2006 New York Code - Foreign And Alien Mutual Companies; Licensing.

 
    §  4108. Foreign and alien mutual companies; licensing. (a) No foreign
  or alien mutual property/casualty insurance company shall be  granted  a
  license  to  do  business in this state unless it substantially complies
  with all of the requirements set forth in this chapter  for  a  domestic
  mutual  property/casualty  insurance  company licensed to write the same
  kind or kinds of insurance.
    (b) No alien  mutual  property/casualty  insurance  company  shall  be
  authorized  to  do business in this state unless it maintains a trusteed
  surplus, as required by section one thousand  three  hundred  twelve  of
  this chapter, at least equal to the surplus to policyholders required to
  be  maintained  by  a domestic stock property/casualty insurance company
  licensed to write the same kind or kinds of insurance.
    (c) The financial requirements specified in subsections  (a)  and  (b)
  hereof  shall  be reduced by fifty percent for a foreign or alien mutual
  property/casualty insurance company initially licensed to do business in
  this state prior to July first, nineteen hundred  eighty-two,  but  such
  reduction  shall  not  apply to such a foreign or alien insurer licensed
  under subsection (c) of section four thousand one hundred  two  of  this
  article to reinsure risks or write insurance on risks outside the United
  States,  its  territories and possessions. Such reduction shall also not
  apply to the amounts required in order to  write  paragraph  twenty-two,
  twenty-four  or twenty-six of subsection (a) of section one thousand one
  hundred thirteen of this chapter.