2013 New York Consolidated Laws
ISC - Insurance
Article 41 - (4101 - 4121) PROPERTY/CASUALTY INSURANCE COMPANIES
4115 - Certain mutual companies existing prior to January first, nineteen hundred forty.

 
    §  4115.  Certain  mutual  companies  existing prior to January first,
  nineteen hundred forty. (a) Notwithstanding the provisions  of  sections
  four thousand one hundred eleven, four thousand one hundred thirteen and
  four  thousand one hundred fourteen of this article, any domestic mutual
  property/casualty insurance company heretofore organized as  a  domestic
  mutual marine and fire insurance company under special act of this state
  and reincorporated pursuant to former section fifty-two of the insurance
  law  in  effect immediately before January first, nineteen hundred forty
  and doing business immediately prior to such date, may continue to issue
  non-assessable policies in accordance with its charter  powers,  without
  making any deposit, if and so long as it maintains a surplus of not less
  than one million dollars.
    (b)  Notwithstanding  the  provisions  of  sections  one  thousand two
  hundred nine and one thousand two hundred eleven  of  this  chapter  and
  section  four  thousand  one  hundred fourteen of this article, any such
  domestic mutual insurance company of the kind  specified  in  subsection
  (a)   hereof,   may   continue   to   issue   both   participating   and
  non-participating policies or contracts of insurance, in accordance with
  its charter, and may continue to exercise its existing charter powers as
  to the qualification of its members and trustees and as to the  election
  and powers of its board of trustees.