4106 – Stock Companies; Participating Policies.
§ 4106. Stock companies; participating policies. A stock property/casualty insurance company authorized to do business in this state may include in its charter a provision authorizing the board of directors to permit its policyholders from time to time to participate in the profits of its operations through the payment of dividends to policyholders. For the […]
4107 – Domestic Mutual Companies; Financial and Other Requirements.
* § 4107. Domestic mutual companies; financial and other requirements. (a) (1) A mutual property/casualty insurance company organized in the manner prescribed in subsection (a) of section one thousand two hundred one of this chapter may be licensed pursuant to subsection (e) of section one thousand one hundred two of this chapter to write any […]
4108 – Foreign and Alien Mutual Companies; Licensing.
§ 4108. Foreign and alien mutual companies; licensing. (a) No foreign or alien mutual property/casualty insurance company shall be granted a license to do business in this state unless it substantially complies with all of the requirements set forth in this chapter for a domestic mutual property/casualty insurance company licensed to write the same kind […]
4109 – Mutual Companies; Special Contingent Surplus.
§ 4109. Mutual companies; special contingent surplus. (a) A domestic mutual property/casualty insurance company licensed to write any of the kinds of insurance defined respectively in the following paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter: accident and health (item (i) of (3)), non-cancellable disability (item (ii) of (3)), […]
4110 – Domestic Mutual Companies; Expense Limits.
§ 4110. Domestic mutual companies; expense limits. (a) No domestic mutual property/casualty insurance company licensed to write a kind of insurance specified in paragraph seven, eight, nine, ten, eleven, thirteen, fourteen, fifteen, sixteen or seventeen of subsection (a) of section one thousand one hundred thirteen of this chapter shall expend in any one calendar year […]
4101 – Definitions.
§ 4101. Definitions. In this article: (a) “Basic kinds of insurance” means the kinds of insurance described in the following paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter numbered therein as set forth in parentheses below: fire (4); burglary and theft (7); glass (8); boiler and machinery (9); elevator […]
4102 – Powers.
* § 4102. Powers. (a) A property/casualty insurance company may be organized and licensed to write any one or more basic kinds of insurance. (b) A property/casualty insurance company organized and licensed to write any one or more basic kinds of insurance, may be licensed to write non-basic kinds of insurance, subject to the following […]
4103 – Stock Companies; Financial Requirements.
* § 4103. Stock companies; financial requirements. (a) (1) A stock property/casualty insurance company organized in the manner prescribed in subsection (a) of section one thousand two hundred one of this chapter may be licensed under subsection (e) of section one thousand one hundred two of this chapter to write one or more kinds of […]
4104 – Deposits.
* § 4104. Deposits. (a) Before being licensed to write one or more of the kinds of insurance defined respectively in the following paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter: burglary and theft (7), glass (8), boiler and machinery (9), elevator (10), animal (11), personal injury liability (13), […]
4105 – Domestic Stock Companies; Declaration and Payment of Dividends.
§ 4105. Domestic stock companies; declaration and payment of dividends. (a) Except as provided in subsection (c) of this section no domestic stock property/casualty insurance company shall declare or distribute any dividend to shareholders except out of earned surplus. Notwithstanding the foregoing, the superintendent may permit a domestic stock property/casualty insurance company to restate its […]