§ 4115. Certain mutual companies existing prior to January first,
nineteen hundred forty. (a) Notwithstanding the provisions of sections
four thousand one hundred eleven, four thousand one hundred thirteen and
four thousand one hundred fourteen of this article, any domestic mutual
property/casualty insurance company heretofore organized as a domestic
mutual marine and fire insurance company under special act of this state
and reincorporated pursuant to former section fifty-two of the insurance
law in effect immediately before January first, nineteen hundred forty
and doing business immediately prior to such date, may continue to issue
non-assessable policies in accordance with its charter powers, without
making any deposit, if and so long as it maintains a surplus of not less
than one million dollars.

(b) Notwithstanding the provisions of sections one thousand two
hundred nine and one thousand two hundred eleven of this chapter and
section four thousand one hundred fourteen of this article, any such
domestic mutual insurance company of the kind specified in subsection
(a) hereof, may continue to issue both participating and
non-participating policies or contracts of insurance, in accordance with
its charter, and may continue to exercise its existing charter powers as
to the qualification of its members and trustees and as to the election
and powers of its board of trustees.