N.Y. Insurance Law 6626 – Qualification of membership
§ 6626. Qualification of membership. (a) In addition to the legal ability of any natural person to insure in any advance premium or assessment corporation property located in the territory in which such corporation is licensed to do business and in which property he has an insurable interest, it shall also be lawful for any corporation, board, estate, or association to insure in any co-operative property/casualty insurance company property located in the territory in which such corporation is licensed to do business, and in which property it has an insurable interest.
Terms Used In N.Y. Insurance Law 6626
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Trustee: A person or institution holding and administering property in trust.
(b) Any officer, trustee, board member, or legal representative of such corporation, board, estate, or association may be recognized for or on its behalf for the purpose of membership, but shall not be personnally liable upon such contract or contracts of insurance by reason of acting in such representative capacity.