New York § 6620 - 6620Non-assessable policies; advance premium corporations
Full text of New York New York Consolidated Laws § 6620 — 6620Non-assessable policies; advance premium corporations, with citation guidance and answers to common questions.
§ 6620. 6620Non-assessable policies; advance premium corporations
§ 6620. Non-assessable policies; advance premium corporations. (a) Any advance premium corporation may issue insurance contracts which do not impose any liability upon members for any assessments in addition to the advance premium paid upon compliance with the following requirements: (1) If authorized to issue non-assessable policies prior to the first day of January, nineteen hundred eighty-seven, such a corporation may issue such contracts if: (A) It shall have and at all times maintain a surplus to policyholders of at least one hundred thousand dollars. (B) It shall maintain a deposit of an amount equal to its unearned premium reserves but not less than one hundred thousand dollars nor more than two hundred fifty thousand dollars, subject to the provisions of article thirteen of this chapter. (2) If authorized to issue non-assessable policies subsequent to the first day of January, nineteen hundred eighty-seven, such a corporation may issue such contracts if: (A) It shall maintain a surplus as determined from its latest filed statement, which together with its unearned premium reserve from its latest filed statement is at least equal to the surplus to policyholders required to be maintained by a domestic stock property/casualty insurance company licensed to write the same kind or kinds of insurance. (B) It shall maintain a deposit of five hundred thousand dollars subject to the provisions of article thirteen of this chapter. (C) It shall have submitted a copy of its proposed non-assessable policy or policies for approval of the superintendent, and shall have obtained his approval. (b) Every policy issued by any such corporation shall clearly state whether or not the holder of the policy is subject to a liability for assessment. (c) Any surplus or deposit required for the purposes specified in this section shall be inclusive of any surplus required by any other sections of this chapter.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 6620
What does New York Consolidated Laws § 6620 cover?
Section 6620 ("6620Non-assessable policies; advance premium corporations") 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 § 6620?
A common citation format is "New York Consolidated Laws § 6620" (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 § 6620 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.