N.Y. Insurance Law § 6606: Reinsurance

§ 6606. Reinsurance. (a) (1) Subject to the provisions of section six

thousand six hundred ten of this article, any co-operative

property/casualty insurance company shall have the power, whether or not

expressed in its charter, to accept reinsurance of the kind or kinds of

insurance it is licensed to do directly, and to cede reinsurance subject

to applicable provisions of section one thousand three hundred eight of

this chapter.

(2) Unless otherwise permitted by the superintendent, an assessment

corporation may assume reinsurance only from other authorized assessment

corporations but may cede reinsurance to any other licensed insurer if

such insurer is authorized to reinsure such kind or kinds of insurance

in this state or to an accredited reinsurer, as defined in subsection

(a) of section one hundred seven of this chapter.

(3) Any co-operative property/casualty insurance company may assume

reinsurance on property located wholly or partially without the

territory in which it is licensed to do a direct writing business

provided, however, that an assessment corporation may only assume

reinsurance on property located in the state of New York with the

exception of the counties of New York, Kings, Queens, Bronx and

Richmond.

(b) Every assessment corporation doing business as a direct writer,

which assumes reinsurance, may, in levying assessments on its members,

assess ceding insurer members as a separate group on the basis of actual

or estimated experience in that classification.