6303 - Limitations. - New York Statutes

§ 6303. Limitations. (a) The exemption which may be granted pursuant to this article shall apply only if the business is underwritten and transacted from an office within this state; and (i) the risk, as defined in regulations of the superintendent, produces a minimum annual premium in excess of one hundred thousand dollars or such higher amount as the superintendent may prescribe by regulation; or (ii) the coverage is for a risk or class of risks which is of an unusual nature, a high loss hazard, or difficult to place, pursuant to a list promulgated or amended by the superintendent. (b) All policies issued pursuant to the provisions of this article shall contain a notice to the policyholder that the rate and policy form are not subject to the filing requirements of this state and such other notices required by the superintendent pursuant to regulation. (c) The superintendent may by regulation prescribe limitations on the total amount of business which an insurer may transact pursuant to this article.