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.
6601 – Scope of Article; Other Provisions.
§ 6601. Scope of article; other provisions. (a) All insurers formed pursuant to chapter seven hundred thirty-nine of the laws of eighteen hundred fifty-seven, chapter five hundred seventy-three of the laws of eighteen hundred eighty-six, or the laws of which the last mentioned chapter was a consolidation, article nine of chapter six hundred ninety of […]
6602 – Classification of Insurers; Foreign and Alien Insurers.
§ 6602. Classification of insurers; foreign and alien insurers. (a) Cooperative property/casualty insurance companies operating under or subject to this article shall be either advance premium co-operative property/casualty insurance companies or assessment co-operative property/casualty insurance companies. (b) (1) “Advance premium corporation” means an advance premium co-operative property/casualty insurance company which charges premiums in advance on […]
6603 – Incorporation of Co-Operative Property/casualty Insurance Companies.
§ 6603. Incorporation of co-operative property/casualty insurance companies. (a) A corporation may be organized and licensed as an advance premium corporation or as an assessment corporation in the manner prescribed in this section and subject to any other applicable requirements of this chapter. The successive steps shall be as follows: (1) The proposed incorporators, who […]