New York Consolidated Laws, Insurance Law - ISC § 6610. Limitation of risk

(a) Subject to the other provisions of this section, the maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by a co-operative property/casualty insurance company on a single risk for every kind of insurance it is authorized to write shall not exceed, in accordance with section one thousand one hundred fifteen of this chapter, ten percent of its surplus to policyholders as shown in its last sworn statement filed with the superintendent.

(b) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an advance premium corporation on property not protected by automatic sprinklers, situated within the boundaries of one city block or on one group of buildings composed of attached or adjacent buildings which have less than sixty feet of clear space at all points between such buildings and other buildings, shall not exceed ten percent of its surplus to policyholders as shown in its last sworn statement filed with the superintendent.

(c) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an assessment corporation on a single risk for the kinds of insurance listed below shall not exceed three percent of its surplus as shown in its last sworn statement filed with the superintendent or fourteen thousand dollars, whichever is greater.

Kinds of insurance specified in the following numbered paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter:

(d) The maximum amount of insurance (including the obligation to pay outside loss adjustment expense) less reinsurance in other authorized insurers or accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an assessment corporation on a single risk for the kinds of insurance listed below shall not exceed two percent of its surplus as shown in its last sworn statement filed with the superintendent.

Kinds of insurance specified in the following numbered paragraphs of subsection (a) of section one thousand one hundred thirteen of this chapter:

(e) The maximum amount of insurance less reinsurance in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter which may be assumed by an assessment corporation on a single risk for insurance against windstorm, tornado, cyclone, flood, earthquake or volcanic eruption shall not exceed two percent of its surplus as shown in its last sworn statement filed with the superintendent, provided however, that the aggregate amount incurred, after deducting such reinsurance, with respect to losses due to a single occurrence of such insured peril which exceeds ten percent of the company's surplus as shown in its last sworn statement filed with the superintendent shall be reinsured in other authorized insurers or in accredited reinsurers as defined in subsection (a) of section one hundred seven of this chapter.  The term “single occurrence” means all losses occasioned by the perils of windstorm, tornado, cyclone, flood, earthquake or volcanic eruption arising from the same continuous atmospheric disturbance or other physical disturbance occurring within a seventy-two hour period.