N.Y.
Insurance Law Section 5908
Notice and registration requirements of purchasing groups
(a)
A purchasing group which intends to do business in this state shall, prior to doing such business, furnish notice of such intention to the superintendent. This notice shall include the following information:(1)
the state in which the group is domiciled;(2)
the principal place of business of the group;(3)
the kinds and classifications of liability insurance which the purchasing group intends to purchase;(4)
the method by which, and the person or persons if any through whom, insurance will be offered to its members whose risks are resident or located in this state;(5)
the name and chartering jurisdiction of the insurer or risk retention group from which the purchasing group intends to purchase its insurance; and(6)
all other states in which the group intends to do business.(b)
A purchasing group shall, as to any subsequent changes in any of the items set forth in subsection (a) of this section, notify the superintendent within ten days of any such change.(c)
Each purchasing group which is required to give notice pursuant to subsection (a) of this section shall also furnish such information as may be required by the superintendent to:(1)
verify that the entity qualifies as a purchasing group; and(2)
determine compliance with any applicable state law.(d)
A purchasing group which does business in this state shall submit to the superintendent a statement of registration, for which a filing fee shall be imposed in accordance with a regulation to be promulgated by the superintendent, which statement of registration shall include a certified power of attorney designating the superintendent as its agent for the purpose of receiving service of legal documents or process.(1)
The power of attorney shall be accompanied by written designation of the name and address of the officer, agent, or other person to whom such legal documents or process shall be forwarded by the superintendent or his deputy on behalf of such purchasing group. In the event such designation is changed, a new certificate of designation shall be filed with the superintendent within ten days of such change.(2)
Service of legal documents or process upon a purchasing group pursuant to this subsection shall be made by serving the superintendent, any deputy superintendent or any salaried employee of the department whom the superintendent designates for such purpose with two copies thereof and the payment of a fee of twenty dollars. The superintendent shall forward a copy of such legal documents or process by registered or certified mail to the purchasing group at the address given in its written certificate of designation, and shall keep a record of all legal documents or process so served upon him. Service of legal documents or process so made shall be deemed made within the territorial jurisdiction of any court in this state.(3)
The registration and designation requirement of this subsection shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the Federal Product Liability Risk Retention Act of 1981; and (A) was domiciled before April first, nineteen hundred eighty-six and is domiciled on or after October twenty-seventh, nineteen hundred eighty-six in any state; (B) before October twenty-seventh, nineteen hundred eighty-six, purchased liability insurance only from an insurer licensed in any state and since October twenty-seventh, nineteen hundred eighty-six purchases its liability insurance only from an insurer licensed in any state; and (C) before October twenty-seventh, nineteen hundred eighty-six, was a purchasing group under the requirements of the federal Product Liability Risk Retention Act of 1981.(e)
Any purchasing group which was doing business in this state prior to the enactment of this article shall, within thirty days after the effective date of this article, furnish notice to the superintendent pursuant to the provisions of subsection (a) of this section and furnish such information as may be required pursuant to subsections (b), (c) and (d) of this section.
Source:
Section 5908 — Notice and registration requirements of purchasing groups, https://www.nysenate.gov/legislation/laws/ISC/5908 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
