N.Y. Comp. Codes R. & Regs. tit. 11 § 93.6

Current through Register Vol. 46, No. 53, December 31, 2024

Section 93.6 - Pooling agreements

(a) Pooling agreements for aircraft reinsurance risks shall be filed with the superintendent for his advance written approval. The superintendent shall approve the agreement upon his making a determination that:

(1) the agreement conforms to the requirements of the Insurance Law and this Part;

(2) the agreement will not unreasonably restrain competition or tend to create a monopoly;

(3) there exists a reasonable basis for the admission of additional members; and

(4) the agreement permits any member to accept reinsurance on its own behalf outside the pool.

(b) Such a pooling agreement may provide for the appointment of an agent or manager to act independently or on instructions from the members in the acceptance of risks and the establishment of premiums thereon.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 93.6