N.Y. Insurance Law § 6203: Miscellaneous

§ 6203. Miscellaneous. (a) The New York insurance exchange shall not

be subject to any state or local taxes or fees measured by income,

premiums or gross receipts, except that for purposes of taxation under

section one thousand five hundred ten of the tax law, direct premiums

written, procured or received by a member or members through the

exchange on risks located in this state shall be deemed written,

procured or received by the exchange and the premium tax due on said

premium shall be reported and paid by the exchange.

(b) The exchange shall reimburse the superintendent for any expenses

incurred by him relating to the regulation of the exchange and its

members.

(c) This chapter and regulations thereunder shall apply to the

exchange, its members, and the insurance or reinsurance written through

the exchange, except as may be exempted by the superintendent pursuant

to regulation; provided that no such exemption shall be unfairly

discriminatory or detrimental to the solvency of licensed insurers.

(d) The superintendent may establish limitations on investments in

members of the exchange. The investment in any member by brokers, agents

and intermediaries transacting business on the exchange, and the

investment in any such broker, agent or intermediary by any member,

directly or indirectly, all as defined by regulation, shall in each case

be limited in the aggregate to less than twenty percent (or such lesser

amount as determined by the superintendent) of the total investment in

such member, broker, agent or intermediary.

(e) For purposes of paragraph nine of subsection (a) of section one

thousand three hundred one of this chapter, reinsurance written by

members of the exchange shall be deemed to have been written by an

insurer authorized to transact insurance in this state.

(f) The performance of the contractual obligations of the exchange or

its members entered into pursuant to section six thousand two hundred

one of this article shall not be covered by any of the New York state

security or guaranty funds.