New York Laws
Article 41 - Property/casualty Insurance Companies
4107 - Domestic Mutual Companies; Financial and Other Requirements.

(2) A mutual property/casualty insurance company whose membership is
limited to hospitals may be organized in the manner prescribed in
subsection (a) of section one thousand two hundred one of this chapter
and may be licensed pursuant to subsection (e) of section one thousand
one hundred two of this chapter to write the kinds of insurance
specified in paragraph thirteen or fourteen of subsection (a) of section
one thousand one hundred thirteen of this chapter provided (i) it shall
have applications from at least forty members on at least forty separate
risks, (ii) the total annual premium cost shall be at least seven
hundred fifty thousand dollars, (iii) it shall have an initial surplus
of at least five hundred thousand dollars and shall maintain a surplus
of at least four hundred thousand dollars and (iv) it shall receive from
its members advances pursuant to the requirements of section one
thousand three hundred seven of this chapter averaging not less than
one-third of the average annual indicated premium, but the total thereof
shall not be less than the initial minimum surplus.
(b) If licensed to write any kind of insurance specified in TABLE TWO,
a mutual property/casualty insurance company may in addition write any
one or more of the kinds of insurance specified in Group A and/or Group
B of TABLE THREE, and if licensed to write any kind of insurance
specified in Group A, it may in addition write any one or more of the
kinds of insurance specified in Group C of TABLE THREE, in either case,
upon at least meeting the initial surplus requirement prescribed in
TABLE THREE for the kinds of insurance for which it is to be licensed.
It shall thereafter maintain the minimum surplus prescribed in TABLE
THREE for the kinds of insurance licensed.

TABLE THREE

Kind of insurance specified in the Minimum
following numbered Paragraphs of Initial{1} Surplus{1} to
subsection (a) of § 1113: Surplus be Maintained
_________________________________ _________ _____________

Group A:

7 or 9 - for each such kind $100,000 $100,000
8, 10 or 11 - for each such kind $ 50,000 $ 50,000
13,{2} 15 or 17 - for each such kind $300,000 $300,000
16 $900,000 $900,000

Group B:

4{3} $ 300,000 $200,000
20{4} $1,000,000 $500,000

Group C:

3(i) or 3(ii) - for each such kind $ 100,000 $ 100,000
22 $3,000,000 $2,000,000
24 $ 300,000 $ 300,000
26 (B) $ 300,000 $ 200,000
26(A), 26(C) or 26(D) -
for each such kind $ 900,000 $ 600,000
28 $3,000,000 $2,000,000
6{5}, 12{6} or 14{2} - for
each such kind $ 50,000 $ 50,000
27 $ 300,000 $ 150,000
30 $ 300,000 $ 300,000
31 $ 100,000 $ 100,000
32 $ 100,000 $ 100,000
33 $ 100,000 $ 100,000

Notes to TABLE THREE
{1} The amounts shown in TABLE THREE are added to the initial and
minimum surplus for the kind of insurance for which the mutual was
organized as set forth in TABLE TWO. In addition, if organized to write
paragraphs 4, 20 or 21 the initial and minimum surplus required for
paragraphs 7, 8, 9, 10, 11, 13, 15, 16 or 17 shall be determined from
TABLE TWO for the kind of insurance with the highest initial surplus
requirement as indicated in TABLE TWO. After such determination use
TABLE THREE to derive the initial and minimum surplus requirements for
all other kinds of insurance.
{2} If licensed to write paragraph 13, no additional surplus is
required for a license to write paragraphs 6, 12, and 14.
{3} If licensed to write paragraph 4, no additional surplus is
required for a license to write paragraphs 5, 6, 12, 19 and 20 (inland
marine only).
{4} If licensed to write paragraph 20, no additional surplus is
required for a license to write paragraphs 12, 19, and 21.
{5} If licensed to write paragraph 4 or 13, no additional initial and
minimum surplus is required.
{6} If licensed to write paragraphs 4, 13 or 20, no additional initial
and minimum surplus is required.
(c) A mutual property/casualty insurance company licensed pursuant to
paragraph four of subsection (b) of section four thousand one hundred
two of this article to write the kind of insurance specified in
paragraph nineteen of subsection (a) of section one thousand one hundred
thirteen of this chapter must maintain a minimum surplus of at least six
hundred thousand dollars.
(d) A mutual property/casualty insurance company licensed pursuant to
subsection (c) of section four thousand one hundred two of this article
to reinsure risks or write insurance on risks outside the United States,

its territories and possessions, must maintain a surplus to
policyholders of at least thirty-five million dollars.
(e) The dollar amounts of initial surplus, minimum surplus and surplus
to policyholders set forth in subsections (a), (b) and (c) of this
section shall be reduced by fifty percent for any mutual property/
casualty insurance company initially licensed to do business in this
state prior to July first, nineteen hundred eighty-two. Such reduction
shall not apply to the financial requirements specified in subsection
(b) of this section in order to write paragraph twenty-two, twenty-four
or twenty-six.
(f) Notwithstanding any provision of this section to the contrary, if
licensed to write the kind of insurance specified in paragraph fifteen
of subsection (a) of section one thousand one hundred thirteen of this
chapter, a mutual property/casualty insurance company may be licensed
for the purposes of article nine of the workers' compensation law to
write the kind of insurance specified in item (i) of paragraph three of
subsection (a) of section one thousand one hundred thirteen of this
chapter without having any additional surplus.