N.Y. Insurance Law § 6611: Records

§ 6611. Records. (a) (1) Every co-operative property/casualty

insurance company shall keep and maintain books of account and records

in such manner as will show fully and truly the condition, affairs and

business of such corporation and facilitate the preparation and

verification of its annual statements.

(2) Such records shall be available for inspection by any policyholder

of the corporation during ordinary business hours.

(3) The secretary shall maintain a minute book recording the

proceedings of all meetings of the corporation, its board of directors

and the principal committees thereof.

(4) (A) The books of account shall include a cash book and general

ledger together with the necessary supplemental and subsidiary records

including a loss register showing all losses of which the corporation

has had notice and the disposition or settlement thereof and a record of

its investments.

(B) All cash and checks collected including policy and survey fees

shall be reported as income.

(C) All checks issued shall be signed either by two officers or by one

officer upon the written order of another officer, except as otherwise

provided by resolution of the corporation's board of directors or in its

by-laws for handling of miscellaneous expenses.

(D) Checkbook stubs, bank statements and cancelled checks shall be

kept on file for at least seven years.

(b) The records of a co-operative property/casualty insurance company

shall also include a policy register in such form as will show all

policies issued in consecutive numerical order in one or more series,

and a register of gross premiums or assessments in force and reinsurance

premiums in force summarized by terms and expirations and supported by

monthly or quarterly tabulations of the premiums written and cancelled

during such periods.

(c) The records of an assessment corporation shall also include an

assessment register which may be combined with the policy register,

showing the rates and amount charged and dates of collections, and a

loan or note record showing all such transactions.