§ 6701. Purpose; construction. (a) The purpose of this article is to provide for the organization and licensing of a nonprofit property/casualty insurance company that insures nonprofit organizations and that will qualify, and continue to qualify, as a “qualified charitable risk pool” as defined in subsection (n) of section 501 of the Internal Revenue Code. […]
§ 6702. Definitions. As used in this article, the following terms shall have the following meanings: (a) “Member” shall, in the case of a nonprofit property/casualty insurance company organized as a type B corporation pursuant to paragraph (b) of section two hundred one of the not-for-profit corporation law, have the meaning set forth in paragraph […]
§ 6703. Organization of nonprofit property/casualty insurance companies. (a) A corporation may be organized as a charitable corporation pursuant to paragraph (a) of section two hundred one of the not-for-profit corporation law or as a nonprofit reciprocal insurer under article sixty-one of this chapter to write the kinds of insurance specified in subsection (a) of […]
§ 6704. Licensing of nonprofit property/casualty insurance companies. (a) No person, firm, corporation or association as an underwriter or underwriters, and no nonprofit property/casualty insurance company, shall do any insurance business in this state, unless authorized to do so pursuant to the provisions of this article. (b) The superintendent may pursuant to this article issue […]
§ 6705. Relevant criteria. (a) In applying this article, the superintendent shall consider the provisions of paragraph (3) of subsection (c) of section 501 of the Internal Revenue Code and subsection (n) of section 501 of the Internal Revenue Code. (b) Notwithstanding any other provision of law, a nonprofit property/casualty insurance company shall: (1) be […]
§ 6706. Applicability of other provisions of this chapter. (a) Except as otherwise provided in this article, where inconsistent with this article, or where the context otherwise requires, all of the provisions of this chapter and the rules and regulations of the superintendent, relating to all insurers and those relating to property/casualty insurance companies transacting […]
§ 6707. Tax exemption; residual market participation exemption; security funds. (a) Every nonprofit property/casualty insurance company subject to the provisions of this article shall be exempt from any fees, taxes, special ad valorem levies or assessments of any kind, including, but not limited to, franchise taxes, sales taxes or other taxes, upon or with respect […]
§ 6708. Rules and regulations. The superintendent shall promulgate such rules and regulations as may be necessary for the implementation of this article. Such regulation may be necessary in light of the nonprofit property/casualty insurance company being owned by nonprofit organizations that it insures, including the proprietary nature of the information relating to the nonprofit […]
