6613 - Limitation of expenses; co-operative property/casualty insurance companies. - New York Statutes

§ 6613. Limitation of expenses; co-operative property/casualty insurance companies. (a) The expenses of management of any co-operative property/casualty insurance company shall not exceed in any one calendar year forty-two and one-half percent of its net premiums written for such year. The term "net premiums written" means direct premiums written plus reinsurance assumed less return premiums and reinsurance ceded. (b) Management expenses shall include all the expenses of such company, except expenses incurred in the investigation, adjustment and settlement of claims, taxes, fees, expenses of examination, and taxes, repairs, and expenses on real estate. (c) This section shall not apply to any assessment corporation which is limited to the business permitted under subsection (a) of section six thousand six hundred five of this article. Furthermore, the superintendent may grant an annual exemption from compliance with the provisions of subsection (a) of this section to any co-operative property/casualty insurance company which, in the next preceding calendar year, had net premiums written of less than three million dollars. A written application for such an exemption must be submitted by the first day of June in the year for which the exemption is requested and shall contain such information as is deemed necessary by the superintendent.