2013 New York Consolidated Laws
ISC - Insurance
Article 62 - (6201 - 6203) NEW YORK INSURANCE EXCHANGE
6201 - New York insurance exchange.

 
    §   6201.   New  York  insurance  exchange.  (a)  Notwithstanding  the
  provisions of section six thousand one hundred sixteen of this  chapter,
  the  New  York  insurance  exchange, shall be continued, subject to such
  regulations as may be promulgated by the superintendent.
    (b) The purposes of the exchange shall be:
    (1) to provide a facility for the underwriting of:
    (A) reinsurance of all kinds of insurance;
    (B) direct insurance of all kinds on risks  located  entirely  outside
  the United States;
    (C)  direct  insurance  of  all  kinds  on risks located in the United
  States other than in this state, provided that such risk  qualifies  for
  placement  pursuant  to the excess and surplus lines requirements of the
  jurisdiction in which the risk is located; the superintendent may permit
  the exchange or its syndicates, or both, to take such steps  as  may  be
  necessary  to  qualify  as  an  excess and surplus lines insurer in such
  jurisdiction;
    (D) risks which shall have been submitted to and certified  as  having
  been  rejected by a committee representative of insurers licensed by the
  superintendent under article sixty-three of  this  chapter,  subject  to
  conditions imposed by the superintendent pursuant to regulation; and
    (2)  to  manage the facility authorized by this article, in accordance
  with regulations promulgated by the superintendent.