New York Insurance Law Article 61 - RECIPROCAL INSURERS AND LLOYDS UNDERWRITERS

• 6101 - Definitions.
  In this article: (a) "Advisory committee" means any official body, by whatever name called, which is chosen by the subscribers of a reciprocal insurer and...
• 6102 - Organization of Domestic Reciprocal Insurers.
  * (a) Twenty-five or more persons, firms and corporations, each having the qualifications of subscribers as prescribed in this article, may organize a reciprocal insurer...
• 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...
• 6104 - Qualifications of Subscribers.
  (a) (1) No authorized reciprocal insurer shall make any new agreement for insurance containing a provision for contingent liability of subscribers with any subscriber who...
• 6105 - Licensing.
  (a) No person, firm, corporation or association as an underwriter or underwriters, and no reciprocal insurer, shall do any insurance business in this state, nor...
• 6106 - Subscriber's Agreement.
  (a) (1) Every subscriber of an authorized reciprocal insurer shall have executed a subscriber's agreement, and every subscriber executing such a subscriber's agreement containing a...
• 6107 - Changes and Amendments.
  (a) (1) No reciprocal insurer shall change its name or amend its subscriber's agreement without first obtaining the written approval of the superintendent. (2) No...
• 6108 - Contingent Liability; Non-Assessable Policies.
  (a) Every contract of insurance and subscriber's agreement under or by which contracts of insurance are issued or exchanged by any authorized reciprocal insurer shall...
• 6109 - Subscriber's Operating Reserve.
  (a) (1) Every subscriber of an authorized reciprocal insurer in which subscribers are subject to contingent liability shall accumulate a minimum operating reserve, to be...
• 6110 - Limitation of Risk.
  Every reciprocal insurer authorized to do business in this state shall be subject to the provisions of sections one thousand one hundred fifteen and four...
• 6111 - Assets, Liabilities and Surplus.
  (a) All of the assets of any reciprocal insurer including subscribers' operating reserves shall be liable primarily for payment of all liabilities incurred under its...
• 6112 - Subscribers' Accounts.
  (a) The attorney-in-fact, in addition to the books of account of the collective transactions of all subscribers of the reciprocal insurer, shall keep and maintain...
• 6113 - Foreign or Alien Reciprocal Insurers.
  (a) The superintendent may, in his discretion, pursuant to section one thousand one hundred six of this chapter, issue a license to a reciprocal insurer...
• 6114 - Application of Other Sections.
  (a) Except as otherwise provided in this article, and except where the context otherwise requires, all of the provisions of this chapter relating to all...
• 6115 - Merger.
  (a) (1) Two or more reciprocal insurers may, by a two-thirds affirmative vote of the subscribers of each insurer, merge in accordance with the provisions...
• 6116 - Lloyds Underwriters.
  (a) Any existing Lloyds underwriters heretofore organized under any law of this state and authorized to do an insurance business herein, which has exercised its...

Last modified: February 3, 2019