2006 New York Code - Domestic Mutual Companies; Expense Limits.

 
    §  4110.  Domestic mutual companies; expense limits.   (a) No domestic
  mutual property/casualty insurance company licensed to write a  kind  of
  insurance  specified  in  paragraph  seven,  eight,  nine,  ten, eleven,
  thirteen, fourteen, fifteen, sixteen or seventeen of subsection  (a)  of
  section  one  thousand one hundred thirteen of this chapter shall expend
  in any one calendar year for management expenses a greater  amount  than
  thirty  percent  of  its  net  premium income for such year.  Management
  expenses shall be held to include all expenses  of  the  company  except
  expenses  incurred  in  the  investigation, adjustment and settlement of
  claims, taxes, fees and expenses of examination, and taxes, repairs  and
  expenses  on real estate. In applying the provisions of this section the
  net premium income of, and expenses of, boiler and  machinery  insurance
  or elevator insurance shall not be included.
    (b)  Subsection  (a)  hereof  shall  not  apply  to  a  mutual company
  organized before the effective date of this chapter as a domestic mutual
  fire or marine or marine protection and indemnity company.