6302 - Special license. - New York Statutes

§ 6302. Special license. (a) An authorized insurer, as a condition precedent to the obtaining of such exemption, shall obtain a special license from the superintendent. (b) Before such special license shall be issued or renewed the prospective licensee shall file in the office of the superintendent an application in such form and supplements thereto as the superintendent prescribes. Such license shall be subject to annual renewal with an annual fee of one thousand dollars. (c) Such license may only be issued to: (1) an authorized insurer which maintains at all times a surplus to policyholders of at least twice the minimum surplus to policyholders required to be maintained for the kinds of insurance which it is authorized to write in this state; (2) a United States branch which maintains at all times a trusteed surplus of at least twice the minimum trusteed surplus required to be maintained for the kinds of insurance which it is authorized to write in this state; or (3) an insurer initially licensed on or after July first, nineteen hundred eighty-two pursuant to article forty-one of this chapter, or pursuant to article forty-two of this chapter as an accident and health insurer, or pursuant to article sixty-one of this chapter as a reciprocal insurer, if such insurer is at least meeting the minimum surplus to policyholders requirement or the minimum trusteed surplus requirement imposed upon such insurer by the provisions of the article pursuant to which it was initially licensed. (d) The superintendent may revoke, suspend, or refuse to renew such license if, after notice and a hearing, he finds that such action will protect the best interests of the people of this state.