Section 6703. Organization of nonprofit property/casualty insurance companies

(a) A corporation may be organized as a type  B  corporation  pursuant   to   paragraph   (b)  of  section  two  hundred  one  of  the
  not-for-profit corporation law or  as  a  nonprofit  reciprocal  insurer
  under  article sixty-one of this chapter to write the kinds of insurance
  specified in subsection (a) of section one thousand one hundred thirteen
  of this chapter other than (1) those types  of  insurance  specified  in
  paragraphs  one, two, eighteen, twenty-two, twenty-three and twenty-five
  of such  subsection,  (2)  insurance  against  legal  liability  of  the
  insured, and against loss, damage or expense incident to a claim of such
  liability  arising  out of death or injury of any person, due to medical
  or hospital malpractice by any licensed physician or hospital,  and  (3)
  insurance  subject to section three thousand four hundred twenty-five of
  this chapter.
    (b) A corporation organized pursuant to subsection (a) of this section
  shall (1) be  organized  and  operated  exclusively  for  a  purpose  or
  purposes  for which a corporation may be formed under the not-for-profit
  corporation law and this chapter, not for pecuniary profit or  financial
  gain, and no part of its assets, income or profit is distributable to or
  enures  to  the  benefit of its members, directors or officers except to
  the extent permitted under the not-for-profit corporation law  and  this
  chapter, in a manner acceptable to the superintendent, and (2) insure no
  organizations or corporations other than nonprofit organizations.
    (c)  Notwithstanding  any  provision of the not-for-profit corporation
  law, no nonprofit property/casualty insurance company licensed  pursuant
  to  this  article  shall be converted into a corporation or other entity
  organized for pecuniary profit or into a for-profit organization of  any
  kind.