, that in the advertisement, purchase\nor sale within this state of any prescription drug, which is\ncontemplate…

§ 111-a. Notification of prescription drug price increases by\nmanufacturers. (a) This section shall apply to a manufacturer of a\nprescription drug that is purchased or reimbursed in this state by any\nof the following:\n (1) An insurance company authorized in this state to wri…

§ 1110. Charitable annuity societies exempt; special permits. (a) The\nsuperintendent may, in his or her discretion, issue a special permit to\nmake annuity agreements with donors to any duly organized domestic or\nforeign non-stock corporation or association conducted without p…

§ 1111. Compulsory insurance; bonds of surety companies; certificates\nof qualification. (a) Whenever by any law of this state any policy or\ncontract of insurance is required, or is acceptable in lieu of any other\nrequirement imposed by such law, the superintendent may, upon w…

§ 1112. Reciprocal provisions as to taxes, license fees, deposits, and\nother requirements. (a) (1) If, by the laws, or the action of any public\nofficial, of any other state, any insurer organized or domiciled in this\nstate, or its duly authorized agents, shall be, required to…

§ 1112-a. Reports. On or before March first of each year the\nsuperintendent shall report the amounts imposed and required to be paid\npursuant to section twenty-eight hundred seven-t of the public health\nlaw that are allowed on returns filed during the preceding calendar year\…

§ 1113. Kinds of insurance authorized. (a) The kinds of insurance\nwhich may be authorized in this state, subject to other provisions of\nthis chapter, and their scope, are set forth in the following\nparagraphs. The power to do any kind of insurance against loss of or\ndamage t…

§ 1114. Reinsurance business. (a) Any domestic stock or mutual\ninsurance corporation or reciprocal insurer may reinsure only the kinds\nof insurance business which it is licensed to do in this state or which\nit is otherwise authorized to reinsure by the terms of its license. A…

§ 1115. Limitation of risk, in general. (a) Except as otherwise\nprovided in this chapter, no insurer doing business in this state shall\nexpose itself to any loss on any one risk in an amount exceeding ten\npercent of its surplus to policyholders. In determining the amount of\n…

§ 1116. Prepaid legal services plans and legal services insurance. (a)\n(1) An authorized insurer subject to the provisions of this chapter\n(except an insurer organized to write the kinds of insurance specified\nin paragraph eighteen, twenty-three or twenty-five of subsection (…

§ 1117. Health insurance plans for long term care. (a) An authorized\ninsurer subject to the provisions of this chapter and organized to write\nthe kind of insurance specified in paragraph three of subsection (a) of\nsection one thousand one hundred thirteen of this article, a c…

§ 1118. Regional pilot projects for the uninsured. (a) An authorized\ninsurer subject to the provisions of this chapter and organized to write\nthe kind of insurance specified in paragraph three of subsection (a) of\nsection one thousand one hundred thirteen of this article, and…

§ 1119. Limited exemption for continuing care retirement communities.\n(a) An organization complying with the provisions of article forty-six\nof the public health law may operate without being licensed under this\nchapter and without being subject to any provisions of this chap…

§ 1120. Child health insurance plan. (a) An authorized insurer subject\nto the provisions of this chapter and organized to write the kind of\nhealth insurance specified in paragraph three of subsection (a) of\nsection one thousand one hundred thirteen of this article, and a\ncor…

§ 1121. Voucher insurance program. (a) The superintendent, in\nconsultation with the commissioner of health, is authorized to conduct a\nprogram on a demonstration basis to the extent of funds available\ntherefor, through contractual arrangements with approved organizations,\nto…

* § 1122. New York state health insurance continuation assistance\ndemonstration project. (a) Definitions. For the purposes of this\nsection, unless the context clearly requires otherwise:\n (1) "Continuation assistance" means payments made by the\nsuperintendent to an eligible …

