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

 
    §  6116.  Lloyds  underwriters.  (a)  Any existing Lloyds underwriters
  heretofore organized under any law of this state and authorized to do an
  insurance business herein, which has exercised  its  powers  of  issuing
  insurance policies continuously during each of the two years immediately
  prior  to  January  first, nineteen hundred forty, may, by maintaining a
  minimum surplus at least equal to the amount maintained prior to January
  first, nineteen hundred forty, continue to do an insurance  business  in
  this state of the kind or kinds which it was authorized to do on January
  first,  nineteen hundred forty, and shall be entitled to exercise all of
  the powers granted by its existing charter or articles of association.
    (b) Except as  the  context  otherwise  requires,  every  such  Lloyds
  underwriters  shall  be subject to all of the provisions of this chapter
  which are applicable to reciprocal insurers.
    (c) No Lloyds underwriters shall hereafter be organized in this  state
  and  no  foreign or alien Lloyds underwriters shall be licensed to do an
  insurance business in this state.
    (d) This section shall not alter or abridge any rights of the New York
  insurance exchange as set forth in article sixty-two of this chapter.