§ 6203. Miscellaneous.
(a)The New York insurance exchange shall not\nbe subject to any state or local taxes or fees measured by income,\npremiums or gross receipts, except that for purposes of taxation under\nsection one thousand five hundred ten of the tax law, direct premiums\nwritten, procured or received by a member or members through the\nexchange on risks located in this state shall be deemed written,\nprocured or received by the exchange and the premium tax due on said\npremium shall be reported and paid by the exchange.\n (b) The exchange shall reimburse the superintendent for any expenses\nincurred by him relating to the regulation of the exchange and its\nmembers.\n (c) This chapter and regulations thereunder shall apply to the\nexchange, its members, and the insurance or re
Free access — add to your briefcase to read the full text and ask questions with AI
§ 6203. Miscellaneous. (a) The New York insurance exchange shall not\nbe subject to any state or local taxes or fees measured by income,\npremiums or gross receipts, except that for purposes of taxation under\nsection one thousand five hundred ten of the tax law, direct premiums\nwritten, procured or received by a member or members through the\nexchange on risks located in this state shall be deemed written,\nprocured or received by the exchange and the premium tax due on said\npremium shall be reported and paid by the exchange.\n (b) The exchange shall reimburse the superintendent for any expenses\nincurred by him relating to the regulation of the exchange and its\nmembers.\n (c) This chapter and regulations thereunder shall apply to the\nexchange, its members, and the insurance or reinsurance written through\nthe exchange, except as may be exempted by the superintendent pursuant\nto regulation; provided that no such exemption shall be unfairly\ndiscriminatory or detrimental to the solvency of licensed insurers.\n (d) The superintendent may establish limitations on investments in\nmembers of the exchange. The investment in any member by brokers, agents\nand intermediaries transacting business on the exchange, and the\ninvestment in any such broker, agent or intermediary by any member,\ndirectly or indirectly, all as defined by regulation, shall in each case\nbe limited in the aggregate to less than twenty percent (or such lesser\namount as determined by the superintendent) of the total investment in\nsuch member, broker, agent or intermediary.\n (e) For purposes of paragraph nine of subsection (a) of section one\nthousand three hundred one of this chapter, reinsurance written by\nmembers of the exchange shall be deemed to have been written by an\ninsurer authorized to transact insurance in this state.\n (f) The performance of the contractual obligations of the exchange or\nits members entered into pursuant to section six thousand two hundred\none of this article shall not be covered by any of the New York state\nsecurity or guaranty funds.\n