New York Insurance Law Article 59 - RISK RETENTION GROUPS AND PURCHASING GROUPS

• 5901 - Title and Purpose.
  This article may be cited as the "risk retention groups and purchasing groups act." The purpose of this article is to regulate the formation and/or...
• 5902 - Definitions.
  The terms used in this article shall have the meanings set forth in this chapter, except to the extent added or modified by the following:...
• 5903 - Domestic Risk Retention Groups.
  (a) A domestic risk retention group shall, pursuant to the provisions of this chapter, be chartered and licensed as a domestic property/casualty insurer to write...
• 5904 - Risk Retention Groups Not Chartered in This State.
  A risk retention group not chartered and licensed as a property/casualty insurer in this state, seeking to do business or doing business as a risk...
• 5905 - Risk Retention Groups; Notice, Prohibited Solicitation, Coverage and Ownership.
  (a) Notice to purchasers. (1) Every insurance policy issued by a risk retention group shall contain in ten point type on the front page and...
• 5906 - Security Funds and Compulsory Associations.
  (a) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency security fund, or similar mechanism, in...
• 5907 - Purchasing Groups; Exemption From Certain Laws.
  A purchasing group and its insurer shall be subject to all applicable laws of this state, except that a purchasing group and its insurer shall...
• 5908 - Notice and Registration Requirements of Purchasing Groups.
  (a) A purchasing group which intends to do business in this state shall, prior to doing such business, furnish notice of such intention to the...
• 5909 - Restrictions on Insurance Obtained by Purchasing Groups.
  (a) A purchasing group located in this state shall not purchase liability insurance from a risk retention group not chartered in a state or from...
• 5910 - Administrative and Procedural Authority Regarding Risk Retention Groups and Purchasing Groups.
  The superintendent is authorized to make use of any of the powers, established under this chapter to enforce the laws of this state, not specifically...
• 5911 - Insurance Agents, Insurance Brokers and Excess Line Brokers.
  (a) The provisions of article twenty-one of this chapter shall apply to any risk retention group not chartered and licensed in this state as a...
• 5912 - Binding Effect of Orders Issued in United States District Court.
  An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any...
• 5913 - Financial Responsibility.
  Wherever pursuant to the laws of this state or any political subdivision of this state a demonstration of financial responsibility is required as a condition...

Last modified: February 3, 2019