|
§4104
|
* §4104 . Deposits.
|
|
§4104(a)
|
(a) Before being licensed to write 1 or more of the kinds of insurance defined respectively in the following paragraphs of this chapter: burglary and theft (7), glass (8), boiler and machinery (9), elevator (10), animal (11), personal injury liability (13), property damage liability (14), workers' compensation and employers' liability (15), fidelity and surety (16), or credit (17), a domestic property/casualty insurance company shall have made a deposit with the superintendent of eligible securities in an amount of at least $500,000 or the amount required as paid-in capital or minimum surplus for the kind or kinds of insurance which such company is to be licensed to write, whichever is the lesser, but in no event shall the amount of the deposit be less than $400,000 for any stock company writing any 2 kinds of insurance designated in (this sub§) .
|
|
§4104(b)
|
(b) Before being licensed pursuant to subsection §4102(c) of this article to reinsure risks or to write insurance on risks outside of the United States, its territories and possessions, a domestic property/casualty insurance company shall have made a deposit with the superintendent of eligible securities in an amount of at least $3,000,000. Such deposit shall be inclusive any deposit required by (sub§ (a)) hereof.
|
|
§4104(c)
|
(c) Before being authorized to issue non-assessable policies pursuant to §4113 of this article, a domestic mutual property/casualty insurance company shall have made a deposit with the superintendent of eligible securities in an amount of at least $500,000. Such deposit shall be inclusive any deposit required by (sub§ (a)) hereof.
|
|
§4104(d)
|
(d) Before being granted any license or renewal license, every foreign property/casualty insurance company shall have made a deposit with the superintendent of eligible securities in an amount not less than the amount required for a similar domestic property/casualty insurance company. The superintendent shall accept in lieu of such deposit a certificate of the proper state officer of the state under whose laws such company is organized showing that such company has deposited with the proper officer of such state, in trust for the benefit and protection of, or for the security of, all of its policyholders, or of all of its policyholders and creditors, securities valued at an amount not less than the amount hereinbefore specified. Such certificate and deposit shall be governed by the provisions of §1318 and §1319 of this chapter.
|
|
§4104(e)
|
(e) The amounts of the deposits specified in (sub§ (a)) and (sub§ (c)) hereof shall be reduced by 50% for any property/casualty insurance company initially licensed to do business in this state prior to July 1st, 1982.
|
|
|
* SPECIAL NOTE. - - Notwithstanding that Chapter 585 of the Laws of 1984: Bill §2 , §3 , §5 , §6 , §7 , and §9 of such chapter amend provisions of the former Insurance Law that are not possible to juxtapose at this time due to the highly technical nature of such changes and will need future corrective legislation to implement such provisions into the new Insurance Law as enacted by such Chapter 367 of the Laws of 1984. Source Data downloaded: 2009-04-09 15: 04: 11; Processed: 2009-05-08 15: 36: 05
|