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§6103

* §6103 . Deposits.

§6103(a)

(a) Before being licensed, every domestic reciprocal insurer shall comply with the provisions of subsection §4104(a) 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 such provisions within 1 year from the date a license to do business was granted.

§6103(b)

(b) Before being licensed pursuant to subsection §6102(h) of this article to do insurance on risks outside of the United States, its territories and possessions, or to do reinsurance, a domestic reciprocal insurer shall comply with the provisions of subsection §4104(b) of this chapter imposed upon a domestic property/casualty insurance company.

§6103(c)

(c) Before being licensed to issue non-assessable policies pursuant to §6108 of this article, a domestic reciprocal insurer shall comply with the provisions of subsection §4104(c) of this chapter imposed on a domestic mutual property/casualty insurance company.

§6103(d)

(d) The financial requirements of (sub§ (a)) and (sub§ (c)) hereof shall be reduced by 50% for a reciprocal insurer initially licensed to do business in this state prior to July 1st, 1982.

§6103(e)

(e) Before being granted any license or renewal license, every foreign reciprocal insurer shall comply with the provisions of subsection §4104(d) of this chapter imposed on a foreign property/casualty insurance company.

* 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.
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