New York Laws
Article 41 - Property/casualty Insurance Companies
4113 - Mutual Companies; Non-Assessable Policies.

(1) It shall maintain a surplus, as determined from its latest filed
statement, which together with its unearned premium reserve from its
latest filed statement is at least equal to the surplus to policyholders
required to be maintained by a domestic stock property/casualty
insurance company licensed to write the same kind or kinds of insurance.
(2) It shall have submitted a copy of its proposed non-assessable
policy or policies for approval of the superintendent, and shall have
obtained his approval.
(b) Every policy issued by any such company shall clearly state
whether or not the holder of the policy is subject to a liability for
assessment.
(c) Any surplus required for the purposes specified in this section
shall be inclusive of any surplus required by any other sections of this
chapter.
(d) A mutual property/casualty insurance company subject to paragraph
two of subsection (a) of section four thousand one hundred seven of this
article and subject to subsection (d) of section four thousand one
hundred eleven of this article may with the prior approval of the
superintendent amend its charter and by-laws to permit the issuance of
policies without contingent mutual liability of the policyholder and may
with the permission of the superintendent issue non-assessable policies
in this state upon compliance with the requirements of this section.
(e) The financial requirement specified in paragraph one of subsection
(a) hereof shall be reduced by fifty percent for a mutual
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.