§ 1107 — Licenses for unincorporated insurers

New York § 1107

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 11: Licensing of Insurers

Text

§ 1107. Licenses for unincorporated insurers. (a) No individual shall\nbe or remain licensed to write fidelity and surety insurance who, in any\ncourt of this state having criminal jurisdiction or in any criminal\naction or proceeding, deposits money or property as bail for another or\nexecutes as surety any bail bond.\n (b) No individual shall be or remain licensed to do an insurance\nbusiness, as an insurer unless he is a resident of this state, complies\nwith all requirements of this chapter as to capital, surplus, reserves,\nliabilities, investments, deposits and other financial requirements\nimposed upon insurers doing the same kinds of insurance business,\nconfines his business exclusively to such insurance business and\nbusiness authorized pursuant to the provisions of this chapter as\nincidental thereto, and in all respects conforms to all requirements\nimposed upon such insurance companies, except as to corporate existence\nand requirements incidental thereto. No individual insurer shall do\nbusiness under a corporate or fictitious name or under any name, style\nor title other than the true name of such individual.\n (c) This section shall not affect the authority to do an insurance\nbusiness conferred upon a reciprocal insurer or Lloyds underwriters\npursuant to article sixty-one of this chapter.\n