N.Y. Insurance Law § 4102: Powers

* § 4102. Powers. (a) A property/casualty insurance company may be

organized and licensed to write any one or more basic kinds of

insurance.

(b) A property/casualty insurance company organized and licensed to

write any one or more basic kinds of insurance, may be licensed to write

non-basic kinds of insurance, subject to the following requirements

(references are to paragraphs of subsection (a) of section one thousand

one hundred thirteen of this chapter describing kinds of insurance):

(1) If licensed to write 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), it

may be licensed to write accident and health (item (i) of (3)),

non-cancellable disability (item (ii) of (3)), water damage (6),

collision (12), residual value (22), credit unemployment (24), gap (26),

prize indemnification (27), service contract reimbursement (28) and

involuntary unemployment (30);

(2) If licensed to write fire (4), it may be licensed to write

miscellaneous property (5), water damage (6), collision (12), motor

vehicle and aircraft physical damage (19), inland marine as specified in

marine and inland marine (20) and parametric (34);

(3) If licensed to write marine and inland marine (20), it may be

licensed to write collision (12), motor vehicle and aircraft physical

damage (19), and marine protection and indemnity (21);

(4) If licensed to write personal injury liability (13) and property

damage liability (14), it may be licensed to write motor vehicle and

aircraft physical damage (19) and legal services insurance (29); and

(5) In the case of a mutual company licensed to write burglary and

theft (7), glass (8), boiler and machinery (9), elevator (10), animal

(11), personal injury liability (13), workers' compensation and

employers' liability (15), fidelity and surety (16), or credit (17), it

may be licensed to write property damage liability (14).

(c) A property/casualty insurance company organized and licensed to

write any basic kind of insurance, may be licensed, except with respect

to the kinds of insurance defined respectively in the following

paragraphs of subsection (a) of section one thousand one hundred

thirteen of this chapter: life insurance (1), annuities (2) and title

insurance (18), to (i) reinsure risks of every kind or description and

(ii) insure property or risks of every kind or description located or

resident outside of the United States, its territories and possessions.

(d) A property/casualty insurance company complying with the

provisions of this section shall meet all other applicable requirements

of this article.

* SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:

Bill sections 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.