N.Y. Insurance Law § 6103: Deposits

* § 6103. Deposits. (a) Before being licensed, every domestic

reciprocal insurer shall comply with the provisions of subsection (a) of

section four thousand one hundred four 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 one year from

the date a license to do business was granted.

(b) Before being licensed pursuant to subsection (h) of section six

thousand one hundred two 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 (b) of section four thousand one hundred four

of this chapter imposed upon a domestic property/casualty insurance

company.

(c) Before being licensed to issue non-assessable policies pursuant to

section six thousand one hundred eight of this article, a domestic

reciprocal insurer shall comply with the provisions of subsection (c) of

section four thousand one hundred four of this chapter imposed on a

domestic mutual property/casualty insurance company.

(d) The financial requirements of subsections (a) and (c) hereof shall

be reduced by fifty percent for a reciprocal insurer initially licensed

to do business in this state prior to July first, nineteen hundred

eighty-two.

(e) Before being granted any license or renewal license, every foreign

reciprocal insurer shall comply with the provisions of subsection (d) of

section four thousand one hundred four of this chapter imposed on a

foreign property/casualty insurance company.

* 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.