New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 93 - Aircraft Reinsurance By Life Insurers
Section 93.6 - Pooling agreements
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 93.6
Current through Register Vol. 46, No. 39, September 25, 2024
(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.
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