N.Y. Insurance Law 3435 – Group property/casualty insurance
§ 3435. Group property/casualty insurance.
Terms Used In N.Y. Insurance Law 3435
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) This section shall apply to public entities as defined in section one hundred seven of this chapter, organizations described by section 501(c)(3) of the United States internal revenue code, charitable corporations as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law and formed pursuant to paragraph (a) of section two hundred one of the not-for-profit corporation law, and organizations described by § 216-a of the education law.
(b) Notwithstanding any other provision of this chapter, group coverage for homogeneous groups formed for purposes other than obtaining insurance may be approved, subject to regulations to be promulgated by the superintendent, for the kinds of insurance permitted in subsection (c) of this section, provided such policies shall be available to all eligible members of such group upon application.
(c) Group policies may be written pursuant to this section for any of the kinds of insurance authorized by subsection (a) of section one thousand one hundred thirteen of this chapter, except the kinds of insurance authorized by paragraphs one, two, three, sixteen, seventeen, eighteen, twenty-one, twenty-two, twenty-three and twenty-five of such subsection.
(d) Group policies approved pursuant to this section shall not be eligible for the filing exemptions specified in section six thousand three hundred one of this chapter.