§ 6101. Definitions. In this article: (a) “Advisory committee” means any official body, by whatever name called, which is chosen by the subscribers of a reciprocal insurer and which has, subject to the articles of association and subscribers agreement, ultimate power and responsibility in the management and control of the affairs of a reciprocal insurer. […]
* § 6102. Organization of domestic reciprocal insurers. (a) Twenty-five or more persons, firms and corporations, each having the qualifications of subscribers as prescribed in this article, may organize a reciprocal insurer to do any one or more of the basic kinds of insurance set forth in subsection (a) of section four thousand one hundred […]
* § 6103. Deposits. (a) Before being licensed, every domestic reciprocal insurer shall comply with the provisions of subsection (a) of section four thousand one hundred four of this chapter imposed upon a domestic property/casualty insurance company doing the same kind or kinds of insurance. Notwithstanding the foregoing, every municipal reciprocal insurer may comply with […]
§ 6104. Qualifications of subscribers. (a) (1) No authorized reciprocal insurer shall make any new agreement for insurance containing a provision for contingent liability of subscribers with any subscriber who or which does not have assets in his, their or its own right in an amount not less than fifty thousand dollars in excess of […]
§ 6105. Licensing. (a) No person, firm, corporation or association as an underwriter or underwriters, and no reciprocal insurer, shall do any insurance business in this state, nor shall any person, firm, corporation or association as attorney-in-fact or other representative of any reciprocal insurer do or cause to be done within this state any act […]
§ 6106. Subscriber’s agreement. (a) (1) Every subscriber of an authorized reciprocal insurer shall have executed a subscriber’s agreement, and every subscriber executing such a subscriber’s agreement containing a provision for contingent liability of subscribers shall execute and duly acknowledge the same, in a manner sufficient for the acknowledgment of conveyances of real property to […]
§ 6107. Changes and amendments. (a) (1) No reciprocal insurer shall change its name or amend its subscriber’s agreement without first obtaining the written approval of the superintendent. (2) No such insurer shall establish branch offices under other or different names or titles. (b) The superintendent shall approve any change or substitution in the attorney-in-fact […]
§ 6108. Contingent liability; non-assessable policies. (a) Every contract of insurance and subscriber’s agreement under or by which contracts of insurance are issued or exchanged by any authorized reciprocal insurer shall provide for a contingent several liability for assessment of the subscriber as an inter-insurer on the risks of every other subscriber in an amount […]
§ 6109. Subscriber’s operating reserve. (a) (1) Every subscriber of an authorized reciprocal insurer in which subscribers are subject to contingent liability shall accumulate a minimum operating reserve, to be credited to such subscriber on the books and records of such reciprocal insurer, by authorizing the attorney-in-fact to credit to such account at the end […]
§ 6110. Limitation of risk. Every reciprocal insurer authorized to do business in this state shall be subject to the provisions of sections one thousand one hundred fifteen and four thousand one hundred eighteen of this chapter.
§ 6111. Assets, liabilities and surplus. (a) All of the assets of any reciprocal insurer including subscribers’ operating reserves shall be liable primarily for payment of all liabilities incurred under its policies or other contracts. (b) No part of the surplus funds of such reciprocal insurer shall be subject to the claims of general creditors […]
§ 6112. Subscribers’ accounts. (a) The attorney-in-fact, in addition to the books of account of the collective transactions of all subscribers of the reciprocal insurer, shall keep and maintain a separate account for each individual subscriber setting forth the entries determining the operating reserve, if any, of such subscriber. (b) Each subscriber’s account shall be […]
§ 6113. Foreign or alien reciprocal insurers. (a) The superintendent may, in his discretion, pursuant to section one thousand one hundred six of this chapter, issue a license to a reciprocal insurer domiciled in, or organized under the laws of another state or of any province of Canada, to do in this state such kind […]
§ 6114. Application of other sections. (a) Except as otherwise provided in this article, and except where the context otherwise requires, all of the provisions of this chapter relating to all insurers and those relating to insurers transacting the same kind or kinds of insurance which reciprocal insurers are permitted to transact, shall be applicable […]
§ 6115. Merger. (a) (1) Two or more reciprocal insurers may, by a two-thirds affirmative vote of the subscribers of each insurer, merge in accordance with the provisions of article seventy-one of this chapter. (2) The powers of such new reciprocal insurer under this article shall not be greater than those possessed hereunder by the […]
§ 6116. Lloyds underwriters. (a) Any existing Lloyds underwriters heretofore organized under any law of this state and authorized to do an insurance business herein, which has exercised its powers of issuing insurance policies continuously during each of the two years immediately prior to January first, nineteen hundred forty, may, by maintaining a minimum surplus […]
