* § 4107. Domestic mutual companies; financial and other requirements.\n(a) (1) A mutual property/casualty insurance company organized in the\nmanner prescribed in subsection (a) of section one thousand two hundred\none of this chapter may be licensed pursuant to subsection (e) of\nsection one thousand one hundred two of this chapter to write any one\nkind (but only one kind except as hereinafter in this section provided)\nof insurance as specified in TABLE TWO upon at least meeting the\nrequirements set forth therein. In this section, "initial surplus" means\nthe paid-in initial surplus required pursuant to subparagraph (A) of\nparagraph nine of subsection (a) of section one thousand two hundred one\nand subparagraph (B) of paragraph one of subsection (e) of section one\nthousand one hundred two of this chapter, and "minimum surplus" means\nthe surplus required to be maintained unimpaired after a company is\nlicensed to do business.\n * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:\n Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of\nthe former Insurance Law that are not possible to juxtapose at this time\ndue to the highly technical nature of such changes and will need future\ncorrective legislation to implement such provisions into the new\nInsurance Law as enacted by such Chapter 367 of the Laws of 1984.\n TABLE TWO\nKind of\ninsurance\nspecified\nin the\nfollowing Num- Number\nnumbered Num- ber of\nparagraphs ber Number of Insur- Minimum\nof subsec- of of Sep- ance Surplus\ntion (a) Mem- Appli- arate Poli- Initial to be Other\nof § 1113 bers cations Risks cies Surplus Maintained Requirements\n--------- ----- ------ ----- ---- ------- ---------- ------------\n 4 50 300 300 -- $ 300,000{1}$ 200,000{1}see note{2}\n 7 20 20 200 20 $ 300,000 $ 200,000 see note{3}\n 8 20 20 300 20 $ 150,000 $ 100,000 see note{3}\n 9 20 20 200 20 $ 300,000 $ 200,000 see note{3}\n 10 20 20 300 20 $ 150,000 $ 100,000 see note{3}\n 11 20 20 300 20 $ 150,000 $ 100,000 see note{3}\n 13 100 100 500{4} -- $ 500,000{5}$ 400,000{5}see note{6}\n 15 40{7} 40 2,500{7} -- $ 500,000 $ 400,000 see note{6}\n 30{7} 30 5,000{7} -- $ 500,000 $ 400,000 see note{6}\n 20{7} 20 7,500{7} -- $ 500,000 $ 400,000 see note{6}\n 10{7} 10 10,000{7} -- $ 500,000 $ 400,000 see note{6}\n 16 -- -- --- -- $1,500,000 $1,000,000\n 17 20 20 2,000 20 $ 750,000 $ 500,000 see note{3}\n 20 50 300 300 -- $1,000,000{8}$ 500,000{8}see note{9}\n 21 20 20{10} 200{11}-- $ 500,000 $ 500,000 see note{12}\n 34 20 20 200 20 $2,000,000 $1,000,000 see note {3}\nNotes to TABLE TWO\n {1} If licensed to write paragraph 4, no additional surplus is\nrequired for a license to write paragraphs 5, 6, 12, 19, 20, (inland\nmarine only) and 34.\n {2} The aggregate premiums in respect to the separate risks shall be\nat least $100,000 and each applicant shall have paid one-half of the\npremium payable with the balance due upon the issuance of the policy.\n {3} Shall have received cash from each applicant at least equal to 1/2\nof the annual premium on the policy.\n {4} Not more than 5 risks from any one member.\n {5} If licensed to write paragraph 13, no additional surplus is\nrequired for a license to write paragraphs 6, 12 and 14.\n {6} The aggregate annual premium cost of such insurance shall be at\nleast $50,000.\n {7} Substitute "employers" for "members" and "employees" for "separate\nrisks"\n {8} If licensed to write paragraph 20, no add‹ Prev All New York sections Next ›
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