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2022 New York Laws
ISC - Insurance
Article 62 - New York Insurance Exchange
6203 - Miscellaneous.

Universal Citation: NY Ins L § 6203 (2022)
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§  6203.  Miscellaneous. (a) The New York insurance exchange shall not
be subject to any state or local  taxes  or  fees  measured  by  income,
premiums  or  gross receipts, except that for purposes of taxation under
section one thousand five hundred ten of the tax  law,  direct  premiums
written,  procured  or  received  by  a  member  or  members through the
exchange on risks  located  in  this  state  shall  be  deemed  written,
procured  or  received  by  the exchange and the premium tax due on said
premium shall be reported and paid by the exchange.
  (b) The exchange shall reimburse the superintendent for  any  expenses
incurred  by  him  relating  to  the  regulation of the exchange and its
members.
  (c) This  chapter  and  regulations  thereunder  shall  apply  to  the
exchange,  its members, and the insurance or reinsurance written through
the exchange, except as may be exempted by the  superintendent  pursuant
to  regulation;  provided  that  no  such  exemption  shall  be unfairly
discriminatory or detrimental to the solvency of licensed insurers.
  (d) The superintendent may establish  limitations  on  investments  in
members of the exchange. The investment in any member by brokers, agents
and  intermediaries  transacting  business  on  the  exchange,  and  the
investment in any such broker, agent  or  intermediary  by  any  member,
directly or indirectly, all as defined by regulation, shall in each case
be  limited in the aggregate to less than twenty percent (or such lesser
amount as determined by the superintendent) of the total  investment  in
such member, broker, agent or intermediary.
  (e)  For  purposes  of paragraph nine of subsection (a) of section one
thousand three hundred one  of  this  chapter,  reinsurance  written  by
members  of  the  exchange  shall  be  deemed to have been written by an
insurer authorized to transact insurance in this state.
  (f) The performance of the contractual obligations of the exchange  or
its  members  entered  into pursuant to section six thousand two hundred
one of this article shall not be covered by any of the  New  York  state
security or guaranty funds.
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