Section 1114. Reinsurance business

(a)  Any  domestic  stock  or mutual
  insurance corporation or reciprocal insurer may reinsure only the  kinds
  of  insurance business which it is licensed to do in this state or which
  it is otherwise authorized to reinsure by the terms of its license.  Any
  such corporation may confine its business to reinsurance.
    (b)  Any  foreign  or  alien  stock or mutual insurance corporation or
  reciprocal insurer may engage in this state in reinsurance of the  kinds
  of  insurance  which  it  is  licensed  to  do  in  this state. Any such
  corporation may confine its business to reinsurance.
    (c) An insurer authorized by any provision of this chapter  to  engage
  in  fidelity  and  surety  insurance  or  reinsurance  business may also
  guarantee performance of a contract insuring against physical damage  to
  property  in  favor  of  mortgagees  or  other loss payees named in such
  contract, provided:
    (1) It is authorized to engage in the kinds of insurance  included  in
  such contract;
    (2)  It has assumed reinsurance on the guaranteed contract in whole or
  in part;
    (3) It is charged with such amount as part  of  its  unearned  premium
  reserve  as  may  be  prescribed by regulation of the superintendent not
  exceeding the amount it would be required to maintain in accordance with
  the provisions of this chapter if it were  the  direct  insurer  of  the
  guaranteed risks; and
    (4)  If  the  property is located in this state, the ceding insurer is
  licensed to engage in the kinds of insurance included in such contracts.
    (d) An insurer authorized by any  provision  of  this  chapter  to  do
  business  of  the  kinds  referred  to in paragraph one, two or three of
  subsection (a) of section one thousand  one  hundred  thirteen  of  this
  article  may  also reinsure, by itself, or together with other insurance
  companies subject to any regulations of  the  superintendent,  any  risk
  referred  to in such subsection arising from, related to, or incident to
  the manufacture, ownership or operation of aircraft.
    (e) Any health service corporation organized under article forty-three
  of this chapter is authorized to engage in reinsurance of policies of:
    (1) any other corporation organized under article forty-three of  this
  chapter;
    (2)  any  health  maintenance  organization  organized  under  article
  forty-four of the public health law; and
    (3) long term care insurance issued by accident  and  health  insurers
  organized under article forty-two of this chapter.