N.Y. Insurance Law § 6623: Investments

§ 6623. Investments. (a) The funds of every co-operative

property/casualty insurance company shall be invested only as permitted

by subsection (c) of section one thousand four hundred three of this

chapter, except as otherwise provided herein.

(b) The minimum capital investments of a domestic insurer as set forth

in section one thousand four hundred two of this chapter shall be

applicable to an:

(1) Assessment corporation in an amount equal to the lesser of such

corporation's total liabilities or two hundred fifty thousand dollars.

(2) Advance premium corporation in an amount equal to the greater of

the minimum capital required by law or the minimum surplus to

policyholders required to be maintained by law for a domestic stock

property/casualty insurance company authorized to transact the same

kinds of insurance. The foregoing requirement shall be reduced by fifty

percent for a co-operative property/casualty insurance company initially

licensed to do business in this state prior to July first, nineteen

hundred eighty-two. Any advance premium corporation not meeting its

applicable minimum capital investment requirement on January first,

nineteen hundred eighty-seven shall be required to meet such requirement

before investing its funds, after such date, in any other permissible

investment.

(c) Notwithstanding the limitation of investments in certificates of

deposit set forth in subsection (a) of section one thousand four hundred

nine of this chapter, an assessment corporation may invest in

certificates of deposit of any one institution in an amount not to

exceed the amount guaranteed by the Federal Deposit Insurance

Corporation.