§ 6623 — Investments

New York § 6623

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

Text

§ 6623. Investments. (a) The funds of every co-operative\nproperty/casualty insurance company shall be invested only as permitted\nby subsection (c) of section one thousand four hundred three of this\nchapter, except as otherwise provided herein.\n (b) The minimum capital investments of a domestic insurer as set forth\nin section one thousand four hundred two of this chapter shall be\napplicable to an:\n (1) Assessment corporation in an amount equal to the lesser of such\ncorporation's total liabilities or two hundred fifty thousand dollars.\n (2) Advance premium corporation in an amount equal to the greater of\nthe minimum capital required by law or the minimum surplus to\npolicyholders required to be maintained by law for a domestic stock\nproperty/casualty insurance company authorized to transact the same\nkinds of insurance. The foregoing requirement shall be reduced by fifty\npercent for a co-operative property/casualty insurance company initially\nlicensed to do business in this state prior to July first, nineteen\nhundred eighty-two. Any advance premium corporation not meeting its\napplicable minimum capital investment requirement on January first,\nnineteen hundred eighty-seven shall be required to meet such requirement\nbefore investing its funds, after such date, in any other permissible\ninvestment.\n (c) Notwithstanding the limitation of investments in certificates of\ndeposit set forth in subsection (a) of section one thousand four hundred\nnine of this chapter, an assessment corporation may invest in\ncertificates of deposit of any one institution in an amount not to\nexceed the amount guaranteed by the Federal Deposit Insurance\nCorporation.\n