This text of New York § 1114 (Reinsurance business) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 1114. Reinsurance business.
(a)Any domestic stock or mutual\ninsurance corporation or reciprocal insurer may reinsure only the kinds\nof insurance business which it is licensed to do in this state or which\nit is otherwise authorized to reinsure by the terms of its license. Any\nsuch corporation may confine its business to reinsurance.\n (b) Any foreign or alien stock or mutual insurance corporation or\nreciprocal insurer may engage in this state in reinsurance of the kinds\nof insurance which it is licensed to do in this state. Any such\ncorporation may confine its business to reinsurance.\n (c) An insurer authorized by any provision of this chapter to engage\nin fidelity and surety insurance or reinsurance business may also\nguarantee performance of a contract insuring against phy
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1114. Reinsurance business. (a) Any domestic stock or mutual\ninsurance corporation or reciprocal insurer may reinsure only the kinds\nof insurance business which it is licensed to do in this state or which\nit is otherwise authorized to reinsure by the terms of its license. Any\nsuch corporation may confine its business to reinsurance.\n (b) Any foreign or alien stock or mutual insurance corporation or\nreciprocal insurer may engage in this state in reinsurance of the kinds\nof insurance which it is licensed to do in this state. Any such\ncorporation may confine its business to reinsurance.\n (c) An insurer authorized by any provision of this chapter to engage\nin fidelity and surety insurance or reinsurance business may also\nguarantee performance of a contract insuring against physical damage to\nproperty in favor of mortgagees or other loss payees named in such\ncontract, provided:\n (1) It is authorized to engage in the kinds of insurance included in\nsuch contract;\n (2) It has assumed reinsurance on the guaranteed contract in whole or\nin part;\n (3) It is charged with such amount as part of its unearned premium\nreserve as may be prescribed by regulation of the superintendent not\nexceeding the amount it would be required to maintain in accordance with\nthe provisions of this chapter if it were the direct insurer of the\nguaranteed risks; and\n (4) If the property is located in this state, the ceding insurer is\nlicensed to engage in the kinds of insurance included in such contracts.\n (d) An insurer authorized by any provision of this chapter to do\nbusiness of the kinds referred to in paragraph one, two or three of\nsubsection (a) of section one thousand one hundred thirteen of this\narticle may also reinsure, by itself, or together with other insurance\ncompanies subject to any regulations of the superintendent, any risk\nreferred to in such subsection arising from, related to, or incident to\nthe manufacture, ownership or operation of aircraft.\n (e) Any health service corporation organized under article forty-three\nof this chapter is authorized to engage in reinsurance of policies of:\n (1) any other corporation organized under article forty-three of this\nchapter;\n (2) any health maintenance organization organized under article\nforty-four of the public health law; and\n (3) long term care insurance issued by accident and health insurers\norganized under article forty-two of this chapter.\n