New York Consolidated Laws, Insurance Law - ISC § 6107. Changes and amendments
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(a)(1) No reciprocal insurer shall change its name or amend its subscriber's agreement without first obtaining the written approval of the superintendent.
(2) No such insurer shall establish branch offices under other or different names or titles.
(b) The superintendent shall approve any change or substitution in the attorney-in-fact of any such insurer and there shall be filed in the office of the new attorney-in-fact new subscriber's agreements or amendments to the existing subscriber's agreements containing the new powers of attorney signed by every subscriber of such reciprocal insurer. Notwithstanding the foregoing, a foreign reciprocal that primarily provides coverage to former and current military officers and their families shall notify the superintendent of any change or substitution in the attorney-in-fact of such insurer and the new attorney-in-fact shall apply for licensure pursuant to section six thousand one hundred five of this article within thirty days of such change or substitution.
(c) After any reciprocal insurer is authorized to do business in this state, it may be joined by other and additional subscribers who have been accepted and are qualified and have executed a subscriber's agreement and power of attorney identical with the instruments in effect at that time and which all other subscribers have executed.
(d)(1) No such change and no amendment or modification in the provisions of the subscriber's agreement shall be submitted to the subscribers for execution unless approved by the advisory committee at a meeting duly called for such purpose.
(2) Every such change, amendment or modification shall be submitted for execution to all existing subscribers contemporaneously and shall take effect, as to all subscribers executing the same, at the expiration of one year from the date of such submission.
(3) Any subscriber failing to execute any new subscriber's agreement or any amendment to an existing subscriber's agreement within one year after its submission to such subscriber shall be deemed to have withdrawn from membership in such reciprocal.
(4) Notwithstanding paragraphs one, two and three hereof, in the case of any reciprocal insurer which shall have issued its policies, or binders, with the subscriber's agreement and statement printed thereon pursuant to paragraph two of subsection (a) of section six thousand one hundred six of this article, or a reciprocal insurer having a corporate attorney-in-fact wholly owned by the subscribers at such reciprocal insurer who provides with such submission a copy of the subscriber's agreement in force, the failure of any subscriber at such reciprocal to object in writing thereto within sixty days after the date of such submission shall constitute such subscriber's acceptance of such change, amendment or modification as fully and to the same extent as though acceptance of such change, amendment or modification had been signed and acknowledged by that subscriber and such change, amendment or modification shall take effect, as to all subscribers at such reciprocal who have not objected thereto in writing, at the expiration of sixty days from the date of submission. Any subscriber at such reciprocal who objects in writing, within sixty days from the date of such submission, to such change, amendment or modification shall be deemed to have withdrawn from membership in such reciprocal.
Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 6107. Changes and amendments - last updated January 01, 2021 | https://codes.findlaw.com/ny/insurance-law/isc-sect-6107/
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