N.Y. Insurance Law § 1114: Reinsurance business

§ 1114. Reinsurance business. (a) Any domestic stock or mutual

insurance corporation or reciprocal insurer may reinsure only the kinds

of insurance business which it is licensed to do in this state or which

it is otherwise authorized to reinsure by the terms of its license. Any

such corporation may confine its business to reinsurance.

(b) Any foreign or alien stock or mutual insurance corporation or

reciprocal insurer may engage in this state in reinsurance of the kinds

of insurance which it is licensed to do in this state. Any such

corporation may confine its business to reinsurance.

(c) An insurer authorized by any provision of this chapter to engage

in fidelity and surety insurance or reinsurance business may also

guarantee performance of a contract insuring against physical damage to

property in favor of mortgagees or other loss payees named in such

contract, provided:

(1) It is authorized to engage in the kinds of insurance included in

such contract;

(2) It has assumed reinsurance on the guaranteed contract in whole or

in part;

(3) It is charged with such amount as part of its unearned premium

reserve as may be prescribed by regulation of the superintendent not

exceeding the amount it would be required to maintain in accordance with

the provisions of this chapter if it were the direct insurer of the

guaranteed risks; and

(4) If the property is located in this state, the ceding insurer is

licensed to engage in the kinds of insurance included in such contracts.

(d) An insurer authorized by any provision of this chapter to do

business of the kinds referred to in paragraph one, two or three of

subsection (a) of section one thousand one hundred thirteen of this

article may also reinsure, by itself, or together with other insurance

companies subject to any regulations of the superintendent, any risk

referred to in such subsection arising from, related to, or incident to

the manufacture, ownership or operation of aircraft.

(e) Any health service corporation organized under article forty-three

of this chapter is authorized to engage in reinsurance of policies of:

(1) any other corporation organized under article forty-three of this

chapter;

(2) any health maintenance organization organized under article

forty-four of the public health law; and

(3) long term care insurance issued by accident and health insurers

organized under article forty-two of this chapter.