N.Y. Insurance Law 6706 – Applicability of other provisions of this chapter
§ 6706. Applicability of other provisions of this chapter. (a) Except as otherwise provided in this article, where inconsistent with this article, or where the context otherwise requires, all of the provisions of this chapter and the rules and regulations of the superintendent, relating to all insurers and those relating to property/casualty insurance companies transacting the same kind or kinds of insurance shall be applicable to a nonprofit property/casualty insurance company organized as a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law and formed pursuant to paragraph (a) of section two hundred one of the not-for-profit corporation law and licensed pursuant to subsection (b) of section six thousand seven hundred four of this article. Where any of such provisions of law refer to a corporation, company or insurer, such references, when read in connection with and applicable to this article, shall mean such a nonprofit property/casualty insurance company.
Terms Used In N.Y. Insurance Law 6706
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Except as otherwise provided in this article, where inconsistent with this article, or where the context otherwise requires, all of the provisions of this chapter and the rules and regulations of the superintendent, relating to all insurers and those relating to reciprocal insurers transacting the same kind or kinds of insurance shall be applicable to a nonprofit property/casualty insurance company organized as a reciprocal insurer pursuant to article sixty-one of this chapter and licensed pursuant to subsection (c) of section six thousand seven hundred four of this article. Where any of such provisions of law refer to a corporation, company or insurer, such references, when read in connection with and applicable to this article, shall mean such a nonprofit property/casualty insurance company.
(c) (1) Every nonprofit property/casualty insurance company shall be subject to liquidation, dissolution or rehabilitation pursuant to the provisions of article seventy-four of this chapter, and such proceeding shall be under the supervision of the superintendent, who shall have such powers granted pursuant to the provisions of such article as are applicable to domestic insurance companies.
(2) Articles ten, eleven and twelve of the not-for-profit corporation law shall not apply to nonprofit property/casualty insurance companies.