N.Y. Insurance Law § 6201: New York insurance exchange

§ 6201. New York insurance exchange. (a) Notwithstanding the

provisions of section six thousand one hundred sixteen of this chapter,

the New York insurance exchange, shall be continued, subject to such

regulations as may be promulgated by the superintendent.

(b) The purposes of the exchange shall be:

(1) to provide a facility for the underwriting of:

(A) reinsurance of all kinds of insurance;

(B) direct insurance of all kinds on risks located entirely outside

the United States;

(C) direct insurance of all kinds on risks located in the United

States other than in this state, provided that such risk qualifies for

placement pursuant to the excess and surplus lines requirements of the

jurisdiction in which the risk is located; the superintendent may permit

the exchange or its syndicates, or both, to take such steps as may be

necessary to qualify as an excess and surplus lines insurer in such

jurisdiction;

(D) risks which shall have been submitted to and certified as having

been rejected by a committee representative of insurers licensed by the

superintendent under article sixty-three of this chapter, subject to

conditions imposed by the superintendent pursuant to regulation; and

(2) to manage the facility authorized by this article, in accordance

with regulations promulgated by the superintendent.