N.Y. Insurance Law § 4115: Certain mutual companies existing prior to January first, nineteen hundred forty

§ 4115. Certain mutual companies existing prior to January first,

nineteen hundred forty. (a) Notwithstanding the provisions of sections

four thousand one hundred eleven, four thousand one hundred thirteen and

four thousand one hundred fourteen 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 section fifty-two of the insurance

law in effect immediately before January first, nineteen hundred forty

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 one million dollars.

(b) Notwithstanding the provisions of sections one thousand two

hundred nine and one thousand two hundred eleven of this chapter and

section four thousand one hundred fourteen of this article, any such

domestic mutual insurance company of the kind specified in subsection

(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.