§ 6107 — Changes and amendments

New York § 6107

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 61: Reciprocal Insurers and Lloyds Underwriters

Text

§ 6107. Changes and amendments. (a) (1) No reciprocal insurer shall\nchange its name or amend its subscriber's agreement without first\nobtaining the written approval of the superintendent.\n (2) No such insurer shall establish branch offices under other or\ndifferent names or titles.\n (b) The superintendent shall approve any change or substitution in the\nattorney-in-fact of any such insurer and there shall be filed in the\noffice of the new attorney-in-fact new subscriber's agreements or\namendments to the existing subscriber's agreements containing the new\npowers of attorney signed by every subscriber of such reciprocal\ninsurer. Notwithstanding the foregoing, a foreign reciprocal that\nprimarily provides coverage to former and current military officers and\ntheir families shall notify the superintendent of any change or\nsubstitution in the attorney-in-fact of such insurer and the new\nattorney-in-fact shall apply for licensure pursuant to section six\nthousand one hundred five of this article within thirty days of such\nchange or substitution.\n (c) After any reciprocal insurer is authorized to do business in this\nstate, it may be joined by other and additional subscribers who have\nbeen accepted and are qualified and have executed a subscriber's\nagreement and power of attorney identical with the instruments in effect\nat that time and which all other subscribers have executed.\n (d) (1) No such change and no amendment or modification in the\nprovisions of the subscriber's agreement shall be submitted to the\nsubscribers for execution unless approved by the advisory committee at a\nmeeting duly called for such purpose.\n (2) Every such change, amendment or modification shall be submitted\nfor execution to all existing subscribers contemporaneously and shall\ntake effect, as to all subscribers executing the same, at the expiration\nof one year from the date of such submission.\n (3) Any subscriber failing to execute any new subscriber's agreement\nor any amendment to an existing subscriber's agreement within one year\nafter its submission to such subscriber shall be deemed to have\nwithdrawn from membership in such reciprocal.\n (4) Notwithstanding paragraphs one, two and three hereof, in the case\nof any reciprocal insurer which shall have issued its policies, or\nbinders, with the subscriber's agreement and statement printed thereon\npursuant to paragraph two of subsection (a) of section six thousand one\nhundred six of this article, or a reciprocal insurer having a corporate\nattorney-in-fact wholly owned by the subscribers at such reciprocal\ninsurer who provides with such submission a copy of the subscriber's\nagreement in force, the failure of any subscriber at such reciprocal to\nobject in writing thereto within sixty days after the date of such\nsubmission shall constitute such subscriber's acceptance of such change,\namendment or modification as fully and to the same extent as though\nacceptance of such change, amendment or modification had been signed and\nacknowledged by that subscriber and such change, amendment or\nmodification shall take effect, as to all subscribers at such reciprocal\nwho have not objected thereto in writing, at the expiration of sixty\ndays from the date of submission. Any subscriber at such reciprocal who\nobjects in writing, within sixty days from the date of such submission,\nto such change, amendment or modification shall be deemed to have\nwithdrawn from membership in such reciprocal.\n