§ 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 powers of issuing
insurance policies continuously during each of the two years immediately
prior to January first, nineteen hundred forty, may, by maintaining a
minimum surplus at least equal to the amount maintained prior to January
first, nineteen hundred forty, continue to do an insurance business in
this state of the kind or kinds which it was authorized to do on January
first, nineteen hundred forty, and shall be entitled to exercise all of
the powers granted by its existing charter or articles of association.

(b) Except as the context otherwise requires, every such Lloyds
underwriters shall be subject to all of the provisions of this chapter
which are applicable to reciprocal insurers.

(c) No Lloyds underwriters shall hereafter be organized in this state
and no foreign or alien Lloyds underwriters shall be licensed to do an
insurance business in this state.

(d) This section shall not alter or abridge any rights of the New York
insurance exchange as set forth in article sixty-two of this chapter.