(b) In authorizing any such return of unabsorbed portion of premium
payments, the board of directors of such a corporation may provide for
an apportionment thereof among separate groups of members on the basis
of earned premiums equitably classified according to major kinds of
insurance.
(c) This section shall not prohibit the return of the unabsorbed
portion of premium payments on an equitable basis to policyholders in
other states or under reinsurance contracts.
Structure New York Laws
Article 66 - Co-Operative Property/casualty Insurance Companies
6601 - Scope of Article; Other Provisions.
6602 - Classification of Insurers; Foreign and Alien Insurers.
6603 - Incorporation of Co-Operative Property/casualty Insurance Companies.
6604 - Organization of Advance Premium Corporations.
6605 - Organization of Assessment Corporations.
6608 - Extension of Territory.
6612 - Rebating and Discrimination; Accounts and Statistics; Assessment Corporations.
6613 - Limitation of Expenses; Co-Operative Property/casualty Insurance Companies.
6614 - Contingent Liability of Members; Advance Premium Corporations.
6615 - Annual Assessments; Borrowed Money.
6616 - Extraordinary Assessments; Assessment Corporations.
6617 - Notice of Assessment; Assessment Corporations.
6618 - Suits to Recover Assessments.
6619 - Special Reserve or Emergency Funds; Co-Operative Property/casualty Insurance Companies.
6620 - Non-Assessable Policies; Advance Premium Corporations.
6621 - Unabsorbed Portions of Premium Payments.