Skip to main content
Find a Lawyer

New York Consolidated Laws, Insurance Law - ISC § 6623. Investments

Current as of January 01, 2026 | Updated by Findlaw Staff

(a) The funds of every co-operative property/casualty insurance company shall be invested only as permitted by subsection (c) of section one thousand four hundred three of this chapter, except as otherwise provided herein.

(b) The minimum capital investments of a domestic insurer as set forth in section one thousand four hundred two of this chapter shall be applicable to an:

(1) Assessment corporation in an amount equal to the lesser of such corporation's total liabilities or two hundred fifty thousand dollars.

(2) Advance premium corporation in an amount equal to the greater of the minimum capital required by law or the minimum surplus to policyholders required to be maintained by law for a domestic stock property/casualty insurance company authorized to transact the same kinds of insurance.  The foregoing requirement shall be reduced by fifty percent for a co-operative property/casualty insurance company initially licensed to do business in this state prior to July first, nineteen hundred eighty-two.  Any advance premium corporation not meeting its applicable minimum capital investment requirement on January first, nineteen hundred eighty-seven shall be required to meet such requirement before investing its funds, after such date, in any other permissible investment.

(c) Notwithstanding the limitation of investments in certificates of deposit set forth in subsection (a) of section one thousand four hundred nine of this chapter, an assessment corporation may invest in certificates of deposit of any one institution in an amount not to exceed the amount guaranteed by the Federal Deposit Insurance Corporation.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 6623. Investments - last updated January 01, 2026 | https://codes.findlaw.com/ny/insurance-law/isc-sect-6623/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard