Legislation
SECTION 6103
Deposits
Insurance (ISC) CHAPTER 28, ARTICLE 61
* § 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 this chapter imposed upon a
domestic property/casualty insurance company doing the same kind or
kinds of insurance. Notwithstanding the foregoing, every municipal
reciprocal insurer may comply with such provisions within one year from
the date a license to do business was granted.
(b) Before being licensed pursuant to subsection (h) of section six
thousand one hundred two of this article to do insurance on risks
outside of the United States, its territories and possessions, or to do
reinsurance, a domestic reciprocal insurer shall comply with the
provisions of subsection (b) of section four thousand one hundred four
of this chapter imposed upon a domestic property/casualty insurance
company.
(c) Before being licensed to issue non-assessable policies pursuant to
section six thousand one hundred eight of this article, a domestic
reciprocal insurer shall comply with the provisions of subsection (c) of
section four thousand one hundred four of this chapter imposed on a
domestic mutual property/casualty insurance company.
(d) The financial requirements of subsections (a) and (c) hereof shall
be reduced by fifty percent for a reciprocal insurer initially licensed
to do business in this state prior to July first, nineteen hundred
eighty-two.
(e) Before being granted any license or renewal license, every foreign
reciprocal insurer shall comply with the provisions of subsection (d) of
section four thousand one hundred four of this chapter imposed on a
foreign property/casualty insurance company.
* SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
the former Insurance Law that are not possible to juxtapose at this time
due to the highly technical nature of such changes and will need future
corrective legislation to implement such provisions into the new
Insurance Law as enacted by such Chapter 367 of the Laws of 1984.
reciprocal insurer shall comply with the provisions of subsection (a) of
section four thousand one hundred four of this chapter imposed upon a
domestic property/casualty insurance company doing the same kind or
kinds of insurance. Notwithstanding the foregoing, every municipal
reciprocal insurer may comply with such provisions within one year from
the date a license to do business was granted.
(b) Before being licensed pursuant to subsection (h) of section six
thousand one hundred two of this article to do insurance on risks
outside of the United States, its territories and possessions, or to do
reinsurance, a domestic reciprocal insurer shall comply with the
provisions of subsection (b) of section four thousand one hundred four
of this chapter imposed upon a domestic property/casualty insurance
company.
(c) Before being licensed to issue non-assessable policies pursuant to
section six thousand one hundred eight of this article, a domestic
reciprocal insurer shall comply with the provisions of subsection (c) of
section four thousand one hundred four of this chapter imposed on a
domestic mutual property/casualty insurance company.
(d) The financial requirements of subsections (a) and (c) hereof shall
be reduced by fifty percent for a reciprocal insurer initially licensed
to do business in this state prior to July first, nineteen hundred
eighty-two.
(e) Before being granted any license or renewal license, every foreign
reciprocal insurer shall comply with the provisions of subsection (d) of
section four thousand one hundred four of this chapter imposed on a
foreign property/casualty insurance company.
* SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
the former Insurance Law that are not possible to juxtapose at this time
due to the highly technical nature of such changes and will need future
corrective legislation to implement such provisions into the new
Insurance Law as enacted by such Chapter 367 of the Laws of 1984.