§ 4108 — Foreign and alien mutual companies; licensing

New York § 4108

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 41: Property/casualty Insurance Companies

Text

§ 4108. Foreign and alien mutual companies; licensing. (a) No foreign\nor alien mutual property/casualty insurance company shall be granted a\nlicense to do business in this state unless it substantially complies\nwith all of the requirements set forth in this chapter for a domestic\nmutual property/casualty insurance company licensed to write the same\nkind or kinds of insurance.\n (b) No alien mutual property/casualty insurance company shall be\nauthorized to do business in this state unless it maintains a trusteed\nsurplus, as required by section one thousand three hundred twelve of\nthis chapter, at least equal to the surplus to policyholders required to\nbe maintained by a domestic stock property/casualty insurance company\nlicensed to write the same kind or kinds of insurance.\n (c) The financial requirements specified in subsections (a) and (b)\nhereof shall be reduced by fifty percent for a foreign or alien mutual\nproperty/casualty insurance company initially licensed to do business in\nthis state prior to July first, nineteen hundred eighty-two, but such\nreduction shall not apply to such a foreign or alien insurer licensed\nunder subsection (c) of section four thousand one hundred two of this\narticle to reinsure risks or write insurance on risks outside the United\nStates, its territories and possessions. Such reduction shall also not\napply to the amounts required in order to write paragraph twenty-two,\ntwenty-four or twenty-six of subsection (a) of section one thousand one\nhundred thirteen of this chapter.\n