§ 1123. Immigration bail business. (a)(1) Any person, firm,\ncorporation, or other entity who shall for another deposit money or\nproperty as bail or execute as surety any bond in any immigration action\nor proceeding who within a period of one month prior thereto shall have\nma…

* § 1124. Institutions of higher education exempt; certificate of\nauthority. (a) For the purposes of this section:\n (1) "Qualified actuary" means an actuary who is a member in good\nstanding of the American Academy of Actuaries or Society of Actuaries,\nwith experience in esta…

* § 1124. Managed care health savings account. (a) A health\nmaintenance organization certified pursuant to article forty-four of the\npublic health law may offer a group high deductible health plan, as\ndefined in paragraph two of subsection c of section two hundred\ntwenty-thr…

§ 1201. Incorporation of stock or mutual insurance companies. (a) A\ncorporation may be organized and licensed to do an insurance business in\nthis state by taking the following successive steps, subject to\napplicable requirements of this chapter:\n (1) The proposed incorporato…

§ 1202. Number of directors; independent directors and committees of\nthe board of directors; duty of directors. (a) (1) Subject to item (v)\nof subparagraph (B) of paragraph five of subsection (a) of section one\nthousand two hundred one of this article, and subject to any prov…

§ 1203. Non-use of corporate charter. (a) Any domestic insurance\ncompany which, after one year from the date of its incorporation, has\nnot organized and obtained a certificate of authority or license to do\nan insurance business, shall, unless granted an extension, forfeit its…

§ 1204. Sale of insurance securities. (a) Subject to the provisions of\nsubsection (e) hereof, no person, firm, association or corporation shall\nin this state sell or propose to sell to the public any security issued\nby any insurer not authorized to do business in this state, …

§ 1205. Existing corporations. Any insurance corporation incorporated\nunder the provisions of any law of this state and doing business as an\nauthorized insurer at the effective date of this chapter shall be\nsubject to the provisions of this chapter relating to such a\ncorpora…

§ 1206. Amendments to charters and increase of capital of insurance\ncorporations. (a) Any domestic insurance corporation may amend its\ncharter as follows:\n (1) It may change its name or authorize the use in a foreign country\nin which it does or proposes to do business of a s…

§ 1207. Options for the purchase of shares. (a) Notwithstanding any\nprovision of the business corporation law, but subject to any provision\nin respect thereto set forth in its certificate of incorporation, or\nother certificate filed pursuant to law, a domestic stock insurance…

§ 1208. Method of amending mutual company charters. (a) A domestic\nmutual insurance corporation may change its name, or amend or restate\nits charter in the form prescribed by article eight of the business\ncorporation law. Except as specified in subsections (b) and (c) hereof,…

§ 1209. Management and by-laws of mutual insurance corporations. (a)\nThe management of the business and affairs of a domestic mutual\ninsurance corporation shall be vested in a board of directors.\n (b) Such corporation shall have not less than seven directors. The\ndirectors, …

§ 1210. By-laws of domestic stock life insurance companies. No by-law\nor amendment or repeal of a by-law of any domestic stock life insurance\ncompany shall be effective until approved by the superintendent. The\nsuperintendent may refuse such approval if he finds that such by-…

§ 1211. Mutual insurance corporations; membership and dividends. (a)\nEvery domestic mutual insurance corporation shall be organized,\nmaintained and operated for the benefit of its members as a non-stock\ncorporation. Every policyholder shall be a member of such corporation\nan…

§ 1212. Service of process upon superintendent as attorney. (a) No\ndomestic, foreign or alien insurer, including a fraternal benefit\nsociety, shall be or continue to be authorized to do an insurance\nbusiness in this state unless there shall be filed in the office of the\nsupe…

§ 1213. Service of process on superintendent as attorney for\nunauthorized insurers. (a) The purpose of this section is to subject\ncertain insurers to the jurisdiction of the courts of this state in\nsuits by or on behalf of insureds or beneficiaries under certain\ninsurance co…