2013 New York Consolidated Laws
ISC - Insurance
Article 61 - (6101 - 6116) RECIPROCAL INSURERS AND LLOYDS UNDERWRITERS
6103 - Deposits.

 
    *  §  6103.  Deposits.  (a)  Before  being  licensed,  every  domestic
  reciprocal insurer shall comply with the provisions of subsection (a) of
  section four thousand one hundred four of this chapter  imposed  upon  a
  domestic  property/casualty  insurance  company  doing  the same kind or
  kinds of  insurance.  Notwithstanding  the  foregoing,  every  municipal
  reciprocal  insurer may comply with such provisions within one year from
  the date a license to do business was granted.
    (b) Before being licensed pursuant to subsection (h)  of  section  six
  thousand  one  hundred  two  of  this  article  to do insurance on risks
  outside of the United States, its territories and possessions, or to  do
  reinsurance,  a  domestic  reciprocal  insurer  shall  comply  with  the
  provisions of subsection (b) of section four thousand one  hundred  four
  of  this  chapter  imposed  upon  a domestic property/casualty insurance
  company.
    (c) Before being licensed to issue non-assessable policies pursuant to
  section six thousand one hundred  eight  of  this  article,  a  domestic
  reciprocal insurer shall comply with the provisions of subsection (c) of
  section  four  thousand  one  hundred  four of this chapter imposed on a
  domestic mutual property/casualty insurance company.
    (d) The financial requirements of subsections (a) and (c) hereof shall
  be reduced by fifty percent for a reciprocal insurer initially  licensed
  to  do  business  in  this  state  prior to July first, nineteen hundred
  eighty-two.
    (e) Before being granted any license or renewal license, every foreign
  reciprocal insurer shall comply with the provisions of subsection (d) of
  section four thousand one hundred four of  this  chapter  imposed  on  a
  foreign property/casualty insurance company.
 
    * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
    Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
  the former Insurance Law that are not possible to juxtapose at this time
  due  to the highly technical nature of such changes and will need future
  corrective  legislation  to  implement  such  provisions  into  the  new
  Insurance Law as enacted by such Chapter 367 of the Laws of 1984.