6622 – Refunds From Surplus; Assessment Corporations.
§ 6622. Refunds from surplus; assessment corporations. (a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any assessment corporation shall be eligible for equitable distribution to its members, but no distribution shall be made until authorized by the corporation’s board of directors nor until approved […]
6623 – Investments.
§ 6623. Investments. (a) The funds of every co-operative property/casualty insurance company shall be invested only as permitted by subsection (c) of section one thousand four hundred three of this chapter, except as otherwise provided herein. (b) The minimum capital investments of a domestic insurer as set forth in section one thousand four hundred two […]
6614 – Contingent Liability of Members; Advance Premium Corporations.
§ 6614. Contingent liability of members; advance premium corporations. (a) Any advance premium corporation may limit the contingent liability of a member thereof to not less than once the amount of, and in addition to, the premium which would be charged for insurance for one year or the advance premium stated in the policy, whichever […]
6604 – Organization of Advance Premium Corporations.
§ 6604. Organization of advance premium corporations. (a) An advance premium corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsection (a) of section one thousand one hundred thirteen […]
6605 – Organization of Assessment Corporations.
§ 6605. Organization of assessment corporations. (a) An assessment corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsection (a) of section one thousand one hundred thirteen of this […]
6606 – Reinsurance.
§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six thousand six hundred ten of this article, any co-operative property/casualty insurance company shall have the power, whether or not expressed in its charter, to accept reinsurance of the kind or kinds of insurance it is licensed to do directly, and to cede reinsurance […]
6607 – Duration of Charter.
§ 6607. Duration of charter. Subject to the provisions of article seventy-four of this chapter, the charter of every co-operative property/casualty insurance company shall be perpetual.
6608 – Extension of Territory.
§ 6608. Extension of territory. (a) The superintendent, upon application by any advance premium corporation may issue a license pursuant to section one thousand one hundred two of this chapter to such corporation to do the business in counties additional to those in which it is then authorized or in the entire state if such […]
6609 – Policy Forms.
§ 6609. Policy forms. (a) (1) Every form of policy issued by any co-operative property/casualty insurance company shall indicate in words prominently displayed at the top of the first page, and in type of which the face shall not be smaller than twelve point, that such policy is issued on the co-operative plan. (2) Each […]
6610 – Limitation of Risk.
§ 6610. Limitation of risk. (a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by a co-operative property/casualty insurance company on a single […]