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This entry was published on 2014-09-22
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SECTION 6201
New York insurance exchange
Insurance (ISC) CHAPTER 28, ARTICLE 62
§ 6201. New York insurance exchange. (a) Notwithstanding the
provisions of section six thousand one hundred sixteen of this chapter,
the New York insurance exchange, shall be continued, subject to such
regulations as may be promulgated by the superintendent.

(b) The purposes of the exchange shall be:

(1) to provide a facility for the underwriting of:

(A) reinsurance of all kinds of insurance;

(B) direct insurance of all kinds on risks located entirely outside
the United States;

(C) direct insurance of all kinds on risks located in the United
States other than in this state, provided that such risk qualifies for
placement pursuant to the excess and surplus lines requirements of the
jurisdiction in which the risk is located; the superintendent may permit
the exchange or its syndicates, or both, to take such steps as may be
necessary to qualify as an excess and surplus lines insurer in such
jurisdiction;

(D) risks which shall have been submitted to and certified as having
been rejected by a committee representative of insurers licensed by the
superintendent under article sixty-three of this chapter, subject to
conditions imposed by the superintendent pursuant to regulation; and

(2) to manage the facility authorized by this article, in accordance
with regulations promulgated by the superintendent.