N.Y. ISC Law § 6610

§ 6610. Limitation of risk. (a) Subject to the other provisions of\nthis section, the maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be assumed by\na co-operative property/casualty insurance company on a single risk for\nevery kind of insurance it is authorized to write shall not exceed, in\naccordance with section one thousand one hundred fifteen of this\nchapter, ten percent of its surplus to policyholders as shown in its\nlast sworn statement filed with the superintendent.\n (b) The maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be assumed by\nan advance premium corporation on property not protected by automatic\nsprinklers, situated within the boundaries of one city block or on one\ngroup of buildings composed of attached or adjacent buildings which have\nless than sixty feet of clear space at all points between such buildings\nand other buildings, shall not exceed ten percent of its surplus to\npolicyholders as shown in its last sworn statement filed with the\nsuperintendent.\n (c) The maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be assumed by\nan assessment corporation on a single risk for the kinds of insurance\nlisted below shall not exceed three percent of its surplus as shown in\nits last sworn statement filed with the superintendent or fourteen\nthousand dollars, whichever is greater.\n Kinds of insurance specified in the following numbered paragraphs of\nsubsection (a) of section one thousand one hundred thirteen of this\nchapter:\n (4) fire insurance;\n (5) miscellaneous property insurance (excluding insurance against\nwindstorm, tornado, cyclone, flood, earthquake or volcanic eruption);\n (6) water damage insurance;\n (7) burglary and theft insurance;\n (8) glass insurance;\n (9) boiler and machinery insurance;\n (12) collision insurance;\n (20) marine and inland marine insurance (inland marine insurance only;\nexcept insurance within paragraph twenty against windstorm, tornado,\ncyclone, flood, earthquake or volcanic eruption).\n The term "risk" means property which is situate less than sixty feet\nfrom other property except property consisting of or located in a\nbuilding of fire resistive construction or fully protected by automatic\nsprinklers.\n (d) The maximum amount of insurance (including the obligation to pay\noutside loss adjustment expense) less reinsurance in other authorized\ninsurers or accredited reinsurers as defined in subsection (a) of\nsection one hundred seven of this chapter which may be assumed by an\nassessment corporation on a single risk for the kinds of insurance\nlisted below shall not exceed two percent of its surplus as shown in its\nlast sworn statement filed with the superintendent.\n Kinds of insurance specified in the following numbered paragraphs of\nsubsection (a) of section one thousand one hundred thirteen of this\nchapter:\n (13) personal injury liability insurance;\n (14) property damage liability insurance;\n (15) workers' compensation and employers' liability insurance\n(excluding workers' compensation insurance, but not excluding workers'\ncompensation insurance required by subsection (j) of section three\nthousand four hundred twenty of this chapter);\n (19) motor vehicle and aircraft physical damage insurance (excluding\naircraft physical damage insurance).\n (e) The maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be assumed by\nan assessment corporation on a single risk for insurance against\nwin
pter);\n (19) motor vehicle and aircraft physical damage insurance (excluding\naircraft physical damage insurance).\n (e) The maximum amount of insurance less reinsurance in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter which may be assumed by\nan assessment corporation on a single risk for insurance against\nwindstorm, tornado, cyclone, flood, earthquake or volcanic eruption\nshall not exceed two percent of its surplus as shown in its last sworn\nstatement filed with the superintendent, provided however, that the\naggregate amount incurred, after deducting such reinsurance, with\nrespect to losses due to a single occurrence of such insured peril which\nexceeds ten percent of the company's surplus as shown in its last sworn\nstatement filed with the superintendent shall be reinsured in other\nauthorized insurers or in accredited reinsurers as defined in subsection\n(a) of section one hundred seven of this chapter. The term "single\noccurrence" means all losses occasioned by the perils of windstorm,\ntornado, cyclone, flood, earthquake or volcanic eruption arising from\nthe same continuous atmospheric disturbance or other physical\ndisturbance occurring within a seventy-two hour period.\n