N.Y.
Insurance Law Section 1108
Insurers exempt from licensing and other requirements
(a)
Any charitable annuity society which complies with the requirements of § 1110 (Charitable annuity societies exempt)section one thousand one hundred ten of this article, to the extent therein stated.(b)
Any fraternal benefit society, membership corporation or other organization exempted under the provisions of article 45 (Fraternal Benefit Societies)article forty-five of this chapter, to the extent therein stated.(c)
The state insurance fund of this state, except as to the provisions of subsection (d) of section two thousand three hundred thirty-nine, section three thousand one hundred ten, subsection (a), paragraph one of subsection (b), paragraph three of subsection (c) and subsection (d) of section three thousand two hundred one, sections three thousand two hundred two, three thousand two hundred four, subsections (a) through (d) of section three thousand two hundred twenty-one, subsections (b) and (c) of section four thousand two hundred twenty-four, section four thousand two hundred twenty-six and subsections (a) and (b), (g) through (j), and(n)
of § 4235 (Group accident and health insurance)section four thousand two hundred thirty-five of this chapter and except as otherwise specifically provided by the laws of this state.(d)
Any corporate trustee or board of trustees acting pursuant to the banking law in relation to the fund for insurance of deposits in savings banks or the fund for insurance of shares of savings and loan associations.(e)
Any corporation, organized under the laws of any state, solely to provide gratuitously for support or relief of the priests, clergy or ministers of any religious denomination, or their dependents, is exempt from all provisions of this chapter, except that any such corporation, created by special act of incorporation of this state, which by the provisions of such act is subject to the requirement of examination by, and making annual reports to, the superintendent, shall be subject to the provisions of article 3 (Administrative and Procedural Provisions)article three of this chapter relating to examinations and statements or reports by insurers.(f)
Any retirement system or pension fund that was doing business on January first, nineteen hundred forty under the education law, the civil service law, the mental hygiene law, any special act of incorporation of this state, or any municipal charter adopted under the laws of this state, exclusively for the benefit of the members of such system or fund or for all or any classes of the employees of this state or any municipality thereof, shall be exempt from the provisions of this chapter, except that if the law under which such system or fund was organized subjects it to examination by, and the making of annual reports to, the superintendent, such system or fund shall be subject to the provisions of article 3 (Administrative and Procedural Provisions)article three of this chapter relating to examinations and statements or reports by insurers.(g)
Any membership corporation or voluntary association organized and operating in this state prior to January first, nineteen hundred thirty-nine and its members may act as indemnitors of a licensed property/casualty insurance company in respect to surety bonds or policies of insurance required to be filed by such members pursuant to Vehicle & Traffic Law § 370 (Indemnity bonds or insurance policies)section three hundred seventy of the vehicle and traffic law and are exempted from the requirement of having an insurer’s license; but no such membership corporation or association shall become a surety on any such bond or otherwise do an insurance business.(h)
Any relief department or pension plan of any common carrier subject to the the Railroad Retirement Act of 1974 (45 U.S.C. § 31), whose privileges and membership are confined to employees or former employees of such carrier or its affiliated or subsidiary companies, or to any association of such common carriers which administers any such department or plan.(i)
Every blood credit system established by a city, pursuant to General City Law § 21-D (Establishment of blood credit systems by cities)section twenty-one-d of the general city law.(j)
Any group of employers authorized by the workers’ compensation board to provide workers’ compensation benefits for the employees of all member employers pursuant to subdivision three-a of section fifty of the workers’ compensation law. * (k) A charitable bail organization holding a certificate issued by the superintendent pursuant to § 6805 (Charitable bail organization)section six thousand eight hundred five of this chapter. * NB There are 2 sb§ (k)’s * (k) An institution of higher education, as defined in paragraph two of subsection (a) of § 1124 (Institutions of higher education exempt)section one thousand one hundred twenty-four of this article, that has a certificate of authority from the superintendent and complies with the requirements of § 1124 (Institutions of higher education exempt)section one thousand one hundred twenty-four of this article, to the extent therein stated. * NB There are 2 sb§ (k)’s (n) A resolution facility established pursuant to § 7719 (Resolution facility)section seven thousand seven hundred nineteen of this chapter.
Source:
Section 1108 — Insurers exempt from licensing and other requirements, https://www.nysenate.gov/legislation/laws/ISC/1108 (updated Apr. 8, 2016; accessed Dec. 21, 2024).
