N.Y. Insurance Law § 6113: Foreign or alien reciprocal insurers

§ 6113. Foreign or alien reciprocal insurers. (a) The superintendent

may, in his discretion, pursuant to section one thousand one hundred six

of this chapter, issue a license to a reciprocal insurer domiciled in,

or organized under the laws of another state or of any province of

Canada, to do in this state such kind or kinds of insurance business as

a domestic reciprocal insurer may be authorized to do in this state.

(b) Such foreign or alien reciprocal insurer shall comply with

substantially the same requirements of this chapter which are applicable

to domestic reciprocal insurers organized and authorized to do the same

kind or kinds of insurance business and in addition every such alien

reciprocal shall be subject to the provisions of this chapter relating

to alien insurance companies authorized to do the same kind or kinds of

insurance business.

(c) Nothing herein contained shall be deemed to require that the

attorney-in-fact of a foreign or alien reciprocal insurer shall be

resident or domiciled in this state, or shall maintain his or its

principal office in this state, or shall be organized under the laws of

this state; but every authorized reciprocal insurer shall maintain at

least one office in this state.

(d) Every foreign or alien reciprocal insurer shall maintain a minimum

surplus to policyholders in an amount at least equal to that required of

a similar domestic reciprocal insurer organized and licensed to do the

same kind or kinds of insurance.

(e) The superintendent shall pursuant to section one thousand two

hundred twelve of this chapter be appointed the true and lawful attorney

for every such foreign or alien reciprocal insurer and any service upon

him shall be equivalent to the personal service within this state of

such process on each and every of the individual subscribers or

underwriters, by whatever name called, of such reciprocal insurer.

(f) (1) The superintendent may accept the statement of the duly

authorized attorney-in-fact, or of any officer of a corporation

attorney-in-fact, or of any member of a firm attorney-in-fact,

subscribed and affirmed by him as true under the penalties of perjury,

that all of the subscribers have executed the subscriber's agreement

used by such reciprocal insurer, which agreement shall authorize the

attorney-in-fact to designate and appoint the superintendent as attorney

in this state and the supervisory insurance officials of other

jurisdictions upon whom legal process may be served.

(2) Whenever any change, amendment or modification of the power of

attorney or subscriber's agreement has been submitted for execution to

subscribers, in the manner prescribed by section six thousand one

hundred seven of this article, a certified copy thereof shall be filed

with the superintendent and within thirteen months thereafter there

shall be filed with the superintendent a statement similarly subscribed

to the effect that it has been signed by all subscribers of record.

(3) The attorney-in-fact shall annually with the filing of the annual

statement of such foreign or alien reciprocal insurer certify that all

other and additional subscribers which have joined such insurer have

executed the subscriber's agreement as last amended and on file with the

superintendent.

(g) The subscriber's agreement and articles of association, if any, of

every foreign reciprocal insurer licensed to do business in this state

on January first, nineteen hundred forty shall conform to the

requirements applicable to a domestic reciprocal insurer organized and

licensed after such date.