New York Laws
Article 41 - Property/casualty Insurance Companies
4104 - Deposits.

(b) Before being licensed pursuant to subsection (c) of section four
thousand one hundred two of this article to reinsure risks or to write
insurance on risks outside of the United States, its territories and
possessions, a domestic property/casualty insurance company shall have
made a deposit with the superintendent of eligible securities in an
amount of at least three million dollars. Such deposit shall be
inclusive of any deposit required by subsection (a) or (c) hereof.
(c) Before being authorized to issue non-assessable policies pursuant
to section four thousand one hundred thirteen of this article, a
domestic mutual property/casualty insurance company shall have made a
deposit with the superintendent of eligible securities in an amount of
at least five hundred thousand dollars. Such deposit shall be inclusive
of any deposit required by subsection (a) or (b) hereof.
(d) Before being granted any license or renewal license, every foreign
property/casualty insurance company shall have made a deposit with the
superintendent of eligible securities in an amount not less than the
amount required for a similar domestic property/casualty insurance
company. The superintendent shall accept in lieu of such deposit a
certificate of the proper state officer of the state under whose laws
such company is organized showing that such company has deposited with
the proper officer of such state, in trust for the benefit and
protection of, or for the security of, all of its policyholders, or of
all of its policyholders and creditors, securities valued at an amount
not less than the amount hereinbefore specified. Such certificate and
deposit shall be governed by the provisions of sections one thousand
three hundred eighteen and one thousand three hundred nineteen of this
chapter.
(e) The dollar amounts of the deposits specified in subsections (a)
and (c) hereof shall be reduced by fifty percent for any
property/casualty insurance company initially licensed to do business in
this state prior to July first, nineteen hundred eighty-two.
* SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
the former Insurance Law that are not possible to juxtapose at this time
due to the highly technical nature of such changes and will need future
corrective legislation to implement such provisions into the new
Insurance Law as enacted by such Chapter 367 of the Laws of 1984.

Structure New York Laws