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2019 New York Laws
ISC - Insurance
Article 61 - Reciprocal Insurers and Lloyds Underwriters
6103 - Deposits.

Universal Citation: NY Ins L § 6103 (2019)
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*  §  6103.  Deposits.  (a)  Before  being  licensed,  every  domestic
reciprocal insurer shall comply with the provisions of subsection (a) of
section four thousand one hundred four of this chapter  imposed  upon  a
domestic  property/casualty  insurance  company  doing  the same kind or
kinds of  insurance.  Notwithstanding  the  foregoing,  every  municipal
reciprocal  insurer may comply with such provisions within one year from
the date a license to do business was granted.
  (b) Before being licensed pursuant to subsection (h)  of  section  six
thousand  one  hundred  two  of  this  article  to do insurance on risks
outside of the United States, its territories and possessions, or to  do
reinsurance,  a  domestic  reciprocal  insurer  shall  comply  with  the
provisions of subsection (b) of section four thousand one  hundred  four
of  this  chapter  imposed  upon  a domestic property/casualty insurance
company.
  (c) Before being licensed to issue non-assessable policies pursuant to
section six thousand one hundred  eight  of  this  article,  a  domestic
reciprocal insurer shall comply with the provisions of subsection (c) of
section  four  thousand  one  hundred  four of this chapter imposed on a
domestic mutual property/casualty insurance company.
  (d) The financial requirements of subsections (a) and (c) hereof shall
be reduced by fifty percent for a reciprocal insurer initially  licensed
to  do  business  in  this  state  prior to July first, nineteen hundred
eighty-two.
  (e) Before being granted any license or renewal license, every foreign
reciprocal insurer shall comply with the provisions of subsection (d) of
section four thousand one hundred four of  this  chapter  imposed  on  a
foreign property/casualty insurance company.
 
  * 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.
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