2013 New York Consolidated Laws
ISC - Insurance
Article 41 - (4101 - 4121) PROPERTY/CASUALTY INSURANCE COMPANIES
4110 - 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  the  sum of its net premium income and seventy-five
  percent of its investment  income  for  such  year;  provided  that  any
  insurer   whose  principal  line  of  business  is  medical  malpractice
  liability insurance or any insurer who is the subject  of  a  proceeding
  pursuant to article seventy-four of this chapter shall not 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.