§ 6606 — Reinsurance

New York § 6606

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 66: Co-operative Property/casualty Insurance Companies

Text

§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six\nthousand six hundred ten of this article, any co-operative\nproperty/casualty insurance company shall have the power, whether or not\nexpressed in its charter, to accept reinsurance of the kind or kinds of\ninsurance it is licensed to do directly, and to cede reinsurance subject\nto applicable provisions of section one thousand three hundred eight of\nthis chapter.\n (2) Unless otherwise permitted by the superintendent, an assessment\ncorporation may assume reinsurance only from other authorized assessment\ncorporations but may cede reinsurance to any other licensed insurer if\nsuch insurer is authorized to reinsure such kind or kinds of insurance\nin this state or to an accredited reinsurer, as defined in subsection\n(a) of section one hundred seven of this chapter.\n (3) Any co-operative property/casualty insurance company may assume\nreinsurance on property located wholly or partially without the\nterritory in which it is licensed to do a direct writing business\nprovided, however, that an assessment corporation may only assume\nreinsurance on property located in the state of New York with the\nexception of the counties of New York, Kings, Queens, Bronx and\nRichmond.\n (b) Every assessment corporation doing business as a direct writer,\nwhich assumes reinsurance, may, in levying assessments on its members,\nassess ceding insurer members as a separate group on the basis of actual\nor estimated experience in that classification.\n