§ 4104 — Deposits

* § 4104. Deposits. (a) Before being licensed to write one or more of\nthe kinds of insurance defined respectively in the following paragraphs\nof subsection (a) of section one thousand one hundred thirteen of this\nchapter: burglary and theft (7), glass (8), boiler and machinery (9),\nelevator (10), animal (11), personal injury liability (13), property\ndamage liability (14), workers' compensation and employers' liability\n(15), fidelity and surety (16), or credit (17), a domestic\nproperty/casualty insurance company shall have made a deposit with the\nsuperintendent of eligible securities in an amount of at least five\nhundred thousand dollars or the amount required as paid-in capital or\nminimum surplus for the kind or kinds of insurance which such company is\nto be licensed to write, whichever is the lesser, but in no event shall\nthe amount of the deposit be less than four hundred thousand dollars for\nany stock company writing any two kinds of insurance designated in this\nsubsection.\n (b) Before being licensed pursuant to subsection (c) of section four\nthousand one hundred two of this article to reinsure risks or to write\ninsurance on risks outside of the United States, its territories and\npossessions, a domestic property/casualty insurance company shall have\nmade a deposit with the superintendent of eligible securities in an\namount of at least three million dollars. Such deposit shall be\ninclusive of any deposit required by subsection (a) or (c) hereof.\n (c) Before being authorized to issue non-assessable policies pursuant\nto section four thousand one hundred thirteen of this article, a\ndomestic mutual property/casualty insurance company shall have made a\ndeposit with the superintendent of eligible securities in an amount of\nat least five hundred thousand dollars. Such deposit shall be inclusive\nof any deposit required by subsection (a) or (b) hereof.\n (d) Before being granted any license or renewal license, every foreign\nproperty/casualty insurance company shall have made a deposit with the\nsuperintendent of eligible securities in an amount not less than the\namount required for a similar domestic property/casualty insurance\ncompany. The superintendent shall accept in lieu of such deposit a\ncertificate of the proper state officer of the state under whose laws\nsuch company is organized showing that such company has deposited with\nthe proper officer of such state, in trust for the benefit and\nprotection of, or for the security of, all of its policyholders, or of\nall of its policyholders and creditors, securities valued at an amount\nnot less than the amount hereinbefore specified. Such certificate and\ndeposit shall be governed by the provisions of sections one thousand\nthree hundred eighteen and one thousand three hundred nineteen of this\nchapter.\n (e) The dollar amounts of the deposits specified in subsections (a)\nand (c) hereof shall be reduced by fifty percent for any\nproperty/casualty insurance company initially licensed to do business in\nthis state prior to July first, nineteen hundred eighty-two.\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