N.Y. Insurance Law § 4108: Foreign and alien mutual companies; licensing

§ 4108. Foreign and alien mutual companies; licensing. (a) No foreign

or alien mutual property/casualty insurance company shall be granted a

license to do business in this state unless it substantially complies

with all of the requirements set forth in this chapter for a domestic

mutual property/casualty insurance company licensed to write the same

kind or kinds of insurance.

(b) No alien mutual property/casualty insurance company shall be

authorized to do business in this state unless it maintains a trusteed

surplus, as required by section one thousand three hundred twelve of

this chapter, at least equal to the surplus to policyholders required to

be maintained by a domestic stock property/casualty insurance company

licensed to write the same kind or kinds of insurance.

(c) The financial requirements specified in subsections (a) and (b)

hereof shall be reduced by fifty percent for a foreign or alien mutual

property/casualty insurance company initially licensed to do business in

this state prior to July first, nineteen hundred eighty-two, but such

reduction shall not apply to such a foreign or alien insurer licensed

under subsection (c) of section four thousand one hundred two of this

article to reinsure risks or write insurance on risks outside the United

States, its territories and possessions. Such reduction shall also not

apply to the amounts required in order to write paragraph twenty-two,

twenty-four or twenty-six of subsection (a) of section one thousand one

hundred thirteen of this chapter.