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New York Consolidated Laws, Insurance Law - ISC § 6609. Policy forms

Current as of January 01, 2024 | Updated by FindLaw Staff

(a)(1) Every form of policy issued by any co-operative property/ casualty insurance company shall indicate in words prominently displayed at the top of the first page, and in type of which the face shall not be smaller than twelve point, that such policy is issued on the co-operative plan.

(2) Each form of policy issued by such a corporation shall also include on the page following that concluding the policy proper and under appropriate caption all provisions of the corporation's by-laws, whether required or permitted, relative to meetings of members, election of directors, rights and obligations of members, extraordinary assessments, and contingent liability.

(b) No policy form shall be delivered or issued for delivery by an assessment corporation unless it has been filed by said assessment corporation with the superintendent and he has approved it.

(c) The standard fire insurance policy, insofar as required for use by domestic mutual property/casualty insurance companies by section three thousand four hundred four of this chapter, shall also be required for use by all co-operative property/casualty insurance companies, with such modifications therein as shall be permitted by regulation of the superintendent.

(d) Two or more advance premium corporations or two or more assessment corporations may issue a combination policy, as provided for in section three thousand four hundred four of this chapter, with such modifications permitted by regulation of the superintendent, upon property located in territory wherein all the participating corporations named in such policy are licensed to do business.

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Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 6609. Policy forms - last updated January 01, 2024 | https://codes.findlaw.com/ny/insurance-law/isc-sect-6609/

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