2013 New York Consolidated Laws
ISC - Insurance
Article 63 - (6301 - 6304) SPECIAL RISKS; FILING EXEMPTION
6302 - Special license.

 
    §  6302.  Special  license.  (a) An authorized insurer, as a condition
  precedent to the obtaining of such exemption,  shall  obtain  a  special
  license from the superintendent.
    (b)  Before  such  special  license  shall  be  issued  or renewed the
  prospective licensee shall file in the office of the  superintendent  an
  application  in  such form and supplements thereto as the superintendent
  prescribes. Such license shall be subject  to  annual  renewal  with  an
  annual fee of two thousand dollars.
    (c) Such license may only be issued to:
    (1)  an  authorized  insurer  that maintains at all times a surplus to
  policyholders of at least two hundred percent of the authorized  control
  level as set forth in article thirteen of this chapter, except that with
  respect to a policy issued pursuant to paragraph three of subsection (a)
  of  section  six  thousand  three  hundred  three  of  this  article, an
  authorized  insurer  that  maintains  at  all   times   a   surplus   to
  policyholders  of  at  least two hundred fifty percent of the authorized
  control level as set forth in article thirteen of this chapter; or
    (2) a United States branch that maintains  at  all  times  a  trusteed
  surplus  of at least two hundred percent of the authorized control level
  as set forth in article thirteen  of  this  chapter,  except  that  with
  respect to a policy issued pursuant to paragraph three of subsection (a)
  of  section  six  thousand three hundred three of this article, a United
  States branch that maintains at all times a trusteed surplus of at least
  two hundred fifty percent of the authorized control level as  set  forth
  in article thirteen of this chapter; or
    (3)   until   June   thirtieth,  two  thousand  fourteen,  a  domestic
  property/casualty insurance  company  that  maintains  at  all  times  a
  surplus  to  policyholders  of  at  least  twice  the minimum surplus to
  policyholders required to be maintained for the kinds of insurance  that
  it is authorized to write in this state, or an insurer licensed pursuant
  to  article  sixty-one  of  this  chapter  as  a reciprocal insurer that
  maintains at all times a  surplus  to  policyholders  of  at  least  the
  minimum surplus to policyholders required to be maintained for the kinds
  of insurance that it is authorized to write in this state, provided that
  the  domestic property/casualty insurance company or reciprocal insurer:
  (A) has total direct premiums  comprised  of  at  least  ninety  percent
  medical  malpractice  insurance;  (B) assumes reinsurance premiums in an
  amount that is less than five percent of total direct premiums  written;
  and  (C)  writes  ninety  percent  of  its total direct premiums in this
  state.
    (d) The superintendent may revoke, suspend, or refuse  to  renew  such
  license  if,  after  notice and a hearing, the superintendent finds that
  such action will protect the best interests of the people of this state.