2017 New York Laws
ISC - Insurance
Article 41 - Property/casualty Insurance Companies
4113 - Mutual Companies; Non-Assessable Policies.

*  4113.  Mutual companies; non-assessable policies. (a) Every mutual
  property/casualty  insurance  company  licensed  to  do business in this
  state, if its charter or by-laws permit or are  amended  to  permit  the
  issuance   of  policies  without  contingent  mutual  liability  of  the
  policyholder  for  assessment,  may   with   the   permission   of   the
  superintendent   issue   non-assessable  policies  in  this  state  upon
  compliance with the following requirements:
(1) It shall maintain a surplus, as determined from its  latest  filed
  statement,  which  together  with  its unearned premium reserve from its
  latest filed statement is at least equal to the surplus to policyholders
  required  to  be  maintained  by  a  domestic  stock   property/casualty
  insurance company licensed to write the same kind or kinds of insurance.
(2)  It  shall  have  submitted  a copy of its proposed non-assessable
  policy or policies for approval of the superintendent,  and  shall  have
  obtained his approval.
(b)  Every  policy  issued  by  any  such  company shall clearly state
  whether or not the holder of the policy is subject to  a  liability  for
  assessment.
(c)  Any  surplus  required for the purposes specified in this section
  shall be inclusive of any surplus required by any other sections of this
  chapter.
(d) A mutual property/casualty insurance company subject to  paragraph
  two of subsection (a) of section four thousand one hundred seven of this
  article  and  subject  to  subsection  (d)  of section four thousand one
  hundred eleven of this article  may  with  the  prior  approval  of  the
  superintendent  amend  its charter and by-laws to permit the issuance of
  policies without contingent mutual liability of the policyholder and may
  with the permission of the superintendent issue non-assessable  policies
  in this state upon compliance with the requirements of this section.
(e) The financial requirement specified in paragraph one of subsection
  (a)   hereof   shall   be   reduced   by  fifty  percent  for  a  mutual
  property/casualty insurance company initially licensed to do business in
  this state prior to July first, nineteen hundred eighty-two.
* 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.