N.Y. Insurance Law § 6107: Changes and amendments

§ 6107. Changes and amendments. (a) (1) No reciprocal insurer shall

change its name or amend its subscriber's agreement without first

obtaining the written approval of the superintendent.

(2) No such insurer shall establish branch offices under other or

different names or titles.

(b) The superintendent shall approve any change or substitution in the

attorney-in-fact of any such insurer and there shall be filed in the

office of the new attorney-in-fact new subscriber's agreements or

amendments to the existing subscriber's agreements containing the new

powers of attorney signed by every subscriber of such reciprocal

insurer. Notwithstanding the foregoing, a foreign reciprocal that

primarily provides coverage to former and current military officers and

their families shall notify the superintendent of any change or

substitution in the attorney-in-fact of such insurer and the new

attorney-in-fact shall apply for licensure pursuant to section six

thousand one hundred five of this article within thirty days of such

change or substitution.

(c) After any reciprocal insurer is authorized to do business in this

state, it may be joined by other and additional subscribers who have

been accepted and are qualified and have executed a subscriber's

agreement and power of attorney identical with the instruments in effect

at that time and which all other subscribers have executed.

(d) (1) No such change and no amendment or modification in the

provisions of the subscriber's agreement shall be submitted to the

subscribers for execution unless approved by the advisory committee at a

meeting duly called for such purpose.

(2) Every such change, amendment or modification shall be submitted

for execution to all existing subscribers contemporaneously and shall

take effect, as to all subscribers executing the same, at the expiration

of one year from the date of such submission.

(3) Any subscriber failing to execute any new subscriber's agreement

or any amendment to an existing subscriber's agreement within one year

after its submission to such subscriber shall be deemed to have

withdrawn from membership in such reciprocal.

(4) Notwithstanding paragraphs one, two and three hereof, in the case

of any reciprocal insurer which shall have issued its policies, or

binders, with the subscriber's agreement and statement printed thereon

pursuant to paragraph two of subsection (a) of section six thousand one

hundred six of this article, or a reciprocal insurer having a corporate

attorney-in-fact wholly owned by the subscribers at such reciprocal

insurer who provides with such submission a copy of the subscriber's

agreement in force, the failure of any subscriber at such reciprocal to

object in writing thereto within sixty days after the date of such

submission shall constitute such subscriber's acceptance of such change,

amendment or modification as fully and to the same extent as though

acceptance of such change, amendment or modification had been signed and

acknowledged by that subscriber and such change, amendment or

modification shall take effect, as to all subscribers at such reciprocal

who have not objected thereto in writing, at the expiration of sixty

days from the date of submission. Any subscriber at such reciprocal who

objects in writing, within sixty days from the date of such submission,

to such change, amendment or modification shall be deemed to have

withdrawn from membership in such reciprocal.