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§4115 . Certain mutual companies existing prior to January 1st, 1940.
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(a) Notwithstanding the provisions of §4111 , §4113 and §4114 of this article, any domestic mutual property/casualty insurance company heretofore organized as a domestic mutual marine and fire insurance company under special act of this state and reincorporated pursuant to former §52 of the insurance law in effect immediately before January 1st, 1940 and doing business immediately prior to such date, may continue to issue non-assessable policies in accordance with its charter powers, without making any deposit, if and so long as it maintains a surplus of not less than $1,000,000.
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(b) Notwithstanding the provisions of §1209 and §1211 of this chapter and §4114 of this article, any such domestic mutual insurance company of the kind specified in (sub§ (a)) hereof, may continue to issue both participating and non-participating policies or contracts of insurance, in accordance with its charter, and may continue to exercise its existing charter powers as to the qualification of its members and trustees and as to the election and powers of its board of trustees. Source Data downloaded: 2009-04-09 15: 04: 11; Processed: 2009-05-08 15: 36: 06 |
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