New York § 6621 - 6621Unabsorbed portions of premium payments
Full text of New York New York Consolidated Laws § 6621 — 6621Unabsorbed portions of premium payments, with citation guidance and answers to common questions.
§ 6621. 6621Unabsorbed portions of premium payments
§ 6621. Unabsorbed portions of premium payments. (a) Subject to the requirements of this article for the accumulation and maintenance of minimum surplus, the surplus of any advance premium corporation shall be eligible for equitable distribution to its members as unabsorbed portions of premium payments; but no unabsorbed portion of premium payments shall be returned or distributed until authorized by the corporation's board of directors nor until approved by the superintendent. (b) In authorizing any such return of unabsorbed portion of premium payments, the board of directors of such a corporation may provide for an apportionment thereof among separate groups of members on the basis of earned premiums equitably classified according to major kinds of insurance. (c) This section shall not prohibit the return of the unabsorbed portion of premium payments on an equitable basis to policyholders in other states or under reinsurance contracts.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 6621
What does New York Consolidated Laws § 6621 cover?
Section 6621 ("6621Unabsorbed portions of premium payments") 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 § 6621?
A common citation format is "New York Consolidated Laws § 6621" (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 § 6621 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.