N.Y. ISC Law § 6104

§ 6104. Qualifications of subscribers. (a) (1) No authorized\nreciprocal insurer shall make any new agreement for insurance containing\na provision for contingent liability of subscribers with any subscriber\nwho or which does not have assets in his, their or its own right in an\namount not less than fifty thousand dollars in excess of liabilities as\nshown by a commercial agency report as hereinafter provided, or by a\nsworn statement on file with the attorney-in-fact, verified by such\nsubscriber or by an officer of a corporation subscriber.\n (2) (A) Before renewing a contract of insurance with a subscriber,\ncontaining a provision for contingent liability of subscribers, similar\nproof of financial responsibility shall be required unless the\nsubscriber has accumulated and maintains the subscriber's operating\nreserve required by section six thousand one hundred nine of this\narticle.\n (B) The report of an established commercial agency having one hundred\nthousand or more subscribers shall be deemed presumptive evidence of the\nfinancial condition of a subscriber.\n (b) (1) All corporations and the directors or any representative\nthereof and all persons, firms or corporations holding property in trust\nmay insure the same in reciprocal insurers and by so doing such\ndirectors, representatives or trustees, in their representative\ncapacity, may assume the liabilities and be entitled to the rights of a\nsubscriber of such reciprocal insurer.\n (2) Such directors, representatives or trustees shall not be\npersonally liable as individuals upon such contract of insurance or\nsubscriber's agreement.\n