6621 – Unabsorbed Portions of Premium Payments.
§ 6621. Unabsorbed portions of premium payments. (a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any advance premium corporation shall be eligible for equitable distribution to its members as unabsorbed portions of premium payments; but no unabsorbed portion of premium payments shall be returned […]
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 […]
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 […]
6611 – Records.
§ 6611. Records. (a) (1) Every co-operative property/casualty insurance company shall keep and maintain books of account and records in such manner as will show fully and truly the condition, affairs and business of such corporation and facilitate the preparation and verification of its annual statements. (2) Such records shall be available for inspection by […]
6612 – Rebating and Discrimination; Accounts and Statistics; Assessment Corporations.
§ 6612. Rebating and discrimination; accounts and statistics; assessment corporations. Notwithstanding anything to the contrary in this chapter, the provisions of sections two thousand three hundred twenty-four and two thousand three hundred twenty-five of this chapter are applicable to assessment corporations.
6613 – Limitation of Expenses; Co-Operative Property/casualty Insurance Companies.
§ 6613. Limitation of expenses; co-operative property/casualty insurance companies. (a) The expenses of management of any co-operative property/casualty insurance company shall not exceed in any one calendar year forty-two and one-half percent of its net premiums written for such year. The term “net premiums written” means direct premiums written plus reinsurance assumed less return premiums […]
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 […]