N.Y. Insurance Law § 6619: Special reserve or emergency funds; co-operative property/casualty insurance companies

§ 6619. Special reserve or emergency funds; co-operative

property/casualty insurance companies. (a) (1) Ten or more co-operative

property/casualty insurance companies may enter into an agreement to

make deposits in special reserve or emergency funds.

(2) Any deposit with accretions thereon made pursuant to any such

agreements shall be kept deposited with a solvent trust company of this

state and shall remain the property of the depositing corporations and

shall be subject to the provisions of this chapter governing the

investments of such corporations.

(b) (1) Such special reserve or emergency funds shall be subject to

examination by the superintendent in like manner as the other assets and

property of any depositing corporation and shall be used only for the

purpose of enabling any depositing corporation to comply with any

requirement of this article, and then only with the consent of at least

two-thirds of the membership of such fund in proportion to its

ownership.

(2) Loans thus authorized from such a fund may be made pursuant to

agreements as prescribed in section one thousand three hundred seven of

this chapter or in such other form as approved by the membership.

(c) Any such depositing corporation may, with the consent of the

superintendent, withdraw all or a part of its share therein, upon giving

at least thirty days notice in writing to the custodian or custodians of

such fund.