§ 6201 — New York insurance exchange

New York § 6201

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 62: New York Insurance Exchange

Text

§ 6201. New York insurance exchange. (a) Notwithstanding the\nprovisions of section six thousand one hundred sixteen of this chapter,\nthe New York insurance exchange, shall be continued, subject to such\nregulations as may be promulgated by the superintendent.\n (b) The purposes of the exchange shall be:\n (1) to provide a facility for the underwriting of:\n (A) reinsurance of all kinds of insurance;\n (B) direct insurance of all kinds on risks located entirely outside\nthe United States;\n (C) direct insurance of all kinds on risks located in the United\nStates other than in this state, provided that such risk qualifies for\nplacement pursuant to the excess and surplus lines requirements of the\njurisdiction in which the risk is located; the superintendent may permit\nthe exchange or its syndicates, or both, to take such steps as may be\nnecessary to qualify as an excess and surplus lines insurer in such\njurisdiction;\n (D) risks which shall have been submitted to and certified as having\nbeen rejected by a committee representative of insurers licensed by the\nsuperintendent under article sixty-three of this chapter, subject to\nconditions imposed by the superintendent pursuant to regulation; and\n (2) to manage the facility authorized by this article, in accordance\nwith regulations promulgated by the superintendent.\n