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Statutes » New York » ISC Law » Article 61

N.Y. ISC Law § 6103

This is the official text of N.Y. ISC Law § 6103, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.

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Deposits

Official statutory text

* § 6103. Deposits. (a) Before being licensed, every domestic\nreciprocal insurer shall comply with the provisions of subsection (a) of\nsection four thousand one hundred four of this chapter imposed upon a\ndomestic property/casualty insurance company doing the same kind or\nkinds of insurance. Notwithstanding the foregoing, every municipal\nreciprocal insurer may comply with such provisions within one year from\nthe date a license to do business was granted.\n (b) Before being licensed pursuant to subsection (h) of section six\nthousand one hundred two of this article to do insurance on risks\noutside of the United States, its territories and possessions, or to do\nreinsurance, a domestic reciprocal insurer shall comply with the\nprovisions of subsection (b) of section four thousand one hundred four\nof this chapter imposed upon a domestic property/casualty insurance\ncompany.\n (c) Before being licensed to issue non-assessable policies pursuant to\nsection six thousand one hundred eight of this article, a domestic\nreciprocal insurer shall comply with the provisions of subsection (c) of\nsection four thousand one hundred four of this chapter imposed on a\ndomestic mutual property/casualty insurance company.\n (d) The financial requirements of subsections (a) and (c) hereof shall\nbe reduced by fifty percent for a reciprocal insurer initially licensed\nto do business in this state prior to July first, nineteen hundred\neighty-two.\n (e) Before being granted any license or renewal license, every foreign\nreciprocal insurer shall comply with the provisions of subsection (d) of\nsection four thousand one hundred four of this chapter imposed on a\nforeign property/casualty insurance company.\n * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:\n Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of\nthe former Insurance Law that are not possible to juxtapose at this time\ndue to the highly technical nature of such changes and will need future\ncorrective legislation to implement such provisions into the new\nInsurance Law as enacted by such Chapter 367 of the Laws of 1984.\n

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.