New York Laws
Article 11 - Licensing of Insurers
1111 - Compulsory Insurance; Bonds of Surety Companies; Certificates of Qualification.

(b) (1) Whenever by any law of this state a bond, undertaking,
recognizance, guaranty or like obligation is required, permitted,
authorized or allowed, or the performance of any act, duty or
obligation, or the refraining from any act, is required, permitted,
authorized or allowed to be secured or guaranteed, such bond or like
obligation, or such security or guaranty, may be executed by any
insurance company authorized to do in this state the business of
executing such instruments and empowered by its charter to execute them.
The insurer's execution of such instrument by its officer,
attorney-in-fact or other authorized representative shall be accepted
as, and in all respects shall be, a full compliance with every law or
other requirement, now or hereafter in force, that any such obligation
be given or accepted or that it be executed by one or more sureties, or
that such sureties be residents, householders or freeholders, or possess
any other qualifications.
(2) The superintendent may on written application issue to any company
his certificate of qualification stating the company's capital and
surplus as shown by its last annual statement or its last filed report
on examination, whichever is later, and that such capital and surplus
complies with the requirements of this chapter. The certificate shall
further indicate the limitation upon the amount of a single risk which
such company is authorized to assume.
(c) The superintendent may refuse to issue any certificate pursuant to
subsection (a) or (b) hereof if in his judgment refusal will best
promote the interests of the people of this state. Such certificate, or
a copy certified by the superintendent, shall be conclusive evidence, as
of its date and thereafter until revoked, of either the insurer's
qualification to issue the policy, contract of insurance or surety bond,
if issued pursuant to subsection (a) hereof, or the company's
qualification, and its sufficiency under any law of this state as surety
or guarantor, and of the propriety of accepting and approving it as
such, if issued pursuant to subsection (b) hereof, and this
certification shall be in lieu of any justification required of the
insurer by any law of this state or any requirement pursuant thereto.
(d) If after notice to and hearing of any insurer the superintendent
finds the insurer is no longer entitled to obtain a certificate, he may
revoke it by filing an order of revocation in his office. He shall
thereupon serve a copy of such order on the insurer and shall give
notice of the revocation to any state official or board to whom the
certificate was issued. The superintendent may publish notice of such
revocation in such newspapers of general circulation in this state as he

may deem proper in the public interest. No insurer and no officer,
attorney-in-fact or other representative thereof shall, after receiving
notice of revocation, make or execute, or hold itself out as authorized
to make or execute, in this state, any policy, contract of insurance,
bond or like obligation, or security or guaranty specified in subsection
(a) or (b) hereof, as long as such revocation continues in effect.