§ 1111. Compulsory insurance; bonds of surety companies; certificates\nof qualification.
(a)Whenever by any law of this state any policy or\ncontract of insurance is required, or is acceptable in lieu of any other\nrequirement imposed by such law, the superintendent may, upon written\nrequest containing such information as he deems necessary, issue to any\nperson a certificate of qualification, stating the qualification of any\ninsurer authorized to do such business in this state if he finds that,\nas shown by the insurer's last filed annual statement or last filed\nreport on examination, whichever is later, the insurer is solvent,\nresponsible and otherwise qualified to make policies or contracts of the\nkind required. No insurer authorized to do business in this state shall\nissue or
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1111. Compulsory insurance; bonds of surety companies; certificates\nof qualification. (a) Whenever by any law of this state any policy or\ncontract of insurance is required, or is acceptable in lieu of any other\nrequirement imposed by such law, the superintendent may, upon written\nrequest containing such information as he deems necessary, issue to any\nperson a certificate of qualification, stating the qualification of any\ninsurer authorized to do such business in this state if he finds that,\nas shown by the insurer's last filed annual statement or last filed\nreport on examination, whichever is later, the insurer is solvent,\nresponsible and otherwise qualified to make policies or contracts of the\nkind required. No insurer authorized to do business in this state shall\nissue or make any policy or contract of insurance or surety bond to\nowners or operators of motor vehicles as required by the provisions of\nthe vehicle and traffic law of this state, unless the superintendent\nshall have certified to the commissioner of motor vehicles that such\ninsurer is qualified to issue such policy or contract, in the manner\nspecified herein.\n (b) (1) Whenever by any law of this state a bond, undertaking,\nrecognizance, guaranty or like obligation is required, permitted,\nauthorized or allowed, or the performance of any act, duty or\nobligation, or the refraining from any act, is required, permitted,\nauthorized or allowed to be secured or guaranteed, such bond or like\nobligation, or such security or guaranty, may be executed by any\ninsurance company authorized to do in this state the business of\nexecuting such instruments and empowered by its charter to execute them.\nThe insurer's execution of such instrument by its officer,\nattorney-in-fact or other authorized representative shall be accepted\nas, and in all respects shall be, a full compliance with every law or\nother requirement, now or hereafter in force, that any such obligation\nbe given or accepted or that it be executed by one or more sureties, or\nthat such sureties be residents, householders or freeholders, or possess\nany other qualifications.\n (2) The superintendent may on written application issue to any company\nhis certificate of qualification stating the company's capital and\nsurplus as shown by its last annual statement or its last filed report\non examination, whichever is later, and that such capital and surplus\ncomplies with the requirements of this chapter. The certificate shall\nfurther indicate the limitation upon the amount of a single risk which\nsuch company is authorized to assume.\n (c) The superintendent may refuse to issue any certificate pursuant to\nsubsection (a) or (b) hereof if in his judgment refusal will best\npromote the interests of the people of this state. Such certificate, or\na copy certified by the superintendent, shall be conclusive evidence, as\nof its date and thereafter until revoked, of either the insurer's\nqualification to issue the policy, contract of insurance or surety bond,\nif issued pursuant to subsection (a) hereof, or the company's\nqualification, and its sufficiency under any law of this state as surety\nor guarantor, and of the propriety of accepting and approving it as\nsuch, if issued pursuant to subsection (b) hereof, and this\ncertification shall be in lieu of any justification required of the\ninsurer by any law of this state or any requirement pursuant thereto.\n (d) If after notice to and hearing of any insurer the superintendent\nfinds the insurer is no longer entitled to obtain a certificate, he may\nrevoke it by filing an order of revocation in his office. He shall\nthereupon serve a copy of such order on the insurer and shall give\nnotice of the revocation to any state official or board to whom the\ncertificate was issued. The superintendent may publish notice of such\nrevocation in such newspapers of general circulation in this state as he\nmay deem proper in the public interest. No insurer and no officer,\nattorney-in-fact or other representative thereof shall, after receiving\nnotice of revocation, make or execute, or hold itself out as authorized\nto make or execute, in this state, any policy, contract of insurance,\nbond or like obligation, or security or guaranty specified in subsection\n(a) or (b) hereof, as long as such revocation continues in effect.\n