New York Statutes
§ 6621 — Unabsorbed portions of premium payments
New York § 6621
This text of New York § 6621 (Unabsorbed portions of premium payments) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.Y. Insurance § 6621 (2026).
Text
§ 6621. Unabsorbed portions of premium payments.
(a)Subject to the\nrequirements of this article for the accumulation and maintenance of\nminimum surplus, the surplus of any advance premium corporation shall be\neligible for equitable distribution to its members as unabsorbed\nportions of premium payments; but no unabsorbed portion of premium\npayments shall be returned or distributed until authorized by the\ncorporation's board of directors nor until approved by the\nsuperintendent.\n (b) In authorizing any such return of unabsorbed portion of premium\npayments, the board of directors of such a corporation may provide for\nan apportionment thereof among separate groups of members on the basis\nof earned premiums equitably classified according to major kinds of\ninsurance.\n (c) This
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Nearby Sections
15
§ 6606
Reinsurance§ 6607
Duration of charter§ 6608
Extension of territory§ 6609
Policy forms§ 6610
Limitation of risk§ 6611
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Bluebook (online)
New York § 6621, Counsel Stack Legal Research, https://law.counselstack.com/statute/ny/ISC/6621.