§ 4102 — Powers

* § 4102. Powers. (a) A property/casualty insurance company may be\norganized and licensed to write any one or more basic kinds of\ninsurance.\n (b) A property/casualty insurance company organized and licensed to\nwrite any one or more basic kinds of insurance, may be licensed to write\nnon-basic kinds of insurance, subject to the following requirements\n(references are to paragraphs of subsection (a) of section one thousand\none hundred thirteen of this chapter describing kinds of insurance):\n (1) If licensed to write burglary and theft (7), glass (8), boiler and\nmachinery (9), elevator (10), animal (11), personal injury liability\n(13), property damage liability (14), workers' compensation and\nemployers' liability (15), fidelity and surety (16) or credit (17), it\nmay be licensed to write accident and health (item (i) of (3)),\nnon-cancellable disability (item (ii) of (3)), water damage (6),\ncollision (12), residual value (22), credit unemployment (24), gap (26),\nprize indemnification (27), service contract reimbursement (28) and\ninvoluntary unemployment (30);\n (2) If licensed to write fire (4), it may be licensed to write\nmiscellaneous property (5), water damage (6), collision (12), motor\nvehicle and aircraft physical damage (19), inland marine as specified in\nmarine and inland marine (20) and parametric (34);\n (3) If licensed to write marine and inland marine (20), it may be\nlicensed to write collision (12), motor vehicle and aircraft physical\ndamage (19), and marine protection and indemnity (21);\n (4) If licensed to write personal injury liability (13) and property\ndamage liability (14), it may be licensed to write motor vehicle and\naircraft physical damage (19) and legal services insurance (29); and\n (5) In the case of a mutual company licensed to write burglary and\ntheft (7), glass (8), boiler and machinery (9), elevator (10), animal\n(11), personal injury liability (13), workers' compensation and\nemployers' liability (15), fidelity and surety (16), or credit (17), it\nmay be licensed to write property damage liability (14).\n (c) A property/casualty insurance company organized and licensed to\nwrite any basic kind of insurance, may be licensed, except with respect\nto the kinds of insurance defined respectively in the following\nparagraphs of subsection (a) of section one thousand one hundred\nthirteen of this chapter: life insurance (1), annuities (2) and title\ninsurance (18), to (i) reinsure risks of every kind or description and\n(ii) insure property or risks of every kind or description located or\nresident outside of the United States, its territories and possessions.\n (d) A property/casualty insurance company complying with the\nprovisions of this section shall meet all other applicable requirements\nof this article.\n * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:\n Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of\nthe former Insurance Law that are not possible to juxtapose at this time\ndue to the highly technical nature of such changes and will need future\ncorrective legislation to implement such provisions into the new\nInsurance Law as enacted by such Chapter 367 of the Laws of 1984.\n