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This entry was published on 2014-09-22
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SECTION 6203
Miscellaneous
Insurance (ISC) CHAPTER 28, ARTICLE 62
§ 6203. Miscellaneous. (a) The New York insurance exchange shall not
be subject to any state or local taxes or fees measured by income,
premiums or gross receipts, except that for purposes of taxation under
section one thousand five hundred ten of the tax law, direct premiums
written, procured or received by a member or members through the
exchange on risks located in this state shall be deemed written,
procured or received by the exchange and the premium tax due on said
premium shall be reported and paid by the exchange.

(b) The exchange shall reimburse the superintendent for any expenses
incurred by him relating to the regulation of the exchange and its
members.

(c) This chapter and regulations thereunder shall apply to the
exchange, its members, and the insurance or reinsurance written through
the exchange, except as may be exempted by the superintendent pursuant
to regulation; provided that no such exemption shall be unfairly
discriminatory or detrimental to the solvency of licensed insurers.

(d) The superintendent may establish limitations on investments in
members of the exchange. The investment in any member by brokers, agents
and intermediaries transacting business on the exchange, and the
investment in any such broker, agent or intermediary by any member,
directly or indirectly, all as defined by regulation, shall in each case
be limited in the aggregate to less than twenty percent (or such lesser
amount as determined by the superintendent) of the total investment in
such member, broker, agent or intermediary.

(e) For purposes of paragraph nine of subsection (a) of section one
thousand three hundred one of this chapter, reinsurance written by
members of the exchange shall be deemed to have been written by an
insurer authorized to transact insurance in this state.

(f) The performance of the contractual obligations of the exchange or
its members entered into pursuant to section six thousand two hundred
one of this article shall not be covered by any of the New York state
security or guaranty funds.