2012 New York Consolidated Laws
ISC - Insurance
Article 66 - (6601 - 6626) CO-OPERATIVE PROPERTY/CASUALTY INSURANCE COMPANIES
6619 - Special reserve or emergency funds; co-operative property/casualty insurance companies.

 
    §   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 accretions thereon  made  pursuant  to  any  such
  agreements  shall be kept deposited with a solvent trust company of this
  state and shall remain the property of the depositing  corporations  and
  shall  be  subject  to  the  provisions  of  this  chapter governing the
  investments of such corporations.
    (b) (1) Such special reserve or emergency funds shall  be  subject  to
  examination by the superintendent in like manner as the other assets and
  property  of  any  depositing corporation and shall be used only for the
  purpose of enabling  any  depositing  corporation  to  comply  with  any
  requirement  of this article, and then only with the consent of at least
  two-thirds  of  the  membership  of  such  fund  in  proportion  to  its
  ownership.
    (2)  Loans  thus  authorized  from such a fund may be made pursuant to
  agreements as prescribed in section one thousand three hundred seven  of
  this chapter or in such other form as approved by the membership.
    (c)  Any  such  depositing  corporation  may,  with the consent of the
  superintendent, withdraw all or a part of its share therein, upon giving
  at least thirty days notice in writing to the custodian or custodians of
  such fund.