New York § 6116 Lloyds underwriters

New York Statutes

§ 6116 — Lloyds underwriters

New York § 6116

Law ISCInsurance

Art. 61Reciprocal Insurers and Lloyds Underwriters

This text of New York § 6116 (Lloyds underwriters) 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.

Bluebook

N.Y. Insurance § 6116 (2026).

Text

§ 6116. Lloyds underwriters.

(a)Any existing Lloyds underwriters\nheretofore organized under any law of this state and authorized to do an\ninsurance business herein, which has exercised its powers of issuing\ninsurance policies continuously during each of the two years immediately\nprior to January first, nineteen hundred forty, may, by maintaining a\nminimum surplus at least equal to the amount maintained prior to January\nfirst, nineteen hundred forty, continue to do an insurance business in\nthis state of the kind or kinds which it was authorized to do on January\nfirst, nineteen hundred forty, and shall be entitled to exercise all of\nthe powers granted by its existing charter or articles of association.\n (b) Except as the context otherwise requires, every such Lloyds\nunderwrite

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§ 6116. Lloyds underwriters. (a) Any existing Lloyds underwriters\nheretofore organized under any law of this state and authorized to do an\ninsurance business herein, which has exercised its powers of issuing\ninsurance policies continuously during each of the two years immediately\nprior to January first, nineteen hundred forty, may, by maintaining a\nminimum surplus at least equal to the amount maintained prior to January\nfirst, nineteen hundred forty, continue to do an insurance business in\nthis state of the kind or kinds which it was authorized to do on January\nfirst, nineteen hundred forty, and shall be entitled to exercise all of\nthe powers granted by its existing charter or articles of association.\n (b) Except as the context otherwise requires, every such Lloyds\nunderwriters shall be subject to all of the provisions of this chapter\nwhich are applicable to reciprocal insurers.\n (c) No Lloyds underwriters shall hereafter be organized in this state\nand no foreign or alien Lloyds underwriters shall be licensed to do an\ninsurance business in this state.\n (d) This section shall not alter or abridge any rights of the New York\ninsurance exchange as set forth in article sixty-two of this chapter.\n