§ 6619 — Special reserve or emergency funds; co-operative property/casualty insurance companies

New York § 6619

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

Text

§ 6619. Special reserve or emergency funds; co-operative\nproperty/casualty insurance companies. (a) (1) Ten or more co-operative\nproperty/casualty insurance companies may enter into an agreement to\nmake deposits in special reserve or emergency funds.\n (2) Any deposit with accretions thereon made pursuant to any such\nagreements shall be kept deposited with a solvent trust company of this\nstate and shall remain the property of the depositing corporations and\nshall be subject to the provisions of this chapter governing the\ninvestments of such corporations.\n (b) (1) Such special reserve or emergency funds shall be subject to\nexamination by the superintendent in like manner as the other assets and\nproperty of any depositing corporation and shall be used only for the\npurpose of enabling any depositing corporation to comply with any\nrequirement of this article, and then only with the consent of at least\ntwo-thirds of the membership of such fund in proportion to its\nownership.\n (2) Loans thus authorized from such a fund may be made pursuant to\nagreements as prescribed in section one thousand three hundred seven of\nthis chapter or in such other form as approved by the membership.\n (c) Any such depositing corporation may, with the consent of the\nsuperintendent, withdraw all or a part of its share therein, upon giving\nat least thirty days notice in writing to the custodian or custodians of\nsuch fund.\n