N.Y. ISC Law § 6602

§ 6602. Classification of insurers; foreign and alien insurers. (a)\nCooperative property/casualty insurance companies operating under or\nsubject to this article shall be either advance premium co-operative\nproperty/casualty insurance companies or assessment co-operative\nproperty/casualty insurance companies.\n (b) (1) "Advance premium corporation" means an advance premium\nco-operative property/casualty insurance company which charges premiums\nin advance on the basis of applicable provisions of article twenty-three\nof this chapter and which maintains unearned premium reserves as\nrequired by section one thousand three hundred five of this chapter and\nloss and loss expense reserves as required by section four thousand one\nhundred seventeen of this chapter.\n (2) "Assessment corporation" means an assessment co-operative\nproperty/casualty insurance company which levies upon its members\nregular assessments, the amount of which is determined by giving due\ncognizance, along with other relative factors, either to the incurred\nliabilities of such insurer, or to its estimated liabilities likely to\nbecome incurred before the next regular assessment, or both, and which\nmaintains unearned premium reserves as required by section one thousand\nthree hundred five of this chapter and loss and loss expense reserves as\nrequired by section four thousand one hundred seventeen of this chapter.\n (c) No insurer operating under or subject to the provisions of this\narticle shall do a part of its business on the advance premium plan and\nanother part on the assessment plan; but this shall not be construed to\naffect the contingent liability of members of advance premium\ncorporations nor to affect the liability of members of assessment\ncorporations for extraordinary assessments, as hereinafter provided.\n (d) No foreign or alien insurer or insurance organization shall be\nlicensed or permitted to do in this state any kind or kinds of insurance\nbusiness specified in this article on the assessment plan, or on any\nmutual plan, other than as a mutual property/casualty insurance company\nor as a reciprocal insurer as elsewhere provided in this chapter.\n