New York § 6103 - 6103Deposits
Full text of New York New York Consolidated Laws § 6103 — 6103Deposits, with citation guidance and answers to common questions.
§ 6103. 6103Deposits
* § 6103. Deposits. (a) Before being licensed, every domestic reciprocal insurer shall comply with the provisions of subsection (a) of section four thousand one hundred four of this chapter imposed upon a domestic property/casualty insurance company doing the same kind or kinds of insurance. Notwithstanding the foregoing, every municipal reciprocal insurer may comply with such provisions within one year from the date a license to do business was granted. (b) Before being licensed pursuant to subsection (h) of section six thousand one hundred two of this article to do insurance on risks outside of the United States, its territories and possessions, or to do reinsurance, a domestic reciprocal insurer shall comply with the provisions of subsection (b) of section four thousand one hundred four of this chapter imposed upon a domestic property/casualty insurance company. (c) Before being licensed to issue non-assessable policies pursuant to section six thousand one hundred eight of this article, a domestic reciprocal insurer shall comply with the provisions of subsection (c) of section four thousand one hundred four of this chapter imposed on a domestic mutual property/casualty insurance company. (d) The financial requirements of subsections (a) and (c) hereof shall be reduced by fifty percent for a reciprocal insurer initially licensed to do business in this state prior to July first, nineteen hundred eighty-two. (e) Before being granted any license or renewal license, every foreign reciprocal insurer shall comply with the provisions of subsection (d) of section four thousand one hundred four of this chapter imposed on a foreign property/casualty insurance company. * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984: Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of the former Insurance Law that are not possible to juxtapose at this time due to the highly technical nature of such changes and will need future corrective legislation to implement such provisions into the new Insurance Law as enacted by such Chapter 367 of the Laws of 1984.
Frequently Asked Questions About New York § 6103
What does New York Consolidated Laws § 6103 cover?
Section 6103 ("6103Deposits") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 6103?
A common citation format is "New York Consolidated Laws § 6103" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 6103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.