New York Insurance Law Articles 59, 61, 63 and 76 -- Risk Retention and Purchasing Groups, Reciprocal Insurers and Lloyds Underwriters, Special Risks filing exemption, and Property/Casualty Security Funds, each complete

What this document is

New York Insurance Law Articles 59, 61, 63 and 76 -- Risk Retention and Purchasing Groups, Reciprocal Insurers and Lloyds Underwriters, Special Risks filing exemption, and Property/Casualty Security Funds, each complete (art. 59 ss. 5901-5913, art. 61 ss. 6101-6116, art. 63 ss. 6301-6304, art. 76 ss. 7601-7614) is a state statute published by New York State Legislative Bill Drafting Commission (public.leginfo.state.ny.us). It is one of the New York documents that insurance license exam questions are written from, including new york property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• N.Y. Ins. Law Sec. 5906(a) (Risk retention groups; security funds and compulsory associations)

  “No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency security fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds receive any benefit from any such fund for...”

• N.Y. Ins. Law Sec. 6116(a) to (c) (Lloyds underwriters)

  “(a) Any existing Lloyds underwriters heretofore organized under any law of this state and authorized to do an insurance business herein, which has exercised its powers of issuing insurance policies continuously during each of the two years immediately prior to January first, nineteen hundred forty,...”

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