§ 6302. Special license.
(a)An authorized insurer, as a condition\nprecedent to the obtaining of such exemption, shall obtain a special\nlicense from the superintendent.\n (b) Before such special license shall be issued or renewed the\nprospective licensee shall file in the office of the superintendent an\napplication in such form and supplements thereto as the superintendent\nprescribes. Such license shall be subject to annual renewal with an\nannual fee of two thousand dollars.\n (c) Such license may only be issued to:\n (1) an authorized insurer that maintains at all times a surplus to\npolicyholders of at least two hundred percent of the authorized control\nlevel as set forth in article thirteen of this chapter, except that with\nrespect to a policy issued pursuant to paragraph t
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§ 6302. Special license. (a) An authorized insurer, as a condition\nprecedent to the obtaining of such exemption, shall obtain a special\nlicense from the superintendent.\n (b) Before such special license shall be issued or renewed the\nprospective licensee shall file in the office of the superintendent an\napplication in such form and supplements thereto as the superintendent\nprescribes. Such license shall be subject to annual renewal with an\nannual fee of two thousand dollars.\n (c) Such license may only be issued to:\n (1) an authorized insurer that maintains at all times a surplus to\npolicyholders of at least two hundred percent of the authorized control\nlevel as set forth in article thirteen of this chapter, except that with\nrespect to a policy issued pursuant to paragraph three of subsection (a)\nof section six thousand three hundred three of this article, an\nauthorized insurer that maintains at all times a surplus to\npolicyholders of at least two hundred fifty percent of the authorized\ncontrol level as set forth in article thirteen of this chapter; or\n (2) a United States branch that maintains at all times a trusteed\nsurplus of at least two hundred percent of the authorized control level\nas set forth in article thirteen of this chapter, except that with\nrespect to a policy issued pursuant to paragraph three of subsection (a)\nof section six thousand three hundred three of this article, a United\nStates branch that maintains at all times a trusteed surplus of at least\ntwo hundred fifty percent of the authorized control level as set forth\nin article thirteen of this chapter; or\n (3) until June thirtieth, two thousand twenty-seven, a domestic\nproperty/casualty insurance company that maintains at all times a\nsurplus to policyholders of at least twice the minimum surplus to\npolicyholders required to be maintained for the kinds of insurance that\nit is authorized to write in this state, or an insurer licensed pursuant\nto article sixty-one of this chapter as a reciprocal insurer that\nmaintains at all times a surplus to policyholders of at least the\nminimum surplus to policyholders required to be maintained for the kinds\nof insurance that it is authorized to write in this state, provided that\nthe domestic property/casualty insurance company or reciprocal insurer:\n(A) has total direct premiums comprised of at least ninety percent\nmedical malpractice insurance; (B) assumes reinsurance premiums in an\namount that is less than five percent of total direct premiums written;\nand (C) writes ninety percent of its total direct premiums in this\nstate.\n (d) The superintendent may revoke, suspend, or refuse to renew such\nlicense if, after notice and a hearing, the superintendent finds that\nsuch action will protect the best interests of the people of this state.\n