New York Insurance Law Article 66 - CO-OPERATIVE PROPERTY/CASUALTY INSURANCE COMPANIES
- 6601 - Scope of Article; Other Provisions.
(a) All insurers formed pursuant to chapter seven hundred thirty-nine of the laws of eighteen hundred fifty-seven, chapter five hundred seventy-three of the laws of...
- 6602 - Classification of Insurers; Foreign and Alien Insurers.
(a) Cooperative property/casualty insurance companies operating under or subject to this article shall be either advance premium co-operative property/casualty insurance companies or assessment co-operative property/casualty...
- 6603 - Incorporation of Co-Operative Property/casualty Insurance Companies.
(a) A corporation may be organized and licensed as an advance premium corporation or as an assessment corporation in the manner prescribed in this section...
- 6604 - Organization of Advance Premium Corporations.
(a) An advance premium corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and...
- 6605 - Organization of Assessment Corporations.
(a) An assessment corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may...
- 6606 - Reinsurance.
(a) (1) Subject to the provisions of section six thousand six hundred ten of this article, any co-operative property/casualty insurance company shall have the power,...
- 6607 - Duration of Charter.
Subject to the provisions of article seventy-four of this chapter, the charter of every co-operative property/casualty insurance company shall be perpetual.
- 6608 - Extension of Territory.
(a) The superintendent, upon application by any advance premium corporation may issue a license pursuant to section one thousand one hundred two of this chapter...
- 6609 - Policy Forms.
(a) (1) Every form of policy issued by any co-operative property/casualty insurance company shall indicate in words prominently displayed at the top of the first...
- 6610 - Limitation of Risk.
(a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as...
- 6611 - Records.
(a) (1) Every co-operative property/casualty insurance company shall keep and maintain books of account and records in such manner as will show fully and truly...
- 6612 - Rebating and Discrimination; Accounts and Statistics; Assessment Corporations.
Notwithstanding anything to the contrary in this chapter, the provisions of sections two thousand three hundred twenty-four and two thousand three hundred twenty-five of this...
- 6613 - Limitation of Expenses; Co-Operative Property/casualty Insurance Companies.
(a) The expenses of management of any co-operative property/casualty insurance company shall not exceed in any one calendar year forty-two and one-half percent of its...
- 6614 - Contingent Liability of Members; Advance Premium Corporations.
(a) Any advance premium corporation may limit the contingent liability of a member thereof to not less than once the amount of, and in addition...
- 6615 - Annual Assessments; Borrowed Money.
(a) (1) Every assessment corporation may, if so directed by its board of directors levy an assessment upon all of its members. Such assessment shall...
- 6616 - Extraordinary Assessments; Assessment Corporations.
(a) The members of every assessment corporation shall be contingently liable for extraordinary assessments sufficient to remove any impairment in the reserves required by this...
- 6617 - Notice of Assessment; Assessment Corporations.
(a) It shall be the duty of the secretary of every assessment corporation, whenever an assessment shall have been made by it, to notify, not...
- 6618 - Suits to Recover Assessments.
(a) An assessment corporation may maintain a civil action against any member or former member of such corporation for the unpaid amount of any extraordinary...
- 6619 - Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.
(a) (1) Ten or more co-operative property/casualty insurance companies may enter into an agreement to make deposits in special reserve or emergency funds. (2) Any...
- 6620 - Non-Assessable Policies; Advance Premium Corporations.
(a) Any advance premium corporation may issue insurance contracts which do not impose any liability upon members for any assessments in addition to the advance...
- 6621 - Unabsorbed Portions of Premium Payments.
(a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any advance premium corporation shall be...
- 6622 - Refunds From Surplus; Assessment Corporations.
(a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any assessment corporation shall be eligible...
- 6623 - Investments.
(a) The funds of every co-operative property/casualty insurance company shall be invested only as permitted by subsection (c) of section one thousand four hundred three...
- 6624 - Voting by Members and Meetings of Boards of Directors; Co-Operative Property/casualty Insurance Companies.
(a) A member of any co-operative property/casualty insurance company may vote at any regular or special meeting of the corporation in person or he may...
- 6625 - Merger; Consolidation.
(a) Two or more advance premium corporations may, in accordance with applicable provisions of article seventy-one of this chapter, merge or consolidate. (b) Two or...
- 6626 - Qualification of Membership.
(a) In addition to the legal ability of any natural person to insure in any advance premium or assessment corporation property located in the territory...
Last modified: February 3, 2019