2013 New York Consolidated Laws
ISC - Insurance
Article 61 - (6101 - 6116) RECIPROCAL INSURERS AND LLOYDS UNDERWRITERS
6112 - Subscribers' accounts.

 
    §  6112.  Subscribers' accounts. (a) The attorney-in-fact, in addition
  to  the  books  of  account  of  the  collective  transactions  of   all
  subscribers  of  the  reciprocal  insurer,  shall  keep  and  maintain a
  separate account  for  each  individual  subscriber  setting  forth  the
  entries determining the operating reserve, if any, of such subscriber.
    (b)  Each  subscriber's  account  shall  be credited with the premiums
  earned by him as an underwriter on the policies issued by  the  insurer,
  and  charged  with  his  proper  share of all losses incurred under such
  policies as well as with the expenses incurred by the insurer.
    (c) Earnings and interest income from investments of all  subscribers'
  operating  reserves  shall be apportioned and credited to subscribers on
  the basis of their accumulated operating reserves and all other interest
  and investment income may be apportioned and credited to the subscribers
  on the basis of their premiums earned as underwriters.
    (d) The subscriber's agreement of an authorized reciprocal insurer may
  with the permission  of  the  superintendent  contain  provisions  which
  modify  the  credits,  charges  and  apportionments  to the subscribers'
  account, as required by subsections (b) and (c) of this section.