N.Y. Insurance Law § 6202: Constitution and by-laws

§ 6202. Constitution and by-laws. (a) The exchange shall function

under its constitution and by-laws which it may amend pursuant to the

terms thereof.

(b) Notwithstanding the authority granted to the exchange pursuant to

the provisions of the constitution and by-laws to amend, replace or add

provisions, the constitution and by-laws shall at all times provide for

but not be limited to:

(1) the election of no less than six nor more than thirteen governors

at least one-third of whom shall not be members of the exchange and who

shall be public representatives;

(2) the location of the principal offices of the exchange and its

members to be within this state for the purpose of the transaction of

the types of business described in subsection (b) of section six

thousand two hundred one of this article;

(3) the submission by members and all applicants for membership on the

exchange of such financial information required by the superintendent;

(4) the establishment by the exchange of a security fund in a form and

amount approved by the superintendent;

(5) the voting power of members who are underwriting syndicates;

(6) the voting power and other rights granted under the provisions of

the not-for-profit corporation law to participate in the conduct and

management of the affairs of the exchange by brokers, agents and

intermediaries transacting business on the exchange, each of whom shall

be considered "members" only under the provisions of such law; and

(7) the rights and duties of exchange members, which may include but

shall not be limited to the manner and form of conducting business,

financial stability, dues, membership fees, mandatory arbitration and

all other matters necessary or appropriate to conduct any business

permitted by this article.

(c) Any amendments to the constitution and by-laws shall be subject to

the approval of the superintendent.

(d) At least two-thirds of the governors shall be citizens of the

United States.

(e) For the purposes of this section, a principal office shall be one

where officers and qualified personnel who are engaged in the

administration, underwriting, claims, policyholders' service, marketing,

accounting, record-keeping and all supportive services shall be located.