2019 New York Laws
ISC - Insurance
Article 63 - 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  December  thirty-first,  two  thousand  twenty, 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.